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Blackstone's (BX) Q2 Earnings Beat Estimates, Costs Decline

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Have you been eager to see how Blackstone (BX - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this New York-based premier global investment and advisory firm’s earnings release this morning:

An Earnings Beat

Blackstone came out with distributable earnings of 57 cents per share, which surpassed the Zacks Consensus Estimate of 50 cents.

Fall in expenses aid results to some extent.

How Was the Estimate Revision Trend?

You should note that the earnings estimate revisions for Blackstone depicted pessimistic stance prior to the earnings release. The Zacks Consensus Estimate has been revised 15.3% lower over the last 30 days.

Notably, Blackstone does not have a decent earnings surprise history. Before posting the earnings beat in Q2, the company delivered positive surprises in only two of the trailing four quarters.

Blackstone Group Inc/The Price and EPS Surprise
 

Blackstone Group Inc/The Price and EPS Surprise

Blackstone Group Inc/The price-eps-surprise | Blackstone Group Inc/The Quote

Revenue Came In Better Than Expected

Blackstone posted total segment revenues of $1.32 billion, which outpaced the Zacks Consensus Estimate of $1.23 billion. However, the figure decreased 1.3% from the prior-year quarter.

Key Stats to Note:

  • Total assets under management stood at $545.5 billion as of Jun 30, 2019.
  • Inflows were $45.1 billion in the quarter.
  • Total Dry Powder was $150.3 billion.
  • The company completed its conversion from a publicly traded partnership to a corporation.


What Zacks Rank Says

Blackstone currently carries a Zacks Rank #3 (Hold). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.

(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)

Check back later for our full write up on this Blackstone earnings report!

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