Have you been eager to see how The Blackstone Group L.P. (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 economic net income of 44 cents per share, which surpassed the Zacks Consensus Estimate of 40 cents.
Lower expense base was primarily responsible for earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for Blackstone depicted pessimism prior to the earnings release. The Zacks Consensus Estimate has moved 11% lower over the last 7 days.
Further, Blackstone does not have a decent earnings surprise history. Before posting an earnings beat in Q2, the company delivered negative surprises in all prior four trailing quarters, with an average miss of 33.53%.
Revenue Came In Better Than Expected
Blackstone posted revenues (on a GAAP basis) of $1.19 billion, which outpaced the Zacks Consensus Estimate of $1.15 billion. Further, the figure compared unfavorably with the year-ago number of $1.23 billion.
Key Stats to Note:
- Total assets under management (“AUM”) reached a record $353.3 billion through a combination of strong fundraising and organic expansion.
- Gross inflows were $21.2 billion in the second quarter, bringing LTM inflows to $70 billion.
- Total Dry Powder was $98.5 billion, up 20% year-over-year, driven by recent fundraises for the latest global private equity and real estate funds.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #4 (Sell) for Blackstone. 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.
Check back later for our full write up on this Blackstone earnings report!
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Have you been eager to see how The Blackstone Group L.P. (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 economic net income of 44 cents per share, which surpassed the Zacks Consensus Estimate of 40 cents.
Lower expense base was primarily responsible for earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for Blackstone depicted pessimism prior to the earnings release. The Zacks Consensus Estimate has moved 11% lower over the last 7 days.
Further, Blackstone does not have a decent earnings surprise history. Before posting an earnings beat in Q2, the company delivered negative surprises in all prior four trailing quarters, with an average miss of 33.53%.
Revenue Came In Better Than Expected
Blackstone posted revenues (on a GAAP basis) of $1.19 billion, which outpaced the Zacks Consensus Estimate of $1.15 billion. Further, the figure compared unfavorably with the year-ago number of $1.23 billion.
Key Stats to Note:
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #4 (Sell) for Blackstone. 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.
Check back later for our full write up on this Blackstone earnings report!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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