Blackstone’s (BX - Free Report) first-quarter 2024 distributable earnings of 98 cents per share were in line with the Zacks Consensus Estimate. The figure reflects a rise of 1% from the prior-year quarter.
Results have benefited from a rise in segment revenues and improvement in the assets under management (AUM) balance. However, higher GAAP expenses have hurt the results to some extent.
Net income attributable to Blackstone was $847.4 million compared with $85.8 million in the year-ago quarter.
Segment Revenues Improve, GAAP Expenses Rise
Total segment revenues were $2.55 billion, up 3% year over year. The top line outpaced the Zacks Consensus Estimate of $2.51 billion.
On a GAAP basis, revenues were $3.69 billion, up significantly year over year.
Total expenses (GAAP basis) were $1.79 billion, up 51% year over year. Our estimate for expenses was $1.69 billion.
As of Mar 31, 2024, Blackstone had $8.4 billion in total cash, cash equivalents and corporate treasury investments, and $17.3 billion in cash and net investments. The company has a $4.3-billion undrawn credit revolver.
AUM Rises
Fee-earning AUM grew 7% year over year to $781.4 billion as of Mar 31, 2024. Our estimate for the metric was $754.1 billion.
The total AUM amounted to $1.06 trillion as of the same date, up 7% year over year. The rise in total AUM was primarily driven by $34 billion in inflows in the reported quarter. Our estimate for the total AUM was $1.02 trillion.
As of Mar 31, 2024, the undrawn capital available for investment was $191.2 billion.
Our Take
Blackstone is well-poised for top-line growth, supported by a continued rise in AUM. The company is expected to keep gaining from its fund-raising ability. However, high expenses and a challenging operating backdrop are expected to hurt the bottom line in the near term.
Currently, Blackstone carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance & Earnings Release Date of Other Asset Managers
BlackRock, Inc.’s (BLK - Free Report) first-quarter 2024 adjusted earnings of $9.81 per share handily surpassed the Zacks Consensus Estimate of $9.42. The figure reflects a jump of 24% from the year-ago quarter.
BLK’s results benefited from a rise in revenues and higher non-operating income. Further, the AUM balance witnessed an improvement, driven by net inflows. However, higher expenses acted as a dampener.
Invesco (IVZ - Free Report) is scheduled to report first-quarter 2024 results on Apr 23.
Over the past seven days, the Zacks Consensus Estimate for IVZ’s quarterly earnings has been unchanged at 40 cents. The estimate indicates a rise of 5.3% from the prior-year quarter’s reported figure.
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Blackstone’s (BX - Free Report) first-quarter 2024 distributable earnings of 98 cents per share were in line with the Zacks Consensus Estimate. The figure reflects a rise of 1% from the prior-year quarter.
Results have benefited from a rise in segment revenues and improvement in the assets under management (AUM) balance. However, higher GAAP expenses have hurt the results to some extent.
Net income attributable to Blackstone was $847.4 million compared with $85.8 million in the year-ago quarter.
Segment Revenues Improve, GAAP Expenses Rise
Total segment revenues were $2.55 billion, up 3% year over year. The top line outpaced the Zacks Consensus Estimate of $2.51 billion.
On a GAAP basis, revenues were $3.69 billion, up significantly year over year.
Total expenses (GAAP basis) were $1.79 billion, up 51% year over year. Our estimate for expenses was $1.69 billion.
As of Mar 31, 2024, Blackstone had $8.4 billion in total cash, cash equivalents and corporate treasury investments, and $17.3 billion in cash and net investments. The company has a $4.3-billion undrawn credit revolver.
AUM Rises
Fee-earning AUM grew 7% year over year to $781.4 billion as of Mar 31, 2024. Our estimate for the metric was $754.1 billion.
The total AUM amounted to $1.06 trillion as of the same date, up 7% year over year. The rise in total AUM was primarily driven by $34 billion in inflows in the reported quarter. Our estimate for the total AUM was $1.02 trillion.
As of Mar 31, 2024, the undrawn capital available for investment was $191.2 billion.
Our Take
Blackstone is well-poised for top-line growth, supported by a continued rise in AUM. The company is expected to keep gaining from its fund-raising ability. However, high expenses and a challenging operating backdrop are expected to hurt the bottom line in the near term.
Currently, Blackstone carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance & Earnings Release Date of Other Asset Managers
BlackRock, Inc.’s (BLK - Free Report) first-quarter 2024 adjusted earnings of $9.81 per share handily surpassed the Zacks Consensus Estimate of $9.42. The figure reflects a jump of 24% from the year-ago quarter.
BLK’s results benefited from a rise in revenues and higher non-operating income. Further, the AUM balance witnessed an improvement, driven by net inflows. However, higher expenses acted as a dampener.
Invesco (IVZ - Free Report) is scheduled to report first-quarter 2024 results on Apr 23.
Over the past seven days, the Zacks Consensus Estimate for IVZ’s quarterly earnings has been unchanged at 40 cents. The estimate indicates a rise of 5.3% from the prior-year quarter’s reported figure.
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
See This Stock Now for Free >>
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