Have you been eager to see how The Blackstone Group L.P. (BX - Free Report) performed in Q1 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 82 cents per share, which surpassed the Zacks Consensus Estimate of 68 cents.
Higher revenues primarily drove the 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 4.2% downward over the last 30 days.
However, Blackstone has a decent earnings surprise history. Before posting the earnings beat in Q1, the company delivered positive surprises in three of the four trailing quarters.
Revenue Came In Better Than Expected
Blackstone posted total revenues (on a GAAP basis) of $1.94 billion, which significantly outpaced the Zacks Consensus Estimate of $1.59 billion. Further, the figure increased significantly from the prior-year quarter.
Key Stats to Note:
- Total assets under management (“AUM”) stood at $368.2 billion as of Mar 31, 2017.
- Gross inflows were $14 billion in the quarter.
- Total Dry Powder was $94.3 billion, up 6% year-over-year.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) 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.
(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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