Blackstone Turns To Profit In Q2, Adj. EPS Meets View, Revenues Miss; Stock Down In Premarket

Blackstone Inc. (BX), an alternative asset manager, reported Thursday that its second-quarter net income attributable to the company was $601 million, compared to last year’s loss of $29.39 million.

Earnings per share were $0.79, compared to loss of $0.04 a year ago.

Distributable earnings were $1.21 billion, compared to $1.99 billion last year. Distributable earnings per share were $0.93, compared to $1.49 a year ago.

On average, 15 analysts polled by Thomson Reuters expected earnings of $0.93 per share for the quarter. Analysts’ estimates typically exclude special items.

Total revenues were $2.81 billion, up from $629.22 million in the prior year. Total Segment revenues fell 43 percent to $2.35 billion from $4.15 billion a year ago. The Street was looking for revenues of $2.41 billion for the quarter.

Total Assets Under Management or AUM was $1.0 trillion, up 6 percent year-over-year.

Stephen Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone is the first alternative manager to surpass $1 trillion of assets under management. … We believe we are in the early stages of the long-term growth of the alternatives industry, providing a vast opportunity for further expansion.”

Further, Blackstone has declared a quarterly dividend of $0.79 per share to record holders of common stock at the close of business on July 31. This dividend will be paid on August 7.

In pre-market activity on the NYSE, Blackstone shares are trading at $104.79, down 3.38 percent.

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