Blackstone (NYSE: BX) beat analysts’ forecasts for revenue and earnings for the second quarter of 2019, giving the stock a lift of 2.2% in premarket hours on Thursday.
Total revenues were $1.48 billion, down from $2.63 billion in the same period last year, but ahead of estimates of $1.18 billion.
Net income attributable to the Blackstone Group was $305 million, or $0.45 per share, compared to $742 million, or $1.09 per share, in the year-ago quarter. Adjusted earnings rose 1% year-over-year to $709 million, or $0.57 per share, beating forecasts of $0.49 per share.
Fee-related earnings rose 24% year-over-year to $422 million. Total assets under management (AUM) was up 24% to $545.5 billion, driven by inflows of $151 billion over the last 12 months and positive investment performance.
Real Estate AUM increased 29% to $153.6 billion with inflows of $14.4 billion. Realizations totaled $4 billion in the quarter. Total AUM in Private Equity rose 43% to $171.2 billion with inflows of $16.8 billion. Realizations were $4.7 billion, including the sale of Cloverleaf.
Total AUM in Hedge Fund Solutions grew 5% to $81.4 billion with inflows of $3.8 billion. Credit AUM increased 13% to $139.3 billion with inflows of $10.1 billion. Realizations were $1.6 billion.
Blackstone completed its conversion to a corporation on July 1, 2019. The company repurchased 7 million shares during the quarter and increased its share repurchase authorization to $1 billion.
Blackstone declared a quarterly dividend of $0.48 per common share, payable on August 5, 2019 to shareholders of record on July 29, 2019.
Get access to timely and accurate verbatim transcripts that are published within hours of the event.
Most Popular
Intensity Therapeutics is establishing a new field of localized cancer reduction: CEO
Intensity Therapeutics, Inc. (NASDAQ: INTS) is a clinical biotechnology company engaged in the discovery development, and commercialization of first-in-class cancer drugs that attenuate tumors with minimal side effects while training
INTU Earnings: Intuit Q1 2025 adj. profit rises on higher revenues
Financial technology company Intuit Inc. (NASDAQ: INTU) Thursday announced results for the first quarter of 2025, reporting a modest increase in adjusted earnings. The Mountain View-headquartered company’s first-quarter revenue came
Riding the AI wave, Nvidia looks set to stay on the high-growth path
After delivering strong results for the third quarter, Nvidia Corporation (NASDAQ: NVDA) this week said the launch of its new-generation Blackwell chip is on track. The company is thriving on