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.