Blackstone Tops on Third-Quarter Earnings

Published on: 20 Oct, 2017

On Thursday, Blackstone (NYSE:BX), which is one of the world’s leading investment firms, announced its financial results for the third quarter of 2017, with earnings and revenue both beating estimates.

According to the company, for the third quarter, earnings of the company increased from $312.9 million, or $0.47 per share, for the same period last year, to $384.6 million, or $0.56 per share. Economic profit rose to $834.3 million, or $0.69 per share for the September quarter, beating analysts’ estimates of $0.54 per share. Revenue for the third quarter was $1.69 billion, beating expectations of $1.38 billion.

“Today, Blackstone reported another quarter of consistent growth for our shareholders, with strong double-digit increases in revenue and earnings for both the quarter and year-to-date period. We continue to successfully expand our global investment platforms, launching new products and channels, and delivering a broader range of solutions for our institutional and retail clients alike,” Stephen A. Schwarzman, the Chairman and Chief Executive Officer of the company, said in the statement on Thursday.

“The result is nearly $20 billion of capital inflows in the third quarter, propelling us to a new record for AUM of $387 billion, up 7% year-over-year. And I expect that record to be exceeded again in the fourth quarter,” he added.

The company also said that it would pay dividend of $0.44 for the third quarter, which is more than $0.41 for the same period last year.

Shares of the company increased 1.5% in premarket trading Thursday.

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