Blackstone Tops Q1 Views, Shares Rise

Shares of

jumped around 3.8 percent in pre-market trading after the company reported upbeat results for the first quarter on Thursday. The New York-based company posted quarterly distributable earnings of $1.24 billion, or $1.05 per share, compared to $478.6 million, or $0.40 per share, in the year-ago quarter. Economic net income climbed 99 percent to $1.62 billion in the quarter, while ENI per share came in at $1.37. Its revenue rose 66 percent to $2.51 billion. However, analysts were expecting earnings of $1.03 per share on revenue of $2.08 billion. Total assets under management climbed 14 percent y/y to $310.5 billion as of the end of March. The company declared a quarterly distribution of $0.89 per common unit. Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, "Blackstone again broke all of our asset and earnings records in the first quarter. Economic Net Income doubled from the prior year, while Distributable Earnings rose nearly 160%. Realization activity continued to accelerate while, at the same time, we've been raising and investing funds at an unprecedented rate, creating the basis for future value." The average estimate among 9 Estimize users was for earnings of $1.07 per share and revenue of $2.16 billion. Blackstone shares rose 3.56 percent to $42.48 in pre-market trading.