Blackstone Group (BX) Net Income Triples
Private equity firm Blackstone Group (NYSE:BX - News) said on Monday that second-quarter net income more than tripled, boosted by merger and real estate deals, sending its units up nearly 8 percent.
Revenue also tripled, but missed Wall Street expectations in Blackstone's first earnings report as a publicly traded company.
Net income jumped to $774.4 million from $224.1 million a year earlier.
Excluding amortization, goodwill and other noncash charges, earnings rose to 46 cents a unit from 11 cents. Analysts on average had expected 40 cents, according to Reuters Estimates.
A symbol of American super-wealth amid a global mergers and acquisitions boom, Blackstone raised net proceeds of about $7.5 billion from its initial public offering in late June. But deal activity has slowed considerably since then.
Revenue also tripled, but missed Wall Street expectations in Blackstone's first earnings report as a publicly traded company.
Net income jumped to $774.4 million from $224.1 million a year earlier.
Excluding amortization, goodwill and other noncash charges, earnings rose to 46 cents a unit from 11 cents. Analysts on average had expected 40 cents, according to Reuters Estimates.
A symbol of American super-wealth amid a global mergers and acquisitions boom, Blackstone raised net proceeds of about $7.5 billion from its initial public offering in late June. But deal activity has slowed considerably since then.
Labels: Blackstone Group, BX
posted by Stock Administrator @ 9:27 AM
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