Blackstone Q1 Profit Tops Estimates; Segment Revenues Up 3%

(RTTNews) - Blackstone (BX) reported first-quarter net income to Blackstone of $847.4 million compared to $85.8 million, last year. Net income per share was $1.11 compared to $0.11. Fee related earnings was $1.16 billion, up 12% from a year ago. Fee related earnings per share was $0.95 compared to $0.86. Distributable earnings was $1.27 billion, an increase of 1%. Distributable earnings per share was $0.98 compared to $0.97. On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $0.96, for the quarter. Analysts' estimates typically exclude special items.

First-quarter total revenues increased to $3.69 billion from $1.38 billion, last year. Total segment revenues were $2.55 billion, up 3% from last year. Analysts on average had estimated $2.49 billion in revenue.

Stephen Schwarzman, CEO, said, "Blackstone reported strong first-quarter results, highlighted by accelerating momentum in our private credit and private wealth businesses. We are seeing a strengthening transaction environment and attractive opportunities to deploy capital."

Total Assets Under Management, or AUM increased to $1.06 trillion, up 7% year-over-year, with $34.0 billion of inflows in the quarter. Fee-Earning AUM was $781.4 billion, up 7% year-over-year, with $29.0 billion of inflows in the quarter.

At March 31, 2024, Blackstone had $8.4 billion in total cash, cash equivalents, corporate treasury, and other investments and $17.3 billion of cash and net investments, or $14.21 per share. The company has a $4.3 billion credit revolver.

Blackstone has declared a quarterly dividend of $0.83 per share to record holders of common stock at the close of business on April 29, 2024. The dividend will be paid on May 6, 2024.

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