<p>Blackstone Groups (NYSE: BX) earnings for the first quarter of 2020 have BX shares rising on Thursday. This is despite the fact that earnings per share (EPS) of 46 cents did not have a Wall Street estimate of 50 cents. The private equity firm’s revenue of $ 3.08 billion also does not meet analysts’ estimates of $ 1.25 billion.
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Let us now take a closer look at the latest earnings report from the Blackstone Group.
Earnings per share after dilution were 35.21% lower than 71 cents in the first quarter of 2019. Revenue for the quarter is much lower than $ 2.02 billion from the same period last year. The Blackstone Group’s earnings report also includes a net loss of $ 2.61 billion. The company’s net profit from the same period the year before was $ 1.07 billion.
Stephen Schwarzman, Chairman and CEO of Blackstone Group, said this in the results announcement:
“We entered this crisis in a position of great strength after completing a two-year fundraising cycle of almost $ 250 billion. With ample capital reserves, long-term fund structures and more than $ 150 billion in dry powder capital – more than anyone else in our industry – we are uniquely positioned to invest on behalf of our clients in a time of historic dislocation. ”
Blacstone Group does not include any outlook in the first quarter results report. However, we know what Wall Street expects. That includes a diluted $ 2.19 profit on revenue of $ 5.54 billion. However, it may change due to the effects of the new coronavirus.
The BX share increased by 4.53% as of Thursday afternoon.
At the time of writing, William White had no position in any of the above securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/04/blackstone-group-earnings-boost-bx-stock/.
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