Blackstone Hits Record AUM Of $250 Billion

The Blackstone Group L.P. (NYSE:BX) released its earnings numbers for the three months ended September 30 2013 before the market opened on Wall Street today. The company showed earnings of $1.23 billion. Revenue for the third quarter came in at $1.2 billion. The firm revealed that Assets Under Management hit their highest level of all time at the end of the third quarter.

Blackstone Hits Record AUM Of $250 Billion

In the run up to the release of this earnings report, analysts following The Blackstone Group L.P. (NYSE:BX) were looking for earnings per share of 56 cents from the company by consensus. Revenue in the same period was expected to come in at $1.3 billion. In the same three months of 2012 Blackstone earned $3.47 per share on revenue totaling $2.3 billion.

Blackstone earnings

Though this report showed a slight miss on earnings from The Blackstone Group L.P. (NYSE:BX), it still showed a strong quarter from the company. Assets under management hit $248 billion in the period, the largest number they have ever reached. Blackstone also managed to increase business in each of its sectors, bar its M&A advisory business.

Because Blackstone concentrates on investment, the way it reports its numbers is often a little different. The company keeps Economic Net Income, a measure of its profitability, at the head of its earnings report. The company said that number came in at $640.2 million, or 56 cents per unit.

Blackstone performance

Shareholders in The Blackstone Group L.P. (NYSE:BX) have had a good year despite the pressure on most alternative asset managers. The company’s stock is up more than 70% since the year began. The market responded poorly to this morning’s earnings miss. Shares were down a little over 1% at time of writing in pre-market.

The Blackstone Group L.P. (NYSE:BX) executives will host a conference call to discuss these earnings figures at 11AM EST. The big topics will be the firm’s guidance for the fourth quarter and expectations about the world economy going ahead.