BlackRock, Inc., Blackstone Group LP Beat Earnings Estimates

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BlackRock, Inc., Blackstone Group LP Beat Earnings Estimates
By BlackRock [Public domain], via Wikimedia Commons

BlackRock and Blackstone released the earnings results from their most recently completed quarters this morning. BlackRock posted adjusted earnings of $4.89 per share, a 10% increase, on revenue of $2.72 billion, a 1% year over year improvement. Analysts had been looking for earnings of $4.50 per share.

Blackstone posted earnings of $1.05 per share on revenue of $2.51 billion for the first quarter. Analysts had been looking for earnings of $1.04 per share. In the same quarter last year, Blackstone reported earnings of 40 cents per share on revenue of $1.51 billion.

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Key metrics from BlackRock’s earnings report

BlackRock’s reported earnings were $4.84 per share, while its profit rose 9% to $822 million for the first quarter. The firm said its assets under management increased 8% year over year. BlackRock recorded $70.4 billion in long-term net inflows for the quarter, which represented an annualized organic growth rate of 6.5%.

The firm recorded $14.2 billion in retail long-term net inflows and $35.5 billion in long-term net inflows for its iShares segment. BlackRock’s Institutional active long-term net inflows were $18 billion, and its Institutional index long-term net inflows were $2.8 billion. The firm’s cash management assets under management declined quarter over quarter by 1% to $292.5 billion. BlackRock’s advisory assets under management fell 17% quarter over quarter to $18.1 billion.

BlackRock also increased its quarterly dividend to $2.18 per share and repurchased $275 million worth of shares during the quarter.

Key metrics from Blackstone’s earnings report

Blackstone’s economic income for the quarter was $1.6 billion or $1.37 per unit, a new record and a 99% year over year increase. GAAP net income was $629 million, and total assets under management increased 14% to $310.5 billion, making the firm the first alternative asset management to surpass $300 billion in assets under management.

The firm’s Private Equity segment saw record revenue of $1.2 billion and economic income of $829 million. Blackstone’s Real Estate business saw $915 million in revenue and $638 million in economic net income. Hedge Fund Solutions recorded $185 million in revenue and $88 million in economic net income. The Credit segment saw a 17% increase in fee revenues, and the Financial Advisory segment recorded a 20% increase in total revenues.

Blackstone also declared a dividend of 89 cents per share payable on May 4.

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