Blackstone Group LP Misses On Revenue, Philip Morris International Inc. Beats On EPS

Blackstone

Blackstone and Philip Morris released their second quarter earnings reports before opening bell this morning. Blackstone posted earnings of 43 cents per share, which was in line with consensus, and $1.2 billion in revenue, which came up short of the consensus estimate of $1.31 billion.

Philip Morris reported adjusted earnings of $1.21 per share, a 14.2% decline from last year, on $6.9 billion in revenue, 12% year over year decline. Analysts had been expecting earnings of $1.13 per share and revenue of $6.73 billion.

Key metrics from Blackstone’s earnings report

Blackstone’s distributable earnings rose 35% year over year to $1 billion or 88 cents per unit, setting a new record for the second quarter. Realized performance fees increased 45% from last year to $985 million.  Blackstone’s total assets under management also hit a new record, climbing 19% to reach $332.7 billion despite returning $60.3 billion to investors in the last 12 months. The firm also reported $31.3 billion in gross inflows, another record. Inflows for the last 12 months were $93.9 billion.

As of this writing, shares of Blackstone were down 3.82% at $39.74 per share in premarket trades.

Key metrics from Philip Morris’ earnings report

Philip Morris’ reported earnings were the same as the adjusted at $1.21 per share, a 3.4% year over year increase. The company reported a shipment volume of 219.8 million cigarettes, a decline of 1.4% not including acquisitions. Currency had a negative impact of $1.3 billion on the company’s revenues and $680 million on its operating income.

Operating companies income increased 0.6% to $3 billion for the second quarter. Excluding currency impacts and impacts from acquisitions, the company’s operating companies posted a 23.6% increase in operating companies income.

Philip Morris also reaffirmed its previously provided guidance for this year. Management expects reported earnings to be between $4.32 and $4.42 per share, compared to last year’s $4.76 per share. They expect adjusted earnings to rise by between 9% and 11% from last year, excluding the expected negative impact of $1.15 per share from currencies.

Shares of Philip Morris closed up 0.05% at $82.72 per share on Wednesday.

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About the Author

Michelle Jones
Michelle Jones was a television news producer for eight years. She produced the morning news programs for the NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spent a short time at the CBS affiliate in Huntsville. She has experience as a writer and public relations expert for a wide variety of businesses. Michelle has been with ValueWalk since 2012 and is now our editor-in-chief. Email her at Mjones@valuewalk.com.

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