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Blackstone first-quarter earnings narrowly beat forecasts

(Sharecast News) - Blackstone, the world's largest private equity firm, reported marginally better than expected first-quarter earnings on Thursday. The New York-based firm said total revenues came in at $3.7bn, compared to $1.4bn a year previously, while net income rose to $1.6bn from $210.7m.

Distributable earnings, a key financial measure, came in at $1.27bn, compared to $1.25bn a year previously.

Distributable earnings per common share were $0.98, marginally higher than Wall Street estimates for $0.96.

Fewer asset sales meant net realisations fell 25% $293.3m. But that was partially offset by a 12% rise in fee-related earnings, including management and advisory fees, to $1.2bn.

Total assets under management were $1.06trn, up from $991.3bn a year previously.

Stephen Schwarzman, chief executive, said: "Blackstone reported strong first quarter results, highlighted by accelerating momentum in our private credit and private wealth business.

"We are seeing a strengthening transaction environment and attractive opportunities to deploy capital. We are well positioned to navigate today's dynamic market landscape, with a portfolio concentrated in compelling sectors and nearly $200bn of dry powder available to invest."

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Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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