We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Stay up-to-date with all quarterly releases: See ZacksEarnings Calendar.
Shares of the company gained 3.2% in the pre-market trading. Better-than-expected results fueled by solid assets under management (AUM) growth drove investor optimism about the stock.
Results benefited from higher revenues and an improvement in AUM balance. However, an increase in GAAP expenses acted as a headwind.
Net income attributable to Blackstone was $780.8 million compared with $552 million in the year-ago quarter.
BX’s Segment Revenues Improve, GAAP Expenses Rise
Total segment revenues were $2.43 billion, up 5% year over year. The top line lagged the Zacks Consensus Estimate of $2.48 billion.
On a GAAP basis, revenues were $3.66 billion, jumping 44% year over year.
Total expenses (GAAP basis) were $1.9 billion, which surged 38% year over year.
As of Sept. 30, 2024, Blackstone had $8.9 billion in total cash, cash equivalents and corporate treasury investments, and $18.7 billion in cash and net investments. The company has a $4.3-billion undrawn credit revolver.
Blackstone’s AUM Balance Rises
Fee-earning AUM grew 12% year over year to $820.5 billion as of Sept. 30, 2024.
The total AUM amounted to $1.11 trillion as of the same date, up 10%. The rise in total AUM was primarily driven by $40.5 billion in inflows in the reported quarter.
As of Sept. 30, 2024, the undrawn capital available for investment was $171.6 billion.
Our Take on Blackstone
Blackstone is well-poised for top-line growth, supported by a continued rise in AUM. The company is expected to keep gaining from its fund-raising ability. However, high expenses and a challenging operating backdrop are expected to hurt the bottom line in the near term.
Invesco (IVZ - Free Report) is scheduled to announce third-quarter 2024 numbers on Oct. 22.
Over the past week, the Zacks Consensus Estimate for IVZ’s quarterly earnings has moved 2.3% north to 44 cents. Also, the figure implies a jump of 25.7% from the prior-year reported number.
T. Rowe Price Group, Inc. (TROW - Free Report) is slated to report third-quarter 2024 results on Nov. 1.
Over the past seven days, the Zacks Consensus Estimate for TROW’s quarterly earnings has been revised almost 1% upward to $2.33. The figure indicates 7.4% growth from the prior-year quarter.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Shutterstock
Blackstone's Q3 Earnings Beat, Stock Gains on Higher Revenues, AUM
Blackstone’s (BX - Free Report) third-quarter 2024 distributable earnings of $1.01 per share outpaced the Zacks Consensus Estimate of 91 cents. The figure reflects a rise of 7% from the prior-year quarter.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
Shares of the company gained 3.2% in the pre-market trading. Better-than-expected results fueled by solid assets under management (AUM) growth drove investor optimism about the stock.
Results benefited from higher revenues and an improvement in AUM balance. However, an increase in GAAP expenses acted as a headwind.
Net income attributable to Blackstone was $780.8 million compared with $552 million in the year-ago quarter.
BX’s Segment Revenues Improve, GAAP Expenses Rise
Total segment revenues were $2.43 billion, up 5% year over year. The top line lagged the Zacks Consensus Estimate of $2.48 billion.
On a GAAP basis, revenues were $3.66 billion, jumping 44% year over year.
Total expenses (GAAP basis) were $1.9 billion, which surged 38% year over year.
As of Sept. 30, 2024, Blackstone had $8.9 billion in total cash, cash equivalents and corporate treasury investments, and $18.7 billion in cash and net investments. The company has a $4.3-billion undrawn credit revolver.
Blackstone’s AUM Balance Rises
Fee-earning AUM grew 12% year over year to $820.5 billion as of Sept. 30, 2024.
The total AUM amounted to $1.11 trillion as of the same date, up 10%. The rise in total AUM was primarily driven by $40.5 billion in inflows in the reported quarter.
As of Sept. 30, 2024, the undrawn capital available for investment was $171.6 billion.
Our Take on Blackstone
Blackstone is well-poised for top-line growth, supported by a continued rise in AUM. The company is expected to keep gaining from its fund-raising ability. However, high expenses and a challenging operating backdrop are expected to hurt the bottom line in the near term.
Blackstone Inc. Price, Consensus and EPS Surprise
Blackstone Inc. price-consensus-eps-surprise-chart | Blackstone Inc. Quote
Currently, Blackstone carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings Dates & Expectations of BX’s Peers
Invesco (IVZ - Free Report) is scheduled to announce third-quarter 2024 numbers on Oct. 22.
Over the past week, the Zacks Consensus Estimate for IVZ’s quarterly earnings has moved 2.3% north to 44 cents. Also, the figure implies a jump of 25.7% from the prior-year reported number.
T. Rowe Price Group, Inc. (TROW - Free Report) is slated to report third-quarter 2024 results on Nov. 1.
Over the past seven days, the Zacks Consensus Estimate for TROW’s quarterly earnings has been revised almost 1% upward to $2.33. The figure indicates 7.4% growth from the prior-year quarter.