Blackstone Profit Nearly Triples, Beats Expectations

By Tomi KilgoreMarketsMarketWatch Pulse

Shares of Blackstone Group LP surged 2.8% in premarket trade Thursday, after the asset manager reported a first-quarter profit that nearly tripled, beating expectations, while revenue also jumped above forecasts. Net earnings rose to $461.8 million, or 69 cents a share, from $159.8 million, or 23 cents as share, in the same period a year ago. Economic net earnings rose 166% to $986 million, or 82 cents a share, beating the FactSet consensus of 70 cents. Total revenue doubled to $1.94 billion from $932.4 million, above the FactSet consensus of $1.63 billion, boosted by a big jump in performance fees. Corporate private equity carrying value grew 6.9%. The stock was indicated up nearly 3% in premarket trade. It has climbed 11% year to date through Wednesday, while the S&P 500 has tacked on 4.4%.

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