Blackstone's Profit And Revenue Rise Sharply, Beat Expectations

Blackstone Group shares rose 2.8% in premarket trade Thursday, after the investment manager reported first-quarter profit and revenue that rose above expectations. Distributable earnings more than doubled to $1.24 billion, or $1.05 a share, from $478.6 million, or 40 cents a share, in the year-earlier period. That topped the FactSet consensus of $1.04 a share. Revenue climbed 66% to $2.51 billion, above the FactSet consensus of $2.08 billion, boosted by a more than doubling in performance fees. Total assets under management increased 14% to $310.5 billion. Blackstone said it was currently raising funds for its seventh global private equity fund, with the first close expected in the second quarter. The stock has rallied 21% year to date, while the S&P 500 has gained 2.3%.