Friday, 25 July 2014
Last updated 19 hours ago
Apr 21 2011 | 10:08am ET
Private equity giant the Blackstone Group said its first-quarter profit soared 58%.
The New York-based firm posted a profit—excluding some costs tied to its 2007 initial public offering—of $568.1 million, up from $360.4 million. The number topped analysts' estimates by 10 cents per share.
"Blackstone reported our strongest quarterly earnings since becoming a public company four years ago, as the values of all of our funds continued to increase," CEO Stephen Schwarzman said. "Every one of our investing businesses grew sharply year-over-year."
The results mark a milestone for Blackstone: its first profit under generally accepted accounting principles since its IPO. The firm's net income swung to $42.7 million from a net loss of $121.4 million a year earlier.
Blackstone credited the boost to its real-estate and private equity investments. The former saw an almost four-fold increase in revenue to $555.6 million, while the latter saw revenue drop slightly but valuation rise some 5%.
Blackstone's hedge fund revenue also rose, to $105.4 million.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…