Blackstone Tops Estimates at $1.32 a Share, but Revenue Slips 2.6%
BX is trading near its 52-week low of $101.73 (13% above the low).
Summary
Adjusted earnings came in at $1.32 a share, ahead of the $1.27 consensus and inside the $1.14-$1.33 range, but down from $1.52 a year earlier. Revenue fell 2.6% to $3.22 billion and missed the $3.28 billion analysts expected, while GAAP EPS was 83 cents on net income of $662.37 million. The beat is thin in quality terms: the mean estimate had already been cut about 9.7% over three months, with sixteen analysts lowering numbers in the last 30 days. Shares are down 28.9% this year and slipped 2.2% during the quarter, so the print lands against a badly de-rated stock rather than a clean recovery story.
At the time of this announcement, BX was trading at $115.43 on NYSE in the Finance sector, with a market capitalization of approximately $143.3B. The 52-week trading range was $101.73 to $165.14. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.