Blackstone Q2 Profit Surges, But Misses View - Quick Facts

(RTTNews) - Private equity firm Blackstone Group L.P. (BX) reported that its second-quarter attributable net income climbed 73 percent to $342.78 million from $198.63 million in the year-ago period. Earnings per unit more rose to $0.51 from $0.30 a year earlier.

Economic net income was $705.37 million or $0.59 per unit, compared to $519.78 million or $0.44 per unit last year.

Total revenues for the quarter grew 30 percent to $1.55 billion from $1.19 billion in the same period last year.

On average, analysts polled by Thomson Reuters expected earnings of $0.62 per share on revenues of $1.53 billion. Analysts' estimates typically exclude special items.

Blackstone declared a quarterly distribution of $0.54 per common unit to record holders of common units at the close of business on July 31, 2017. This distribution will be paid on August 7, 2017.