12 Nov 10:57News

Blackstone third-quarter profit beats estimates amid market rise

According to Thomson Reuters I / B / E / S, the firm’s net profit in New York (ENI) for the three months before September was 76 cents compared with an average forecast of 74 cents. A year earlier, Blackstone reported an ENI per share of 68 cents.

ENI reflects gains or losses from market valuations for the Blackstone portfolio and is a closely monitored profit indicator for US private equity companies.

In premarket trading Blackstone stocks were flat.

Changes in the stock market often affect the valuation of ownership of private equity firms because they note many of their stocks in the market. In the third quarter, the S & P 500 .SXP grew by 7.2%.
Blackstone also benefited from Gates Industrial Corporation (GTES.N) at 19.9%, in which it still owns a controlling stake.

"Assets under management increased by 18 percent over the previous year, bringing the total to a new record of $ 457 billion,” said chairman and CEO Steve Schwarzman in a statement.

Distributable earnings - the actual cash available for dividend payments was $ 769 million, compared with $ 626 million a year earlier. Blackstone said it would pay shareholders a quarterly distribution of 64 cents per unit, including a special distribution of 10 cents.

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