Blackstone Group LP Stock Up on Q1 Earnings Beat

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Blackstone Group LP (NYSE:BX) stock was up on Thursday following the release of its earnings report for the first quarter of 2018.

Blackstone Group LP Stock Up on Q1 Earnings Beat

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During the first quarter of the year, Blackstone Group LP reported earnings per share of 65 cents. This is down from its earnings per share of 82 cents from the same time last year. Despite this, it was still good news for BX stock by coming in above Wall Street’s earnings per share estimate of 63 cents for the period.

Net income reported by Blackstone Group LP in the first quarter of 2018 was $842.30 million. This is a drop from the financial service company’s net income of $1.06 billion that was reported in the first quarter of 2018.

Blackstone Group LP’s revenue of $1.77 billion for the first quarter of the year was also a boon to BX stock. While it was down from the $1.91 billion reported in the same period of the year prior, it still beat analysts’ revenue estimate of $1.71 billion for the quarter.

Blackstone Group LP also reported in its most recent earnings report that it will be paying out a dividend of 30 cents per share to holders of BX stock. This dividend will be payable on May 7, 2018 to shareholders on record as of April 30, 2018.

Blackstone Group LP notes that it will also be paying out a special dividend of 30 cents per share sometime in 2018. The company says that this dividend is the result of proceeds from the conclusion of its direct lending sub-advisory relationship.

BX stock was up 2% as of noon Thursday.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/04/blackstone-stock-up-on-earnings-beat/.

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