Blackstone Group Earnings: BX Stock Gains 5% Despite Q1 Miss

Blackstone Group (NYSE:BX) earnings for first quarter of 2020 have BX stock soaring on Thursday. That’s despite its earnings per share (EPS) of 46 cents missing Wall Street’s estimate of 50 cents. The private investment firm’s revenue of -$3.08 billion also doesn’t meet analysts’ estimates of $1.25 billion.

Blackstone Group Earnings: BX Stock Gains 5% Despite Q1 Miss

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Now, let’s take a more in-depth look at the most recent Blackstone Group earnings report.

  • Diluted earnings per share of is 35.21% lower than 71 cents during the first quarter of 2019.
  • Revenue for the quarter is much worse than the $2.02 billion from the same time last year.
  • The Blackstone Group earnings report also includes a net loss of $2.61 billion.
  • The company’s net income from the same period of the year prior was $1.07 billion.

Stephen Schwarzman, chairman and CEO of Blackstone Group, said this in the earnings release:

“We entered this crisis in a position of great strength, having recently completed a two-year fundraising cycle of nearly $250 billion. With ample capital reserves, long-term fund structures, and over $150 billion of dry powder capital – more than anyone in our industry – we are uniquely positioned to invest on behalf of our clients at a time of historic dislocation.”

Blacstone Group doesn’t include an outlook in its Q1 earnings report. However, we know what Wall Street expects. That includes a diluted EPS of $2.19 on revenue of $5.54 billion. However, that may change due to the effects of the novel coronavirus.

BX stock was up 4.53% as of Thursday afternoon.

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


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