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Blackstone Inc (NYSE:BX) shares are trading higher after it reported second-quarter fiscal year 2024 adjusted revenues of $2.796 billion, beating the consensus of $2.619 billion.
Distributable earnings (DE) rose 3% Y/Y to $1.25 billion. Fee-related earnings fell 3% Y/Y to $1.11 billion.
Fee-related earnings fell 18% Y/Y in the Real Estate while rising 29% in the Credit & Insurance business and 1% Y/Y in the Private Equity segments.
Net accrued performance revenue declined to $6.21 billion in the quarter from $6.47 billion in the prior year quarter.
Distributable earnings per share of $0.96 (+3% Y/Y), missing the consensus of $0.98.
Asset under management rose 7% Y/Y to $1.076 trillion, with inflows of $39.4 billion in the quarter.
Dividend: Blackstone declared a quarterly dividend per share of $0.82, payable on August 5, 2024, to shareholders of record as of July 29, 2024.
Buyback: The company repurchased 2.0 million shares in the second quarter. Blackstone increased share repurchase authorization to $2.0 billion.
"We reported another quarter of strong results, underpinned by nearly $40 billion of inflows and $34 billion of deployment — reflecting the highest level of investment activity in two years,” Blackstone CEO Stephen A. Schwarzman said.
This week, Blackstone disclosed that private equity funds affiliated with the firm entered into a definitive agreement to acquire Trystar, a premier provider of electrical equipment used for backup power solutions.
According to Benzinga Pro, BX stock has gained over 30% in the past year. Investors can gain exposure to the stock via EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:LBO) and Invesco Global Listed Private Equity ETF (NYSE:PSP).
Price Action: BX shares are up 3.76% to $139.93 at the last check Thursday.
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