Blackstone earns 69 cents per share in Q1
Blackstone Group L.P. said on Thursday its net income for the first quarter of 2017 surged 189% to $462 million, while earnings per diluted share soared 200% to $0.69 over the same period.
The New York-based fund manager reported revenues of $1.94 billion, up 108% year on year, with the largest contribution coming from performance fees, which climbed 238% to $1.06 billion. Revenues from net management and advisory fees rose 5% to $642 million.
Blackstone's total assets under management grew to a record $368.2 billion during the three months ended on March 31 due to "continued fundraising, organic platform expansion and strong fund appreciation."
"Blackstone reported outstanding results in the first quarter, marked by strong returns across our major fund strategies as well as our best quarter for realizations on record," the company's chairman and CEO Stephen A. Schwarzman said in a statement.