Blackstone Inc Reports Strong Q2 Fiscal Year 2024 Performance

Blackstone Inc BX shares are on the rise following the report of its strong second-quarter fiscal year 2024 performance. The company reported adjusted revenues of $2.796 billion, surpassing the consensus of $2.619 billion. Distributable earnings (DE) saw a 3% year-over-year increase to $1.25 billion, while fee-related earnings experienced a 3% decrease to $1.11 billion.

Despite a decline in fee-related earnings within the Real Estate sector, Blackstone saw increases in the Credit & Insurance business by 29% and in the Private Equity segments by 1% year-over-year. The company also saw a 7% rise in assets under management to $1.076 trillion, with inflows reaching $39.4 billion in the quarter. Moreover, Blackstone declared a quarterly dividend per share of $0.82 and repurchased 2.0 million shares in the second quarter, while increasing share repurchase authorization to $2.0 billion.

Blackstone’s CEO, Stephen A. Schwarzman, commented on the strong results, highlighting the significant inflows and deployment during the quarter. The company recently disclosed a definitive agreement to acquire Trystar, a leading provider of electrical equipment for backup power solutions. Overall, Blackstone’s stock has gained over 30% in the past year, showcasing positive performance for investors in the market. Shares of BX were up 3.76% to $139.93 at the last check on Thursday.