Blackstone's Strong Q2 Drives Stock Higher: Assets Under Management Up 7%

Blackstone Inc 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 LBO and Invesco Global Listed Private Equity ETF PSP.

Price Action: BX shares are up 3.76% to $139.93 at the last check Thursday.

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