Blackstone's Q3 2024 Performance - Blackstone's shares reached an all-time high of $172 25 during intraday trading on Thursday, driven by strong Q3 2024 results [1] - Distributable earnings of $1 01 per share exceeded the Zacks Consensus Estimate of 91 cents and reflected a 7% YoY increase [1] - Total segment revenues were $2 43 billion, up 5% YoY, surpassing the Zacks Consensus Estimate of $2 42 billion [1] - GAAP revenues surged 44% to $3 66 billion, driven by growth in total AUM and fee-earning AUM [1] Assets Under Management (AUM) Growth - Fee-earning AUM increased 12% YoY to $820 5 billion as of Sept 30, 2024 [2] - Total AUM grew 10% to $1 11 trillion [2] - Net inflows for the quarter were $40 5 billion, with the last 12-month inflows totaling $166 7 billion [2] - The Credit and Insurance segment contributed $21 4 billion in inflows during the quarter [2] Capital Deployment and Market Conditions - Blackstone invested or committed $54 billion in Q3 2024, the highest in over two years [2] - Over the last 12 months, the company deployed $123 billion since the cost of capital peaked [2] - The rise in AUM was supported by robust equity market performance and the Federal Reserve's monetary policy easing [2] Financial Metrics and Expenses - Net management and advisory fees, the largest component of GAAP revenues, rose 8% to $1 79 billion in Q3 2024 [4] - Total expenses on a GAAP basis increased 38% YoY to $1 9 billion, primarily due to a 52% surge in compensation and benefits costs [4] - As of Sept 30, 2024, Blackstone had $8 9 billion in total cash, cash equivalents, and corporate treasury investments, and $18 7 billion in cash and net investments [4] - The company had $171 6 billion in undrawn capital available for investment (total dry powder) [3][4] Peer Earnings Expectations - Invesco (IVZ) is expected to report Q3 2024 earnings on Oct 22, with the Zacks Consensus Estimate revised upward by 2 3% to 44 cents, reflecting a 25 7% YoY increase [5] - T Rowe Price Group (TROW) is scheduled to announce Q3 2024 results on Nov 1, with the Zacks Consensus Estimate revised upward by almost 1% to $2 33, indicating 7 4% YoY growth [5]

Key TakeawaysBlackstone's profit for the third quarter soared and revenue rose as the firm brought in more investment money.The firm's assets under management (AUM) were up 9.9% from a year ago, and its total inflows were $40.5 billion for the quarter.The news sent shares of Blackstone to an all-time high in intraday trading Thursday. Blackstone (BX) shares soared to a record high Thursday after the world's largest alternative asset manager reported its profit skyrocketed as a result of bringing in more inv ...

Financial Data and Key Metrics Changes - The company reported GAAP net income of $1.6 billion for the quarter, with distributable earnings of $1.3 billion or $1.01 per common share, marking a 7% increase on a per-share basis [6][31] - Management fees increased by 8% year-over-year to a record $1.8 billion, while fee-related earnings were $1.2 billion, up 5% year-over-year [30][31] - Total AUM increased by 10% year-over-year to $1.1 trillion, with inflows of $41 billion in the third quarter and $167 billion over the last 12 months [29] Business Line Data and Key Metrics Changes - In private equity, the company agreed to acquire Smartsheet for $8.4 billion, one of the largest take-privates of the year [18] - The credit business had its second busiest deployment quarter in history, investing over $18 billion, up more than 50% from Q2 [18] - The infrastructure segment reported 5.5% appreciation in Q3 and 18% for the last 12 months, driven by gains in digital transportation and energy infrastructure [32] Market Data and Key Metrics Changes - The company has deployed $123 billion over the last 12 months, doubling the prior year’s comparable period [9] - The commercial real estate sector is showing signs of recovery, with a significant decrease in repurchase requests for BREIT, down over 90% from their peak [13] - The private credit market is expanding rapidly, with the company managing the largest third-party private credit business globally, totaling $432 billion, up 20% year-over-year [21] Company Strategy and Development Direction - The company is focusing on areas such as artificial intelligence, renewable energy, and digital infrastructure, positioning itself as a partner of choice for investors navigating a complex world [10][12] - The firm is committed to a capital-light, brand-heavy model, relying on its track record and brand strength to grow [26] - The company anticipates a material step up in fee-related earnings in Q4, driven by the end of fee holidays for multiple funds [37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the easing of the cost of capital, which is expected to positively impact asset values and transaction activity [8] - The company noted that the current environment is characterized by a profound transformation across the economy and markets, with a strong belief in the long-term growth trajectory of the alternative investment industry [15] - Management expects a more constructive environment for realizations in 2025, with a significant increase in transaction activity anticipated [31][55] Other Important Information - The company has raised $21 billion in the private wealth channel year-to-date, nearly double the amount raised in the same period last year [24] - The firm has closed on EUR1 billion for a new open-ended Europe-focused infrastructure vehicle, indicating strong fundraising momentum [26] - The company has returned 100% of earnings to shareholders over the past seven years through dividends and share repurchases totaling over $30 billion [26] Q&A Session Summary Question: Insurance platform growth and opportunities - Management highlighted the insurance business's growth to $221 billion, up 24% year-over-year, and emphasized strong dialogue with insurance companies regarding strategic partnerships and separate accounts [40][41] Question: Increase in operating expenses - Management explained that the increase in operating expenses was driven by third-party servicer fees and placement fees, with expectations for lower growth in Q4 compared to Q3 [43][44] Question: Asset-backed opportunity sizing - Management estimated the asset-backed market at $25 trillion, with private players currently holding only 1-2% of that market, indicating significant growth potential [48] Question: Investment pipeline and election impact - Management noted that while some investment decisions may be delayed due to the upcoming election, overall buying activity remains strong, with a positive outlook for both real estate and private equity [51][52] Question: Real estate investment outlook - Management confirmed that they have been net buyers in real estate and expect to continue deploying capital in sectors like logistics, rental housing, and data centers [58][59] Question: Fundraising outlook for 2025 - Management expressed optimism about a better fundraising environment in 2025, driven by increased realizations and improved investor sentiment [64]

Blackstone Inc. (BX) reported $2.43 billion in revenue for the quarter ended September 2024, representing a year-over-year increase of 4.8%. EPS of $1.01 for the same period compares to $0.94 a year ago.The reported revenue represents a surprise of +2.59% over the Zacks Consensus Estimate of $2.37 billion. With the consensus EPS estimate being $0.91, the EPS surprise was +10.99%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall S ...

Blackstone’s (BX) third-quarter 2024 distributable earnings of $1.01 per share outpaced the Zacks Consensus Estimate of 91 cents. The figure reflects a rise of 7% from the prior-year quarter.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Shares of the company gained 3.2% in the pre-market trading. Better-than-expected results fueled by solid assets under management (AUM) growth drove investor optimism about the stock.Results benefited from higher revenues and an improvement in AUM ...

Blackstone Inc. (BX) came out with quarterly earnings of $1.01 per share, beating the Zacks Consensus Estimate of $0.91 per share. This compares to earnings of $0.94 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 10.99%. A quarter ago, it was expected that this investment manager would post earnings of $0.99 per share when it actually produced earnings of $0.96, delivering a surprise of -3.03%.Over the last four quarters, the ...

Core Viewpoint - Blackstone is expected to report improved revenues and earnings for Q3 2024, despite a recent earnings miss due to higher expenses [1][3]. Group 1: Earnings and Revenue Estimates - The Zacks Consensus Estimate for Blackstone's earnings is 97 cents per share, reflecting a 3.2% increase year-over-year, although it has been revised 7.6% lower recently [1]. - The consensus estimate for sales is projected at $2.60 billion, indicating a 12.1% rise [2]. - Total assets under management (AUM) are estimated to reach $1.1 trillion, representing a 9.6% growth from the prior year [3]. Group 2: Segment Performance - The estimate for total management and advisory fees is $1.82 billion, suggesting a 10.2% increase [3]. - Fee-related performance revenues are expected to decline by 23.3% year-over-year, estimated at $210.6 million [3]. Group 3: Expense Trends - Blackstone has experienced elevated expenses due to increased general, administrative, and other costs, which are anticipated to rise further in Q3 as the company continues to invest in its franchises [4]. Group 4: Earnings Surprise Potential - The likelihood of Blackstone beating the Zacks Consensus Estimate for earnings is low, with an Earnings ESP of -5.20% and a Zacks Rank of 3 (Hold) [5].

The upcoming report from Blackstone Inc. (BX) is expected to reveal quarterly earnings of $0.97 per share, indicating an increase of 3.2% compared to the year-ago period. Analysts forecast revenues of $2.6 billion, representing an increase of 12.1% year over year.Over the last 30 days, there has been a downward revision of 4.8% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the cour ...

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