Blackstone Third-Quarter Profit Rises on LBOs, Property
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Blackstone Group LP said third-quarter profit increased 18 percent as the world’s largest alternative-asset manager collected profits from its biggest buyout fund and sold real estate holdings. The shares slid as the earnings missed analysts’ expectations.
Economic net income, a measure of earnings that reflects both realized and unrealized gains, rose to $758.4 million, or 66 cents a share, from $640.2 million, or 56 cents, a year earlier, New York-based Blackstone said in a statement today. Analysts had expected earnings of 71 cents a share, according to the average of 15 estimates in a Bloomberg survey.