Blackstone Group L.P. (BX) reported that its first-quarter GAAP net income attributable to the company increased to $167.63 million from $58.32 million or $0.11 per share in the same quarter last year. On a per share basis, net income was $0.29, up from $0.11 last year.
Economic net income for the quarter was $628.31 million, up from $491.22 million last year, driven by strong fund performance. Economic net income rose to $0.55 per unit, $0.44 per unit in last year's first quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.55 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter rose to $1.26 billion from $974.07 million in the prior year quarter. Ten analysts had consensus revenue estimate of $1.16 billion for the quarter.
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