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Blackstone Earnings Double
Description
Blackstone Group Inc ($BX@US) said on Thursday that its distributable earnings more than doubled in the 3rd quarter, reaching a new record high. The largest manager of alternative assets has performed well due to low interest rates and economic recovery policies. Earnings per share rose 112% to $1.28 per share, and the firm cashed out $21.8 billion in assets during the 3rd quarter. The move included selling off stock in supply chain software firm Blue Yonder to electronics conglomerate Panasonic ($PCRFY@Japan). The company also invested $6.7 billion to take QTS Realty Trust Inc private and $6 billion to acquire Home Partners of America. Blackstone stock was up one and a half percent in early trading.
Keywords & Tags
#earnings
#finance
#inflation
#business
#earnings season
#economic recovery
#software firm
#economic growth
#supply chain
#analyst estimates
#annual report
#quarterly results
#quarterly report
#Blackstone
#Alternative Asset Manager
#Outperforms Estimates
#3rd quarter
#low-interest rates
#recovery policies
#Blue Yonder
#electronics conglomerate
#Panasonic
#QTS Realty Trust Inc
#Home Partners of America
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