Blackstone (BX) Earnings: A Walk-Off Home Run
Blackstone’s (BX) earnings tripled and the stock is up almost 10% in the pre-market. Net income hit $774 million up from $224 million a year ago. The earnings were more than a normal quarterly report. The figures are a vindication…
Blackstone’s (BX) earnings tripled and the stock is up almost 10% in the pre-market. Net income hit $774 million up from $224 million a year ago.
The earnings were more than a normal quarterly report. The figures are a vindication for the firm that went public earlier this year and watched its shares drop from $38 to $22.76, humiliating CEO Steve Schwartzman and his staff.
The crisis in LBO and private equity debt has taken its toll on the ability of firms like Blackstone to syndicate the huge pools of debt that they take on with deals.
In the light of the summer’s financial markets problems, the real numbers to watch will be BX Q3.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
