Alternative investment manager Blackstone (NYSE: BX) will be reporting earnings this Thursday before market hours. Here’s what you need to know.
Blackstone beat analysts’ revenue expectations last quarter, reporting revenues of $3.46 billion, up 24.2% year on year. It was a satisfactory quarter for the company, with a narrow beat of analysts’ AUM estimates.
Is Blackstone a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Blackstone’s revenue to grow 11.6% year on year, slowing from the 22.9% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Blackstone rarely misses Wall Street’s revenue estimates.
Looking at Blackstone’s peers in the capital markets segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Goldman Sachs delivered year-on-year revenue growth of 39.5%, beating analysts’ expectations by 23.7%, and Morgan Stanley reported revenues up 27.1%, topping estimates by 8.7%. Goldman Sachs traded up 10.2% following the results while Morgan Stanley was down 4.1%.
Read our full analysis of Goldman Sachs’s results here and Morgan Stanley’s results here.
There has been positive sentiment among investors in the capital markets segment, with share prices up 5.8% on average over the last month. Blackstone’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $138.95 (compared to the current share price of $124.30).
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