Blackstone Group Tops Street 2Q Forecasts

NEW YORK (AP) — Blackstone Group L.P. on Thursday reported second-quarter earnings of $198.6 million.

On a per-share basis, the New York-based company said it had profit of 30 cents. Earnings, adjusted for non-recurring costs, came to 44 cents per share.

The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.

The investment manager posted revenue of $1.19 billion in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $1.03 billion.

In trading Thursday, Blackstone shares rose 99 cents, or 3.8 percent, to $26.83.