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Blackstone reports higher Q3 economic net income YOY

Blackstone Group LP reported third-quarter economic net income of $911.4 million, or 76 cents per unit, up from $822.1 million, or 68 cents per unit, in the year-ago period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 75 cents.

Distributable earnings for the quarter increased to $769.3 million, or 63 cents per unit, from $625.6 million, or 52 cents per unit, in the prior-year quarter.

GAAP net income attributable to the company was $442.7 million, or 64 cents per unit, up from $377.9 million, or 55 cents per unit, in the year-ago period.

Total revenues on a GAAP basis increased 11% year over year to $1.93 billion from $1.74 billion in the year-ago quarter.

Net management and advisory fees increased 14% year over year to $780.0 million from $685.9 million. Total investment income amounted to $1.08 billion, up 7% from the prior-year quarter.

Total AUM grew year over year to $456.69 billion from $387.45 billion.

Blackstone declared a quarterly distribution of 64 cents per common unit, higher than the previous payout of 58 cents per unit. The distribution is payable Nov. 5 to unitholders of record as of Oct. 29.