Blackstone Group LP reported economic net income of $850.4 million, or 71 cents per unit, for the fourth quarter of 2017, up from $811.6 million, or 68 cents per unit, in the year-ago quarter.
The S&P Capital IQ consensus normalized EPS estimate for the quarter was 67 cents.
Distributable earnings for the quarter surged year over year to $1.24 billion, or $1.00 per common unit, from $639.0 million, or 51 cents per common unit.
On a GAAP basis, Blackstone recorded net income attributable to the company of $281.6 million, or 42 cents per common unit, compared to $368.0 million, or 55 cents per common unit, in the year-ago quarter.
Total revenues on a GAAP basis increased year over year to $1.88 billion from $1.57 billion. Performance fees climbed year over year to $991.8 million from $741.6 million in the prior-year quarter. Net management and advisory fees grew year over year to $719.7 million from $630.1 million.
Total AUM as of Dec. 31, 2017, was $434.13 billion, up from $366.55 billion as of Dec. 31, 2016.
For full year 2017, the company reported economic net income of $3.38 billion, or $2.81 per unit, compared to $2.39 billion, or $2.00 per unit, in 2016.
The S&P Capital IQ consensus normalized EPS estimate for 2017 was $2.80.
Distributable earnings for the 12-month period grew year over year to $3.88 billion, or $3.17 per common unit, from $2.12 billion, or $1.73 per common unit.
In addition, the company declared a fourth-quarter 2017 distribution of 85 cents per common unit, up from the previous distribution of 44 cents per unit. The distribution is payable Feb. 20 to unit holders of record as of Feb. 12.
