Blackstone Results: Dripping in Positivity
The Blackstone Group’s first quarter earnings beat analyst’s estimates financially and beat the public’s expectations. In short, the media call this morning was sickeningly positive. Life appears to be good for Blackstone Group. The company earned $360 million in Q1, up over its $82 million loss in Q1 last year. In the media call, Blackstone President Tony James said fundraising is heating up, Blackstone is preparing between 8 and 10 companies for IPO (but “don’t take that as gospel”), and, frankly, Blackstone itself isn’t worried about too much these days. Even in terms of bank investing, Blackstone may have abandoned hope on finding a big bank buyout with FDIC rules remaining strict, but the firm has regrouped with a new, smaller roll-up strategy instead. Get highlights after the jump...
