Blackstone posts best Q2 earnings as private equity soars

NEW YORK, July 17 Thu Jul 17, 2014 7:23am EDT

NEW YORK, July 17 (Reuters) - Blackstone Group LP, the world's largest alternative asset manager, said on Thursday its second-quarter earnings jumped 89 percent year-on-year as its private equity profits soared, marking its best second quarter ever.

Blackstone said economic net income (ENI), a metric of its profitability that takes into account the mark-to-market valuation of its portfolio, was $1.33 billion in the second quarter versus $703 million a year ago.

That translated into ENI per share of $1.15, more than the 71 cents that analysts forecast on average in a Thomson Reuters poll.

Distributable earnings, which show actual cash that is available to pay dividends, more than doubled in the second quarter to $770.8 million from $338.5 million a year ago.

Total assets under management were $278.9 billion as of the end of June, up from $272 billion as of the end of March. Fee-earning assets under management rose to $209.9 billion from $203.6 billion at the end of March.

Blackstone, whose investments include The Weather Channel, Pinnacle Foods Inc and SeaWorld Entertainment Inc, declared a quarterly distribution of 55 cents per common unit. (Reporting by Greg Roumeliotis in New York, Editing by Franklin Paul)

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