Summary
Blackstone saw substantial year-over-year revenue growth driven by performance bonuses and management fees.
The company raised a record $120 billion in the trailing twelve-month period.
Blackstone intends to continue its fundraising efforts, which should allow the company to continue to grow its revenue going forward.
Blackstone's distribution appears to be too high in the most recent quarter, but this is actually not the case.
The fluctuating distribution may not appeal to many income investors.
On Thursday, July 19, 2018, asset management giant Blackstone Group L.P. (BX) announced second quarter 2018 earnings results. The headline numbers here were quite good, with the company beating on both the top- and bottom-lines. The partnership units reacted quite well to the news as the company's record fundraising should lock in its higher revenue levels going forward. The company's growth in assets under management also should lend support to its sizable distribution yield. Overall, investors should be happy with the results.
As my long-time readers are no doubt already aware, it is my usual practice to share the highlights from a company's earnings report before delving into an analysis of those results. This is because these highlights provide background for the remainder of the article and serve as a framework for the resultant analysis. Therefore, here are the highlights from Blackstone's second quarter 2018 earnings results:
