Despite an expected dip in profit, analysts are generally optimistic about Blackstone as it prepares to reports its fourth-quarter earnings on Thursday, January 29, 2015. The consensus earnings per share estimate is 95 cents per share.
The consensus estimate has gone up, from 63 cents, over the past three months. For the fiscal year, analysts are projecting earnings of $3.43 per share. A year after being $2.92 billion, analysts expect revenue to fall 38% year-over-year to $1.81 billion for the quarter. For the year, revenue is projected to come in at $7.30 billion.
A year-over-year drop in revenue in the third quarter broke a three-quarter streak of revenue increases.
The profit drop in the third quarter followed the net income increase in the quarter prior. Net income dropped in the most recent quarter by 60% to $250.5 million. The quarter prior to that, net income rose more than twofold.
The majority of analysts (90%) rate Blackstone as a buy. This compares favorably to the analyst ratings of 10 similar companies, which average 59% buys.
The Blackstone Group is a global alternative asset manager and a provider of financial advisory services. Greenhill & Co., also in the investment services industry, will report earnings on Wednesday, January 28, 2015. Analysts are expecting earnings of $0.57 per share for Greenhill & Co, up 8% from last year's earnings of $0.53 per share. Other companies in the investment services industry with upcoming earnings release dates include: Franklin, Evercore Partners and KKR & Co.
Earnings estimates provided by Zacks.
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