The Blackstone Group L.P. (NYSE:BX) Declares Third Quarter Report – PACT

Boston, MA 10/18/2013 (wallstreetpr) – The Blackstone Group L.P. (NYSE:BX) declared its 3Q13. Revenues were $1.225 billion compared to $1.219 billion for the same period last year. Analysts had estimated that the revenues would be higher at $1.219 billion. The earnings were also higher at $640.2 million, a rise of 3%, earnings per share were $0.56, slightly better than the last year. Its distributable earnings rose 59% to $312.7 million while its total assets under management increased to $248.06 billion from $204.55 billion.

The revenues were hurt by decrease in total investment income and performance fees. Interest and dividend incomes saw a good growth. Real estate saw continued growth; the unit contributed $660.8 million to the revenues, up by 42% for the same period last year. The carrying value of its real estate investments rose 5.8%. The advisory unit recorded quarterly revenues of $87.2 million, up by 40%, but the private equity unit slumped by 54% in revenue to $150 million. The total assets under management increased to $248.06 billion, up from $204.55 billion for the same period last year. The company announced a dividend of $0.23 per share.

Blackstone also announced plans on October 17, 2013 to acquire Pactera Technology Intl Ltd (ADR) (NASDAQ:PACT) along with a consortium. The deal is valued at $600 million. The Blackstone led consortium had first bid at $7.50 per American Depositary Receipt (ADR) in May 2013, before lowering it to $7 in September. The consortium increased the bid amount to $7.30 per ADR. The ADRs were trading at $7.07 at the end of trading on October 17, 2013. This will mark Blackstone’s foray into the Chinese IT outsourcing industry. This segment is dominated by Indian firms till now. The deal is subject to approvals from regulators as well as from two thirds of the company’s investors.

Blackstone stock was trading at $27.25 at the end of trading on October 17, 2013.

 

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