Originally published at www.seclive.com
The Blackstone Group LP (NYSE:BX) announced its second quarter financial results for fiscal year 2014, reporting results that blew past expectations. The world's largest alternative asset manager posted economic net income (ENI) of $1.3B, up from the year-ago $703M, its best second quarter result recorded. This result was due to ENI increasing 278% in its private equity segment to $647.7M, with real estate ENI improving 32% to $489.4M. ENI per share jumped to $1.15 per share, well above analyst expectations of $0.71 per share. Blackstone's well-timed exits of investments held in Hilton and SeaWorld, helped to net the company large returns on investment, and the company expects its earnings to only fuel further growth and success.
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