Blackstone Reports $275 Million Profit as LBOs Return

Blackstone Group LP, the world’s largest private-equity company, reported a third-quarter profit of $275.3 million, helped by fees from selling assets and finding acquisition targets.

Profit excluding some costs tied to the firm’s 2007 initial public offering was 25 cents a share, compared with a loss of $502.5 million, or 45 cents, a year earlier, according to a company statement today. New York-based Blackstone’s profit beat the average estimate of 14 cents by eight analysts surveyed by Bloomberg.

Blackstone posted its second straight profit as the private-equity industry emerges from a two-year slump triggered by the global credit crisis. Chief Executive Officer Stephen Schwarzman said last month the firm he founded more than two decades ago may seek to take as many as eight companies it owns public, a move that would help boost profit.

Read Full Article from Bloomberg

- Posted: 2009-11-06 09:34:38

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