Blackstone Group on Friday reported a tidy profit, citing continued healing of the global economy.
New York City-based private equity firm Blackstone posted a $275 million third-quarter profit on revenue of $604 million compared with a $503 million net loss on a $229 million revenue deficit in the same period a year ago.
Blackstone shares climbed $0.85, or 6 percent, at $14.72 in afternoon trading.
“Debt and equity markets around the world extended their gains from the lows in March. The notable difference between the second and third quarters is the tangible evidence we’re seeing of economic recovery,” Blackstone CEO Steve Schwarzman said on a conference call with analysts.
The financial turnaround for the private equity giant comes as investors expect a near bottom in the global financial markets. Blackstone also attributed gains to improvements in lending markets, access to equity capital, and IPO markets.
Blackstone’s CEO cautioned on celebrating a full economic recovery too soon, noting that unemployment reached 10.2 percent on Friday and consumers are still “weak” and “over-leveraged.”