Blackstone notches record $1.75 billion profit
Blackstone Group Inc. swung to a record quarterly profit as its focus on fast-growing companies helped the value of its investments climb more than the broader market. The investment giant posted net income of $1.75 billion, or $2.46 a share, for the first quarter. That compares with a loss of $1.07 billion, or $1.58 a share, in the coronavirus-battered first quarter of 2020. The value of Blackstone’s private-equity portfolio climbed by 15.3% in the latest period, far exceeding the 5.8% gain for the S&P 500. The firm’s recent emphasis on growth companies, including online-dating platform Bumble Inc. and genealogy company Ancestry.com Inc., propelled the gains, Blackstone President Jonathan Gray said in an interview.
AT&T posts Q1 revenue at $43.9B, up 2.7%
AT&T Inc. reported on Thursday its first-quarter revenue of $43.9 billion, above expectations of some $42.6 billion and rising 2.7% compared to the same period last year. The diluted earnings per share (EPS) stood at $1.04, up 65% year-on-year. Net income came in at $7.9 billion, a 61% increase compared to Q1 2020. “We continued to excel in growing customer relationships in our market focus areas of mobility, fiber and HBO Max,” said AT&T CEO John Stankey. “We had another strong quarter of postpaid phone net adds, higher gross adds, lower churn and good growth in Mobility EBITDA. We also continue to increase penetration in markets where we offer fiber broadband and we’re moving quickly to deploy more fiber. HBO Max continued to deliver strong subscriber and revenue growth in advance of our international and AVOD launches planned for June
Dow reports over 300% jump in EPS to $1.32 in Q1
American commodity chemical company Dow Inc. announced on Thursday its earnings per share in the first quarter of 2021 amounted to $1.32, up over 300% compared to the same quarter a year earlier and above analyst estimates. Meanwhile, the update revealed net sales rose 22% on the year to $11.9 billion during the same period driven by sales growth and pricing gains in all segments. Commenting on the results, Dow Chairman and Chief Executive Officer Jim Fitterling said that despite supply constraints, the company saw growth in demand “as the economic recovery continued to broaden, most notably in packaging, construction, mobility, electronics and consumer durables end-markets.”
SAP: Q1 EPS at €0.88, up 29% YoY
SAP SE reported on Thursday that its diluted earnings per share rose by 29% year over year to €0.88 in the first quarter of fiscal 2021. Total revenue landed at €6.35 billion after declining 3% from the first trimester of 2020, while operating profit dropped 21% on an annual basis to €960 million in the three months that ended on March 31, 2021. “We had the highest order entry growth across cloud and software in five years while posting the strongest increase in Non-IFRS operating profit and margin in a decade. Free cash flow was up double-digit compared to a record prior year. In the mid term SAP’s expedited shift to the cloud will accelerate topline growth and significantly increase the resiliency and predictability of our business,” CFO Luka Mucic noted in the press release.