October 23, 2019 / 11:22 AM / 7 months ago

Blackstone reports better-than-expected third-quarter earnings

Oct 23 (Reuters) - Blackstone Group Inc, the world's largest manager of alternative assets such as private equity and real estate, said on Wednesday that its distributable earnings in the third quarter fell 8% year-on-year, surpassing most analyst estimates.

Blackstone reported a drop in proceeds in asset sales in its private equity business, offset partly by a rise in distributable earnings in its real estate, corporate credit and hedge funds divisions.

Blackstone's distributable earnings per share came in at 58 cents per share, higher than the 53 cents that analysts estimated on average, according to data compiled by Refinitiv. (Reporting by Chibuike Oguh in New York; Editing by Steve Orlofsky)

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