NEW YORK (AP) _ Blackstone Group L.P. (BX) on Thursday reported first-quarter profit of $481.3 million.
On a per-share basis, the New York-based company said it had net income of 71 cents. Earnings, adjusted for non-recurring gains, came to 44 cents per share.
The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share.
The investment manager posted revenue of $2.02 billion in the period.
Blackstone Group shares have climbed 20 percent since the beginning of the year.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BX at https://www.zacks.com/ap/BX