Blackstone (BX), Freeport (DCX) post record Q3 earnings as sales soar

Highlights

  • Blackstone Inc’s (NYSE: BX) earnings were US$1.4 billion, or US$1.94 a share, compared to US$794.7 million, or US$1.13 a share, a year earlier.

  • Blackstone’s distributable earnings more than doubled to US$1.6 billion in the quarter.

  • Freeport-McMoRan Inc’s (NYSE: FCX) profits more than tripled in the quarter, boosted by higher copper prices, and increased demand for metals.

Private equity firm Blackstone Inc (NYSE: BX) and miner Freeport-McMoRan Inc (NYSE: FCX) reported robust third-quarter results on Thursday, helped by strong asset sales and higher demand for metals.

BX stock was up 3.58% to US$133.299, and FCX stock was down 2.63% to US$37.905 after the results.

Here’s a look at their quarterly performances.

Blackstone Inc

Blackstone’s distributable earnings more than doubled to US$1.6 billion in the quarter, boosted by robust asset sales from its real estate and stock portfolios. The distributable earnings were US$1.28 per share, above Wall Street estimates of 91 cents, according to Refinitiv.

The earnings were US$1.4 billion, or US$1.94 a share, compared to US$794.7 million, or US$1.13 a share, a year earlier. The firm capitalized on low interest rates and economic recovery.

Its corporate private-equity investments climbed by 10% during the quarter, while investments in real-estate assets rose 16%. The equity firm also bagged big gains from its agreement to sell the Cosmopolitan Hotel in Las Vegas for US$5.65 billion last month.

In addition, its fee-related earnings jumped by 28% YoY to US$779 million, the highest in its history.

The BX stock’s 52-week highest and lowest prices were US$136.88 and US$49.40, respectively.

The P/E ratio is 20.61, and the forward P/E one year is 34.14, while the EPS is US$6.48.

In addition, Blackstone’s annualized dividend is US$2.80, and the market Cap US$95.54 is billion.

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Blackstone (BX), Freeport (DCX) post record Q3 earnings as sales soar

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Freeport-McMoRan Inc

Freeport-McMoRan Inc’s profits more than tripled in the quarter, boosted by higher copper prices, and increased demand for metals.

Freeport’s net income attributable to common stock was US$1.4 billion, or US$0.94 per share.

Its adjusted net income attributable to common stock increased to US$1.3 billion, or 89 cents per share, in the quarter from US$430 million, or 29 cents per share, in the year-ago period.

The company’s total copper and gold sales were 1.033 billion pounds and 402,000 ounces, respectively, in the quarter.

In addition, Freeport’s operating cash flows were US$2.0 billion in the third quarter and US$5.4 billion in the first nine months of 2021.

Its capital expenditures totaled US$0.5 billion in the quarter and US$1.3 billion for the first nine months of 2021.

Freeport’s 52-week highest and lowest stock prices were US$46.10 and US$16.68, respectively.

The P/E ratio is 19.92, the forward P/E one year is 13.47, and the EPS is US$1.91. Besides, its annualized dividend is US$0.30. Freeport’s current market cap is US$55.845 billion.

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Bottomline

The US stock market has been volatile in recent weeks, although there has been a marked improvement in the economy. Companies are expected to see significant gains as the economic activities further normalize.

Many businesses in the airlines, hospitality, retail sectors, etc., are hoping to reap solid gains during the upcoming holiday sales in the US. However, investors should evaluate the companies before investing in stocks. 

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