NEW YORK (TheStreet) -- Shares of Blackstone Group (BX) - Get Report were advancing in pre-market trading on Thursday as the alternative asset manager posted 2016 third-quarter results that topped analysts' expectations before today's market open.
Blackstone said it earned an economic net income of 57 cents per share, surpassing analysts' estimates of 49 cents per share.
Economic net income is a measure of profits that includes unrealized gains on investments.
Revenue was $1.39 billion, beating the $1.34 billion projected by analysts surveyed by Thomson Reuters.
The company's buyouts, real estate, hedge funds and credit units all reported a year-over-year increase in revenue.
Total assets under management reached a record $361 billion during the quarter, Blackstone said.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates Blackstone Group as a Hold with a ratings score of C+. The company's strengths can be seen in multiple areas, such as its increase in net income, expanding profit margins and growth in earnings per share. However, as a counter to these strengths, the team also finds weaknesses including a generally disappointing performance in the stock itself, disappointing return on equity and weak operating cash flow.