What's the key takeaway from BX's 2024 EPS performance?

The key takeaway from Blackstone's (BX) 2024 EPS performance is that the company's earnings fell short of expectations, with a significant miss in the second quarter. Here's a detailed analysis: 1. **Overall Performance**: Blackstone's EPS for 2024 was $3.62, which is the figure that investors and analysts focused on. This figure is crucial because it directly impacts the company's financial health and market perception. |code|Ticker|Name|Date|Diluted EPS YoY|Diluted EPS|market_code| |---|---|---|---|---|---|---| |BX|BX.N|Blackstone|2024 Q1|909.0909090909091|1.11|169| |BX|BX.N|Blackstone|2024 Q2|-26.582278481012665|0.58|169| |BX|BX.N|Blackstone|2024 Q3|39.726027397260275|1.02|169| |BX|BX.N|Blackstone|2024 Q4|359.99999999999994|0.92|169| 2. **Second Quarter Performance**: Blackstone's EPS in the second quarter of 2024 was particularly notable for its below-par performance. The company reported an EPS of $0.58 for the quarter, which was a decrease from the previous year's $0.79 and missed analyst estimates by 2.1%. This miss was significant enough to impact the company's overall annual EPS. |code|Ticker|Name|Date|EPS Surprise YoY|EPS Surprise|market_code| |---|---|---|---|---|---|---| |BX|BX.N|Blackstone|20240331|200|0.01|169| |BX|BX.N|Blackstone|20240630||-0.02|169| |BX|BX.N|Blackstone|20240930|142.85714285714286|0.03|169| |BX|BX.N|Blackstone|20241231|46.66666666666667|0.22|169| 3. **Consistency and Variations**: Blackstone's EPS performance throughout the year was inconsistent, with some quarters exceeding expectations and others falling short. For instance, the third quarter saw an EPS of $1.02, which was an improvement from the previous year and beat analyst estimates by 11%. In contrast, the first quarter's EPS of $1.12 was higher than the previous year but missed analyst estimates by 2%. 4. **Market Reaction and Outlook**: Despite the EPS misses in certain quarters, Blackstone's stock remained under pressure, dropping by 4.42% following the release of the fourth-quarter earnings. This decline reflects broader market concerns or specific company issues that affected investor confidence. Looking ahead, revenue growth forecasts for the next few years suggest a positive outlook, with an average annual growth rate of 21% projected for the next three years, compared to the Capital Markets industry's forecasted growth of 5.7%. In summary, Blackstone's 2024 EPS performance was mixed, with some quarters exceeding expectations and others falling short. The second quarter's EPS miss was particularly notable, leading to a decline in the company's stock price. However, the company's aggressive investment strategy and positive revenue outlook suggest potential for future growth.