NEW YORK (AP) _ Blackstone Group L.P. (BX) on Thursday reported fourth-quarter profit of $483.1 million.

The New York-based company said it had net income of 71 cents per share. Earnings, adjusted for non-recurring costs, came to 72 cents per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 68 cents per share.

The investment manager posted revenue of $2.09 billion in the period. Its adjusted revenue was $1.79 billion, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $1.6 billion.

For the year, the company reported profit of $2.05 billion, or $3.03 per share. Revenue was reported as $5.58 billion.

Blackstone Group shares have climbed 12% 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

Automated Insights, source Associated Press News