Breaking News
FONT-SIZE Plus   Neg
Share SHARE

BlackRock Q1 Profit Rises On Asset Growth - Update

RELATED NEWS
Trade BLK now with 

BlackRock, Inc. (BLK: Quote), the world's largest asset manager, reported Wednesday a higher first-quarter profit as it managed more money than last year. Adjusted earnings and revenues exceeded analysts' expectations.

Renewed confidence in markets driven by stability returning in Europe and positive economic data in the U.S. led to BlackRock attracting significant inflows into its institutional index and ETP products. This was "highlighted by $18.2 billion in net flows in our global iShares platform in what is typically a seasonally weaker quarter" the company said.

Assets under management rose 1 percent to $3.68 trillion from last year. The growth was 5 percent since the end of 2011. The company noted that the growth in AUM also reflected market valuation gains and investment performance as well as acquisition of Claymore Investments, Inc.

Laurence Fink, chairman and CEO of the company said, "Our first quarter 2012 results are a strong testament to the power of BlackRock's diversified business model and history of innovation."

In the first quarter, net income attributable to the company increased to $572 million or $3.14 per share from $568 million or $2.89 per share in the previous year.

On an adjusted basis, earnings per share were $3.16, higher than $2.96 per share a year earlier. On average, 16 analysts polled by Thomson Reuters expected the company to earn $3.04 per share. Analysts' estimates typically exclude special items.

Total revenues for the quarter declined to $2.25 billion from $2.28 billion in the same quarter last year, but exceeded analysts' estimate of $2.23 billion.

Investment advisory, administration fees and securities lending revenues were $1.98 billion, flat with last year, as higher fees from majority of long-term asset classes and a $39 million increase in securities lending revenue were offset by lower fees from active equity and cash management products.

Net new business in long-term products totaled $25.7 billion, excluding the effect of a previously announced low-fee fixed income institutional index redemption of $36 billion from a single client, the company added.

BLK closed Tuesday's regular trading at $201.81 on the NYSE.

Register
To receive FREE breaking news email alerts for Blackrock Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Kraton Performance Polymers, Inc. (KRA), Wednesday reported second-quarter net income of $11.1 million or $0.33 per share, up from $3.8 million or $0.12 per share last year. Adjusted earnings improved to $0.46 per share from $0.15 per share last year. Revenues for the quarter dropped to $323.8... Organic grocer Whole Foods Market, Inc. said Wednesday after the markets closed that its third quarter profit rose 6.3% from last year, as same-store sales increased 3.9%. The company's quarterly earnings per share also came in above analysts' expectations, but its quarterly sales fell shy of analyst' forecast. Micro-blogging site Twitter Inc said Tuesday after the markets closed that its second quarter loss widened from last year, hurt mainly by stock-based compensation expense, even as revenue more than doubled thanks to growth in advertising. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.