BlackRock Earnings: Here’s Why Shares are on Fire
BlackRock, Inc. (NYSE:BLK) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up strongly.
BlackRock, Inc. Earnings Cheat Sheet
Results: Net income increased 24.32% to $690 million ($3.93 per diluted share) in the quarter versus a net gain of $555 million in the year-earlier quarter.
Revenue: Rose 11.75% to $2.54 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: BlackRock, Inc. reported adjusted net income of $3.93 per share. By that measure, the company beat the mean analyst estimate of $3.73. It beat the average revenue estimate of $2.49 billion.
Quoting Management: Laurence D. Fink, Chairman and CEO of BlackRock said, “We closed the year with record earnings for both the quarter and the year. We improved investment performance in key areas and our work with clients was rewarded with $107.7 billion of long-term net new business. Every client type contributed to these strong flows.
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(Company fundamentals provided by Xignite Financials.)