BlackRock Earnings: Traders Loving the Rock

BlackRock, Inc. (NYSE:BLK) reported net income above Wall Street’s expectations for the first quarter. BlackRock, Inc. along with its subsidiaries provides investment management services to institutional clients and to individual investors through various investment vehicles.

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BlackRock Earnings Cheat Sheet for the First Quarter

Results: Net income for BlackRock, Inc. rose to $564 million ($2.89/share) vs. $423 million ($2.17/share) YoY. A rise of 33.3% from the year earlier quarter.

Revenue: Rose 12.2% to $2.28 billion YoY.

Actual vs. Wall St. Expectations: BLK beat the mean analyst estimate of $2.75/share. Estimates ranged from $2.59 per share to $2.86 per share.

Quoting Management: “I am very pleased with our year-over-year growth in revenues and adjusted EPS, driven by strong investment performance, robust new business in long-term products, increased demand for BlackRock Solutions, and continued expense discipline,” commented Laurence D. Fink, Chairman and CEO of BlackRock.

Key Stats:

The company has enjoyed double-digit year-over-year revenue growth for the past five quarters. Over that span, the company has averaged growth of 75.8%, with the biggest boost coming in the first quarter of the last fiscal year when revenue rose more than twofold from the year earlier quarter.

The company has now seen net income rise in three-straight quarters. In the fourth quarter of the last fiscal year, net income rose more than twofold and in the third quarter of the last fiscal year, the figure rose 73.8%.

Competitors to Watch: Legg Mason Inc. (NYSE:LM), State Street Corp. (NYSE:STT), and UBS AG (NYSE:UBS), American International Group (NYSE:AIG), Barclays (NYSE:BCS), Bank of America (NYSE:BAC), The Bank of New York Mellon Corporation (NYSE:BK), Northern Trust Corporation (NASDAQ:NTRS), Goldman Sachs (NYSE:GS), and Morgan Stanley (NYSE:MS).

Today’s Performance: Shares of BLK are trading at $198.54 as of April 21, 2011 at 3:36 PM ET, up 2.5% from the previous close.

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