BlackRock Earnings: Here’s Why Shares are Up Now
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 2.41%.
BlackRock, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 15.51% to $3.65 in the quarter versus EPS of $3.16 in the year-earlier quarter.
Revenue: Rose 5.93% to $2.45 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: BlackRock, Inc. reported adjusted EPS income of $3.65 per share. By that measure, the company beat the mean analyst estimate of $3.58. It beat the average revenue estimate of $2.44 billion.
Quoting Management: “Our strong first quarter financial results, with revenue up 9% and EPS up 16% year-over-year, once again demonstrate the strength of our diversified business model,” commented Laurence D. Fink, Chairman and CEO of BlackRock. “Our $39.4 billion in long-dated net new business for the quarter is indicative of positive momentum across all client channels and was driven by the strategic themes we continue to focus on: ETFs, retirement, income, multi-asset class products, and alternatives.”
Key Stats (on next page)…