BlackRock (BLK) Tops Q2 EPS by 9c

BlackRock (NYSE: BLK) reported Q2 EPS of $6.66, $0.09 better than the analyst estimate of $6.57. Revenue for the quarter came in at $3.61 billion versus the consensus estimate of $3.6 billion.

Highlights:

• $20 billion of total net inflows, positive across active, index and cash management
• 11% revenue growth year-over-year driven by base fees, performance fees and technology services revenue
• 16% operating income growth year-over-year reflects operating margin expansion
• 27% diluted EPS growth (28% as adjusted) driven in part by lower tax rat
• $300 million of quarterly share repurchases

Laurence D. Fink, Chairman and CEO commented: “BlackRock delivered strong financial results in the second quarter, as revenue increased 11%, operating income increased 16% and EPS increased 28% year-over-year. “Our diverse global platform generated $20 billion of total net inflows in the quarter and $276 billion over the last twelve months. Secular trends supportive of BlackRock’s future growth continue, especially in technology, including Aladdin and digital wealth, alternatives and iShares. “Despite an industry-wide slowdown in flows associated with investor uncertainty in the current market environment, our dialogue with clients and opportunities to provide long-term solutions are more robust than ever before. “We have seen markets like these before, and BlackRock’s product breadth, unparalleled portfolio construction capabilities, digital tools and technology uniquely position us to deliver longterm value to clients and shareholders.”

For earnings history and earnings-related data on BlackRock (BLK) click here.

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