Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  BlackRock, Inc.    BLK

Delayed Quote. Delayed  - 06/27 06:27:24 pm
320.74 USD   -3.54%
01:41p BLACKROCK : What Investors are Making of These Asset Management's St..
06/24 BLACKROCK : Announces Changes to U.S. iShares Fund Lineup
06/24 SHAREHOLDER ALE : Bronstein, Gewirtz & Grossman, LLC Announces Inves..
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

BlackRock, Inc. : BlackRock's 2nd-Quarter Net Up 32% on Higher Revenue, Assets Under Management

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/18/2013 | 01:06pm CEST
   By Saabira Chaudhuri 
 

BlackRock Inc.'s (BLK) second-quarter profit was up 32% as the money manager reported higher assets under management, while revenue logged a double-digit percentage gain.

BlackRock is the biggest provider of exchange-traded funds in the U.S., although rival firms have been gaining market share of late.

Thursday, Chief Executive Laurence Fink said BlackRock generated record base fees during the quarter and $11.9 billion in long-dated net new business across a variety of products, including 11 funds that each raised more than $1 billion.

Total assets under management stood at $3.857 trillion as of the end of the first quarter, up 8% from a year earlier, although down roughly 2% from the first quarter.

BlackRock reported a profit of $729 million, or $4.19 a share, compared with a year-earlier profit of $554 million, or $3.08 a share. Stripping out one-time items, per-share earnings were $4.15 versus $3.10 a year ago.

Revenue jumped 11% to $2.48 billion.

Analysts expected earnings of $3.82 a share on $2.49 billion in revenue, according to a poll conducted by Thomson Reuters.

Thursday, BlackRock said its iShares ETF business reported net outflows of $963 million in the latest quarter, bringing the unit's assets under management to $774.4 billion. This compares with $25.6 billion in net inflows and assets under management of $802.8 billion in the first quarter.

ETFs--mutual funds that typically track an index but are traded on an exchange--have surged in popularity as investors seek out lower-cost investment products.

Meanwhile, BlackRock's stock funds are lagging behind many of the company's U.S. competitors, according to a recent report from Credit Suisse Group AG. BlackRock has signaled that the stock-investing business should be a driver of growth, partly because the firm's fixed-income side already is quite large. But the poor performance is costing BlackRock fees and the firm recently overhauled its U.S. stock unit, including a purge of management teams at more than half of the funds in the group.

Shares closed Wednesday at $272.29 and were inactive in recent premarket trading. The stock has risen 56% in the past 12 months.

Write to Saabira Chaudhuri at saabira.chaudhuri@dowjones.com

Order free Annual Report for BlackRock, Inc.

Visit http://djnweurope.ar.wilink.com/?ticker=US09247X1019 or call +44 (0)208 391 6028

share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news on BLACKROCK, INC.
01:41p BLACKROCK : What Investors are Making of These Asset Management's Stocks? - T. R..
06/24 BLACKROCK : Announces Changes to U.S. iShares Fund Lineup
06/24 SHAREHOLDER ALERT : Bronstein, Gewirtz & Grossman, LLC Announces Investigation o..
06/24DJBlackRock to Push Wall Street Chat Tool
06/23 BLACKROCK : iRetire® Retirement Investment Framework Now Available to LPL Financ..
06/23 BLACKROCK : U.s. senator tammy baldwin hosts press conference with representativ..
06/22 BLACKROCK : When Larry Fink Comes To The Office, He Wants To See An Ocean Of Den..
06/20DJBLACKROCK : Names Kate Moore Chief Equity Strategist for the Americas -Reuters
06/20 QUIXANT : Appoints Co-Founder Jon Jayal As Chief Operating Officer
06/20 QUIXANT : Appoints Co-Founder Jon Jayal As Chief Operating Officer
Advertisement
News chart
Full-screen chart
Income Statement Evolution
More Financials