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

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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 [email protected]

Order free Annual Report for BlackRock, Inc.

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

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Financials ($)
Sales 2018 14 960 M
EBIT 2018 5 949 M
Net income 2018 4 530 M
Finance 2018 5 970 M
Yield 2018 2,26%
P/E ratio 2018 18,32
P/E ratio 2019 16,53
EV / Sales 2018 5,12x
EV / Sales 2019 4,57x
Capitalization 82 561 M
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 608 $
Spread / Average Target 19%
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Managers
NameTitle
Laurence Douglas Fink Chairman & Chief Executive Officer
Robert Steven Kapito President & Non-Independent Director
Robert L. Goldstein Chief Operating Officer & Senior Managing Director
Gary S. Shedlin Chief Financial Officer & Senior Managing Director
Derek N. Stein Global Head-Business Operations & Technology
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