BlackRock, the largest asset manager in the world, reported third-quarter earnings Tuesday, beating expectations with adjusted earnings per share of $US7.52.
Earnings were up 27% on the heels of lower taxes and a higher nonoperating income. Analysts had expected the New York-based asset manager to report adjusted earnings per share of $US6.84.
Assets under management increased 8% from the year-ago period, to $US6.4 trillion.
Here are the rest of the key numbers:
- Revenue: $US3.6 billion, beating expectations by $US100 million
- Net income: $US1.2 billion, up 29% from 2017
- Adjusted earnings per share: $US7.52
- Assets under management: $US6.4 trillion, under analysts’ expectations of $US6.52 trillion
Total net flows: Outflows of $US3 billion
- iShares: Net inflows of $US33.7 billion
- Institutional: Outflows of $US24.8 billion
“BlackRock generated $US11 billion of long-term net inflows in the third quarter, despite more than $US30 billion of institutional non-ETF index equity outflows that resulted from de-risking associated with ongoing divergent monetary policy and geopolitical uncertainty,” CEO Larry Fink said in an earnings statement. “Over the last twelve months, total net inflows of $US177 billion reflect continued growth in key areas of our business, including iShares, multi-asset solutions, illiquid alternatives and Aladdin.”
Business Insider Emails & Alerts
Site highlights each day to your inbox.