the world’s largest asset manager, delivered another strong quarter with earnings per share surpassing analysts’ forecasts.
Revenue advanced 7% for the quarter to $4.7 billion. Earnings rose to $9.35 a share from $7.77 a year earlier. Adjusted earnings in the quarter were $9.52 a share. Analysts, on average, had expected revenue of $4.7 billion and earnings of $8.70 a share, according to FactSet.
BlackRock said its assets under management rose 6% to $9.6 trillion for the quarter from a year earlier, while total net inflows fell to $86 billion from $172 billion in the year-ago quarter. The firm said that was due to seasonal cash management outflows.
CEO Larry Fink noted the firm’s ETFs attracted $56 billion of net inflows, “as clients increasingly use them to efficiently allocate capital, access liquidity and manage risk” while active net inflows of $20 billion “were led by LifePath target-date strategies and strong demand for alternatives.”
Operating profit margin climbed $37.5% in the first quarter from 35.1% a year earlier, the company reported.
“BlackRock is well-positioned to continue generating durable, differentiated organic growth and delivering value for all of our stakeholders,” Fink said in a statement.
“As the world continues to face geopolitical and economic uncertainty, our investments over the years to build BlackRock’s all-weather platform position us well to advise our clients and help them pursue their long-term financial goals,” he added.
BlackRock rose 0.2% in premarket trading to $718.53 a share.
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