BlackRock, Inc. (NYSE:BLK) saw its stock rise on Friday thanks to a positive earnings report for the fourth quarter of 2017.
BlackRock, Inc.’s earnings report for the fourth quarter of the year includes earnings per share of 6.24. This is an increase over its earnings per share of $5.14 reported in the same period of the year prior. It was also a boon to BLK stock by beating out Wall Street’s earnings per share estimate of $6.02 for the quarter.
The good news for BLK stock continues with revenue of $3.47 billion for the fourth quarter of the year. This is up from BlackRock, Inc.’s revenue of $2.89 billion that was reported in the fourth quarter of 2016. It also came in above analysts’ revenue estimate of $3.32 billion for the period.
Operating income reported by BlackRock, Inc. in the fourth quarter of 2017 was $1.49 billion. The investment management company reported operating income of $1.23 billion in the same quarter of the previous year.
BlackRock, Inc. also reported net income of $2.30 billion during the fourth quarter of 2017. This is better than its net income of $851 million that was reported during the same time last year.
For the full year of 2017, BlackRock, Inc. reported earnings per share of $22.60 on revenue of $12.29 billion. This is an improvement over its earnings per share and revenue of $19.29 and $11.16 billion for 2016. Wall Street was expecting the company to report earnings per share of $22.44 on revenue of $12.34 billion for the full year of 2017.
BLK stock was up 3% as of noon Friday.
As of this writing, William White did not hold a position in any of the aforementioned securities.