BlackRock, Inc. (NYSE:BLK) stock was on its way up today following an earnings beat for the first quarter of 2018.
BlackRock, Inc.’s earnings report for the first quarter of the year includes earnings per share of $6.70. This is an increase over its earnings per share of $5.25 from the same time last year. It is also a boon to BLK stock by coming in well above Wall Street’s earnings per share estimate of $6.39 for the quarter.
Operating income reported by BlackRock, Inc. in the first quarter of 2018 was $1.38 billion. This is better than the company’s operating income of $1.14 billion from the first quarter of 2017.
During the first quarter of the year, BlackRock, Inc. reported net income of $1.09 billion. The global investment management company reported net income of $859 million in the same period of the year prior.
BlackRock, Inc.’s revenue of $3.58 billion for the first quarter of 2018 was also good news for BLK stock. This comes in above the company’s revenue of $3.09 billion that was reported in the same quarter of the previous year. It also beat out analysts’ revenue estimate of $3.40 billion for the period.
BlackRock, Inc. points out that a strong reason for the increase to its first quarter 2018 revenue was better investment advisory, administration fees and securities lending revenue. It says that this was up $424 million from what was reported in the first quarter of 2017. It also notes that performance fees were down $215 million during the quarter from the same time in 2017.
BLK stock was up 2% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.