BlackRock, Inc. Stock Rises on Earnings, Revenue Beats

BLK EPS was 31 cents above estimates

BlackRock, Inc. (NYSE:BLK) stock was on its way up today following an earnings beat for the first quarter of 2018.

BlackRock, Inc. Stock Rises on Earnings, Revenue Beats
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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.


Article printed from InvestorPlace Media, https://investorplace.com/2018/04/blackrockstock-up-on-earnings-beat/.

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