BlackRock Inc (NYSE: BLK) reported market-beating results for its fiscal third quarter on Wednesday on a 25% growth in assets under management. Shares of the company are up nearly 4.0% this morning.
Third-quarter financial performance
BlackRock said its net income came in at $1.68 billion that translates to $10.89 per share. In the same quarter last year, its net income was capped at $1.36 billion or $8.87 per share. Adjusted for one-time items, the American multinational earned $10.95 per share versus the year-ago figure of $9.22 per share.
The investment management corporation generated $5.05 billion in revenue that represents year-over-year growth of 15.6%. According to FactSet, experts had forecast $9.39 of adjusted EPS on $4.82 billion in revenue.
BlackRock noted a 13% growth in tech services revenue as Aladdin gained traction as a comprehensive platform for portfolio management. The NYSE-listed firm’s organic base fee growth stood at 9.0% in the third quarter, as per the earnings press release.
Highlights from CEO Fink’s interview with CNBC’s ‘Squawk Box’
Commenting on the quarterly results, CEO Larry Fink said on CNBC’s “Squawk Box”:
We had declines in the equity markets and a rising dollar, so our assets were basically flattish at about $9.5 trillion. But we had a 16% increase in revenue despite $130 million in fee concessions in our money market business. So, an outstanding quarter as all of our businesses showed resiliency.
The report comes only a day after CEO Fink said the world was on track to lose the battle against climate change.
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