BlackRock Beats Earnings Estimates By Four Percent
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Wednesday, July 20, 2011

BlackRock Beats Earnings Estimates By Four Percent

BlackRock [see profile] just released its second-quarter earnings report. Today the New York-based mutual fund firm and asset management giant reported adjusted net income of $578 million, including second quarter earnings of $3 per share, beating analysts' average prediction of $2.88, Reuters reports.

BlackRock's assets under management grew 0.3 percent in the quarter and 16 percent year-over-year to $3.659 trillion on June 30, 2011, including $631.9 billion in iShares ETFs (up 1.2 percent for the quarter) and $400.2 billion in retail AUM (up 1.3 percent for the quarter).

"We continued to execute on our growth strategies, achieving top line revenue of $2.3 billion and strong new business results in higher margin businesses, including iShares and retail globally," stated Larry Fink, chairman and CEO.

Bloomberg and MarketWatch also covered BlackRock's earnings.

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