BlackRock First Quarter Earnings Beat on Strong Inflows
2022.04.13 15:01
BlackRock (BLK) First Quarter Earnings Beat on Strong Inflows
BlackRock (NYSE:BLK) shares rose fractionally higher in pre-open trading Wednesday following earnings that beat the bottom line consensus but missed slightly on the top line as inflows held strong despite the volatile market that hurt performance fees.
The fund manager reported that adjusted EPS rose 18% to $9.52, topping the consensus of $8.84. Revenue rose 7% to $4.699 billion, just below the consensus of $4.73 billion. Revenue was driven by strong organic and technology services growth, offset by lower performance fees.
The company generated $114 billion of long-term net inflows in the first quarter, while $86 billion of quarterly total net inflows. ETFs delivered $56 billion of net inflows.
BlackRock repurchased $500 million in stock in the quarter and raised its dividend by 18% to $4.88 per share.
The stock is down 22% year-to-date.
