BlackRock Inc.
BLK,
stock rose 0.9% in premarket trades after the money management company’s first-quarter earnings beat Wall Street analyst estimates, although its profit and assets under management fell. BlackRock’s first-quarter net income fell to $1.16 billion, or $7.64 a share, from $1.44 billion, or $9.35 a share, in the year-ago quarter. BlackRock’s first-quarter adjusted profit of $7.93 a share beat the analyst estimate of $7.78 a share. BlackRock’s first-quarter revenue dropped to $4.24 billion from $4.7 billion in the year-ago quarter. The latest revenue figure fell slightly short of the analyst estimate of $4.25 billion. BlackRock said its assets under management dropped by 5% to $9.09 trillion and its average AUM dipped 8% to $8.9 trillion. BlackRock also reported $103 billion of quarterly long-term net inflows, which represents 5% annualized organic asset growth, “driven by continued momentum in bond ETFs and significant outsourcing mandates,” the company said.
