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BlackRock (BLK) Tops Q3 EPS by 42c

October 14, 2015 6:30 AM EDT

BlackRock (NYSE: BLK) reported Q3 EPS of $5.00, $0.42 better than the analyst estimate of $4.58. Revenue for the quarter came in at $2.91 billion versus the consensus estimate of $2.82 billion.

“BlackRock’s third quarter 2015 results, including year-over-year growth in revenue and operating income, demonstrate the resilience of our global, diversified investment platform,” commented Laurence D. Fink, Chairman and CEO of BlackRock. “Clients seeking long-term investment solutions, strong risk management and durable alpha generation turned to BlackRock amidst challenging market conditions, driving total net inflows of $50 billion. Long-term net inflows of $35 billion reflected positive flows across investment styles and client types.

“Our global retail business raised $7 billion of net inflows, as BlackRock’s strategy to expand our distribution footprint and enhance performance enabled growth in the quarter. BlackRock saw US retail net inflows of $2 billion despite industry headwinds in the quarter, and maintained its leading market share of total year-to-date international cross-border flows.

“Investors continued to look to iShares as an effective way to express market views and enhance portfolio construction. iShares, with $23 billion of net inflows, once again captured the #1 market share of net new business globally, as well as in both the US and Europe. Fixed income iShares had $18 billion of net inflows as fixed income ETFs were increasingly used by clients as efficient tools for diversification and liquidity.

“Institutional clients are seeking uncorrelated returns in the current investment environment, and institutional net inflows of $5 billion included broad based alternatives flows across infrastructure, real estate, fund of fund and alternative solutions offerings. Fundraising momentum also continued, with an additional $1 billion of illiquid alternative commitments raised in the third quarter.

“BlackRock’s commitment to consistent alpha generation across our entire investment platform is anchored in a team-based investment approach, global connectivity via Aladdin and knowledge-sharing through the BlackRock Investment Institute. Scientific active equity and taxable fixed income demonstrated sustained long-term performance, with 97% and 90% of AUM above benchmark or peer median for the three-year period. Fundamental active equity performance continued to improve, with 80% of assets above benchmark or peer median for the one-year period.

“I want to thank BlackRock employees for their ongoing commitment to our clients and our shareholders. We are more confident than ever before that our unique and differentiated business model is positioned for continued growth in the current environment.”

For earnings history and earnings-related data on BlackRock (BLK) click here.



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