Blackrock, Inc. (BLK) Tops Q2 EPS by 43c

Blackrock, Inc. (NYSE: BLK) reported Q2 EPS of $4.89, $0.43 better than the analyst estimate of $4.46. Revenue for the quarter came in at $2.78 billion versus the consensus estimate of $2.71 billion.

“In the second quarter, we saw strong revenue growth driven by a combination of robust organic revenue gains and market tailwinds. Our results, with revenue up 12% and as adjusted EPS up 18% year-over-year, once again demonstrate the benefits of our diverse platform,” commented Laurence D. Fink, Chairman and CEO of BlackRock. “During the quarter we generated 4% annualized organic growth or $38.0 billion in long-term net new business. We continue to execute on long-term growth strategies by focusing on key industry trends impacting our clients, including ETFs, alternatives, retirement, outcomes and solutions.

“We saw $13.1 billion of long-term net inflows in Retail as we continued to raise our brand profile, evolve our product set and deepen our distribution relationships. Retail flows were driven by clients’ interest in efficient beta and our outcome-oriented strategies – including multi-asset, alternatives and unconstrained fixed income offerings. This included $3.0 billion in flows to our unconstrained Strategic Income Opportunities fund and $1.1 billion to our Multi-Asset Income fund.

“iShares flows of $30.4 billion led the industry in market share for the quarter. Liquidity-oriented investors increased their participation in rising developed and emerging markets, while buy-and-hold investors continued to access our Core Series product suite, which attracted $5.5 billion in the US alone this quarter.

“Among institutional clients, we continued to see strong interest in our multi-asset class offerings, such as our LifePath target-date suite and fiduciary mandates, as well as illiquid alternatives, where we again raised more than $1 billion in commitments.

“BlackRock remains committed to top quartile performance across all of our investment products. Our active fixed income product suite continues to excel, with 90% of taxable assets above benchmark or peer median for the three-year period. Similarly strong investment track records in our scientific active equity, alternatives and index businesses are delivering results for our clients and position us well for future growth. While performance in fundamental equities remains challenged, we continue to make substantial investments to restructure this business and remain confident in our new teams, their processes and the future outlook for growth over time.

“Looking ahead to the second half of 2014, our commitment to alpha generation, product innovation and broad-based distribution positions us well to drive results for our clients and shareholders. The depth of our platform is built on the quality of our people and the strength of our culture, and I want to once again thank BlackRock employees for their commitment to helping our clients build better financial futures.”

For earnings history and earnings-related data on Blackrock, Inc. (BLK) click here.

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