Market Overview

UPDATE: BlackRock Posts Upbeat Q4 Earnings, Raises Dividend


BlackRock Inc. (NYSE: BLK) reported higher-than-expected earnings for the fourth quarter and raised its quarterly dividend by 13%.

The New York-based company posted quarterly net income of $813 million, or $4.77 per share, compared to $841 million, or $4.86 per share, in the year-ago period. Excluding non-recurring costs, the company earned $4.82 per share.

Its revenue rose 0.3% to $2.78 billion in the period. However, analysts were estimating earnings of $4.68 per share on revenue of $2.87 billion.

BlackRock had $87.8 billion in net inflows in the quarter.

Cash management AUM rose 5% to $296.4 billion, while advisory AUM slipped 6% to $21.7 billion.

The company's board authorized a repurchase of an additional 6 million shares under existing share repurchase program.

For the year, BlackRock's profit climbed 12% to $3.29 billion, or $19.25 per share. Its revenue rose around 9% to $11.08 billion.

BlackRock lifted its quarterly dividend to $2.18 per share from $1.93 per share.

“BlackRock's full year 2014 results demonstrate the significant investments we have made in recent years to build the depth and breadth of our global platform,” commented Laurence D. Fink, Chairman and CEO of BlackRock. “In an environment of heightened market uncertainty, our clients' investment challenges are increasingly complex. Our ability to leverage active and index strategies to deliver global solutions to clients, backed by our unifying Aladdin technology platform, creates a distinct competitive advantage, and resulted in strong organic growth and consistent financial results.”

BlackRock shares fell 0.64% to close at $345.75 yesterday.

Posted-In: profitEarnings News Dividends


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