BlackRock Beats Q3 Views

BlackRock, Inc. BLK reported stronger-than-expected earnings for its third quarter on Wednesday. The New York City-based company reported a quarterly profit of $843 million, or $5 per share, compared to $917 million, or $5.37 per share, in the year-ago period. Its revenue gained 2.1 percent to $2.91 billion. However, analysts were projecting a profit of $4.57 per share on revenue of $2.82 billion. The average estimate among 40 Estimize users was for earnings of $4.76 per share and revenue of $2.87 billion. Cash management AUM rose 5 percent to $285.7 billion in the third quarter. "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." BlackRock shares fell 0.04 percent to close at $315.52 yesterday.