Published July 18, 2012
BlackRock's (BLK) net income decreased in the second quarter.
Earnings and Revenue
The company announced adjusted net income of $3.10 a share against the $3.03 a share estimate. The estimates of 15 analysts ranged from profit of $2.86 to profit of $3.43.
The company's net income for the quarter was $554 million. This is a 10.5% decline from last year.
Company Fundamental Trends
History Against Expectations
The company has now topped analyst estimates for at least the last four quarters. It beat by 13 cents in the first quarter, 6 cents in the fourth quarter of the last fiscal year and 9 cents in the third quarter of the last fiscal year.
"Our second quarter 2012 financial performance again demonstrated the strength and resilience of BlackRock's diversified platform and our commitment to delivering for shareholders," said Laurence D. Fink, Chairman and CEO of BlackRock. "Despite market headwinds and the growing defensive posture of investors, we delivered consistent results quarter-over-quarter with $832 million in adjusted operating income and diluted EPS of $3.10. Our global platform and breadth of investment products and solutions positioned us effectively to serve clients in this environment, allowing us to attract positive long-term flows overall with particular strength in passive products in the face of broader industry contraction. Additionally, our pipeline, predominantly representing our institutional business, stood at $54.8 billion in mid-July."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.