BlackRock's stock set to slip after profit, sales miss
Shares of BlackRock Inc. (BLK) were indicated down less than 1% in premarket trade Monday, after the investment management company missed second-quarter profit and revenue expectations. Net profit rose to $857 million, or $5.22 a share, from $789 million, or $4.73 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $5.24, below the FactSet EPS consensus of $5.40. Revenue increased 6% to $2.97 billion, but was just shy of the FactSet consensus of $2.99 billion. Assets under management grew 16% to $5.69 trillion. Equity had net outflows of $600 million, reflecting outflows from European and U.S. equities, while fixed income had net inflows of $7.1 billion, led inflows into municipal, total return and unconstrained strategies. IShares ETFs had long-term net inflows of $73.8 billion, including $51.8 billion in equity net inflows and $21.0 billion in fixed income inflows. "While significant cash remains on the sidelines, investors have begun to put more of their assets to work," said Chief Executive Laurence Fink. The stock has rallied 15% year to date through Friday, while the S&P 500 has gained 9.9%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
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07-17-17 0723ETCopyright (c) 2017 Dow Jones & Company, Inc.