BlackRock, Inc. 2Q 2017 Earnings: EPS, Revenue Miss Estimates

BlackRock, Inc. 2Q 2017 Earnings: EPS, Revenue Miss Estimates”

In last year's second quarter, BlackRock reported $4.78 per share in earnings on $2.8 billion in revenue.

The firm's second-quarter assets under management rose 16% year over year to $5.689 trillion, topping analyst expectations. During the quarter, investors added $8 billion to the company's actively managed products while investing $73.8 billion into iShares and indexed funds.

Inflows were spread across core funds, niche exposures and financial instruments, and BlackRock's chairman and chief executive Larry Fink said this demonstrates "that ETFs are no longer used only as passive allocations, but increasingly by active investors to generate alpha in their portfolios". In the past five years, New York-based BlackRock's assets under management have surged more than 50% to at least $5.7 trillion - bigger than the U.S. Federal Reserve.

BlackRock's iShares exchange traded funds business took in new money at a rate of more than $1bn a day, net, during the second quarter, with a $74bn total for the three months that set a new record for the company. The ETF gains helped drive BlackRock's overall inflows to about $103.6 billion for the period; by comparison analysts at brokerage firm Jefferies analysts estimated that the next-closest competitor, Alliance Bernstein LP (AB), attracted just $1 billion. Retail long-term inflows were $6.5 billion, institutional active inflows were $4.6 billion and long-term inflows for its institutional index business were $8.7 billion. Excluding certain items, BlackRock earned an adjusted $5.24 a share, up from $4.78 in the year prior.

The world's largest asset manager reported second-quarter adjusted earnings per share of $5.24 on revenue of $2.965 billion.

Revenue from investment advisory, administration fees and securities lending rose to $2.675 billion, roughly in line with expectations.

BlackRock's stock has risen 15% while the S&P 500 has risen 9.8% respectively.

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