News Column

BlackRock Earnings Beat Street in Q4

January 16, 2014

Associated Press

NEWS: Shares of investment manager BlackRock are rising in Thursday premarket trading as the investment manager's fourth-quarter adjusted earnings easily beat Wall Street's view as the value of assets it managed for its clients rose. The company also boosted its quarterly dividend by 15 percent.

DETAILS: BlackRock is raising its quarterly dividend to $1.93 per share from $1.68 per share. The dividend will be paid on March 24 to shareholders of record on March 7.

The New York company had $4.32 trillion in fourth-quarter assets under management, the value of the assets BlackRock invests for its customers. That's a 14 percent increase from the $3.79 trillion in the prior-year period.

BlackRock's clients include big institutional investors such as pension funds, hedge funds and investment managers, and wealthy individuals.

NUMBERS: BlackRock earned $841 million, or $4.86 per share, for the quarter, up from $690 million, or $3.93 per share, a year earlier. Removing certain items, earnings were $4.92 per share.

Revenue rose 9 percent to $2.78 billion from $2.54 billion.

Analysts surveyed by FactSet expected earnings of $4.32 per share on revenue of $2.68 billion.

For the year, BlackRock earned $2.93 billion, or $16.87 per share. In the previous year it earned $2.46 billion, or $13.79 per share. Annual revenue increased 9 percent to $10.18 billion from $9.34 billion.

STOCK: BlackRock Inc.'s stock jumped $14.25, or 4.6 percent, to $327 in premarket trading about 90 minutes before the market open.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Original headline: BlackRock 4Q earnings tops Street's view



Source: Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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