BlackRock Reports Second Quarter Diluted EPS of $3.08, or
BlackRock Reports Second Quarter Diluted EPS of $3.08, or $3.10 as adjusted $3.560 Trillion in assets under management at June 30, 2012
Improved operating income and margin from first quarter 2012 despite weaker global markets Attracted $2.9 billion of long-term net inflows from U.S. retail and high net worth clients, with strong demand for income-focused products Attracted $11.7 billion of net inflows in iShares® fixed income funds, representing 28% year-to-date annualized organic growth Generated 8% annualized organic growth in multi-asset products Repurchased 6.6 million shares, primarily in connection with the secondary offering of Barclays’ ownership interest Completed disposition of advisory assets related to Maiden Lane I and Maiden Lane III, marking the return of U.S. taxpayer funds NEW YORK--(BUSINESS WIRE)--Jul. 18, 2012-- BlackRock, Inc. (NYSE:BLK) today reported second quarter 2012 diluted EPS of $3.08 compared with $3.21 in second quarter 2011. Second quarter 2012 net income(1) totaled $554 million compared with $572 million in first quarter 2012 and $619 million from a year ago. Operating income for second quarter 2012 totaled $829 million with operating margin of 37.2%.
As adjusted(2) results. Second quarter 2012 operating income totaled $832 million compared with $883 million in second quarter 2011. Diluted EPS totaled $3.10 and included operating income of $3.27 per diluted share and net non-operating expense of $0.17 per diluted share. As compared with first quarter 2012, operating income rose 1% and reflected seasonal factors, partially offset by market-driven declines, lower performance fees and higher costs related to the new brand campaign. Operating margin in second quarter 2012 improved to 39.2% from 38.6% in first quarter 2012.
“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.”
The table below presents AUM and a comparison of GAAP and as adjusted results for certain financial measures.