BlackRock's (BLK) Q1 Earnings Beat Estimates, Revenues Up
Have you been eager to see how BlackRock, Inc. BLK performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this New York-based investment management company’s earnings release this morning:
An Earnings Beat
BlackRock came out with adjusted earnings per share of $5.25, beating the Zacks Consensus Estimate of $4.94.
Better-than-expected results were primarily driven by higher revenues.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for BlackRock depicted optimism prior to the earnings release. The Zacks Consensus Estimate has moved 0.4% higher over the last 7 days.
Before posting earnings beat in Q1, the company delivered positive surprises in two of the trailing four quarters.
As a result, the company overall surpassed the Zacks Consensus Estimate by an average of 0.8% in the trailing four quarters.
BlackRock, Inc. Price and EPS Surprise
BlackRock, Inc. Price and EPS Surprise | BlackRock, Inc. Quote
Revenue Came In Lower Than Expected
BlackRock posted revenues of $2.82 billion, up from $2.62 billion in the year-ago quarter. However, the reported figure marginally lagged the Zacks Consensus Estimate of $2.88 billion.
Key Developments to Note:
Assets under management of $5.4 trillion as of Mar 31, 2017, up 14% year over year.
$80.3 billion of long-term net inflows in the quarter.
During the quarter, iShares saw $64.5 billion of long-term net inflows, resulting mainly from equity net inflows.
Share repurchase worth $275 million was carried out in the quarter.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for BlackRock. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here)
Check back later for our full write up on this BlackRock earnings report!
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