BlackRock stock heads toward another record after profit, revenue rise above expectations

/ / News

Shares of BlackRock Inc. rose 1.8% in premarket trading Thursday, putting them on track for a seventh-straight record close, after the asset manager, with $8.7 trillion in assets under management, reported fourth-quarter profit that revenue that rose above expectations. Net income grew to $1.55 billion, or $10.02 a share, from $1.30 billion, or $8.29 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share rose to $10.18 from $8.34, and beat the FactSet consensus of $9.14. Revneue increased 13% to $4.48 billion, above the FactSet consensus of $4.27 billion. Total net inflows were $127 billion, and were positive across investment styles, product type and region, boosted by strength in its iShares exchange-traded funds and active strategies. The stock has rallied 21.9% over the past three months through Wednesday, while the S&P 500 has gained 9.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.