BlackRock, Inc. (NYSE:BLK) released its latest earnings report before opening bell this morning, posting adjusted earnings of $5.21 per share, a 34% growth rate, on revenue of $2.85 billion. Analysts had been expecting earnings per share of $4.66 on $2.84 billion in revenue.
Diluted earnings per share were $5.37, a 28% growth rate.
Breaking down BlackRock’s earnings report
The firm reported a 10% growth rate in assets under management year over year. BlackRock recorded $28.7 billion in long-term net inflows and a 20% growth rate in operating income year over year. The firm’s operating margin was 40.6% or 44.2% as adjusted.
BlackRock saw positive long-term net inflows in all regions. The firm recorded $10.8 billion in net inflows from the Americas, $7.4 billion from Europe, the Middle East and Africa, and $10.5 billion from the Asia-Pacific region.
“The commitment we made six years ago to rebuild our fixed income business is now showing results,” said BlackRock Chairman and CEO Laurence D. Fink in a statement. “With 87% of BlackRock’s taxable fixed income assets outperforming their benchmark or peer median over the three-year period – including our top-decile Total Return Fund – and the breadth of our offerings across both active and index strategies, we are delivering investment outperformance to our clients as they navigate a challenging global interest rate environment. ”
The firm reported strong interest in their global unconstrained fixed income platform.
BlackRock’s long-term net inflows by segment
In retail, the firm reported $4.9 billion in long-term net inflows. BlackRock’s iShares saw $18.2 billion in long-term net inflows, which was driven by strong flows into the firm’s Core Series and also demand for equities in emerging markets and Asia. The firm’s institutional active segment recorded $.1 billion in long-term net inflows. The company’s institutional index saw $5.5 billion in long term net inflows.
Cash management assets under management rose 5% to $281 billion, while advisory assets under management fell 24% to $23.2 billion because of disposition portfolio liquidations.
BlackRock also bought back $250 million worth of its shares during the third quarter.