BlackRock Reports Third Quarter Diluted EPS of $3. BlackRock Reports Third Quarter Diluted EPS of $3.65, or $3.47 as adjusted
Operating Margin of 37.7% (40.7% as adjusted) for Third Quarter 2012
$3.673 Trillion in assets under management at September 30, 2012, up 10% from Third Quarter 2011
• Delivered record quarterly diluted EPS as adjusted of $3.47, up 23% and 12% from third quarter 2011 and second quarter 2012, respectively
• Grew net income 8% (17% as adjusted) from third quarter 2011 with revenue of $2.3 billion
• Generated strongest quarter of iShares® flows since 2009 with $25.2 billion of net inflows, including $20.5 billion of net inflows into equity products
• Successfully launched the largest closed-end fund (Municipal Target Term Trust) in BlackRock history raising approximately $1.6 billion in assets
• Continued strong repurchase activity buying 960,100 shares in the quarter with a total of 8.2 million shares year to date
NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE:BLK) today reported third quarter 2012 diluted EPS of $3.65, up 19% from second quarter 2012 and 13% from third quarter 2011. Revenue grew 4% from third quarter 2011 reflecting positive market factors, positive net new business, and strength in performance fees and BlackRock Solutions®. Operating income of $875 million and operating margin of 37.7% for third quarter 2012 included $25 million of launch costs for the Municipal Target Term Trust.
“We’ve built a broad and diverse platform at BlackRock focused on delivering strong investment performance and the solutions our clients need regardless of market environment. In the third quarter, we delivered record earnings per share up 23% from the prior year and margins over 40%”
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As adjusted(2) results. Third quarter 2012 operating income rose 3% and 5% to $876 million from third quarter 2011 and second quarter 2012, respectively. Diluted EPS totaled $3.47 and included operating income of $3.42 per diluted share and net non-operating income of $0.05 per diluted share. Adjusted operating margin of 40.7% in third quarter 2012 rose 60 bps from third quarter 2011 and 150 bps from second quarter 2012.
“We’ve built a broad and diverse platform at BlackRock focused on delivering strong investment performance and the solutions our clients need regardless of market environment. In the third quarter, we delivered record earnings per share up 23% from the prior year and margins over 40%,” said Laurence D. Fink, Chairman and CEO of BlackRock. "We achieved these results through robust new business generation across each of our channels with particular strength in key growth areas on which we’ve focused, including Retail and iShares and our DC business, strong non-operating results and due to the benefits of share repurchases.”
The table below presents AUM and a comparison of GAAP and as adjusted results for certain financial measures.
https://www.businesswire.com/news/home/20121017005592/en/BlackRock-Reports-Quarter-Diluted-EPS-3.65-3.47