4 months ago
Key Takeaways
- BlackRock reported a grounds $10.6 trillion successful assets nether guidance successful its second-quarter net study Monday.
- Profits and gross for nan 2nd 4th roseate 8% and 9% year-over-year, respectively, and came successful astir successful statement pinch analysts' estimates.
- Higher fees and a grounds first half of nan twelvemonth for inflows into nan firm's exchange-traded costs helped thrust gains.
BlackRock (BLK) reported a grounds $10.6 trillion successful assets nether guidance (AUM) successful its second-quarter net study Monday, arsenic profits and gross roseate year-over-year.
BlackRock's second-quarter revenue roseate 8% from a twelvemonth agone to $4.81 billion, while net income was up 9% astatine $1.5 billion, aliases $9.99 per share. Analysts had expected $4.84 cardinal successful gross and $1.5 cardinal successful nett income, aliases $9.78 per share, according to estimates compiled by Visible Alpha.
Higher Fees, ETF Growth Drive Gains
BlackRock's gross roseate successful nan 2nd 4th and first half of 2024 acknowledgment to higher fees and a grounds first half of nan twelvemonth for inflows into nan firm's exchange-traded costs (ETFs), which saw astir $150 cardinal successful nett inflows truthful acold this year, $83 cardinal of which came successful nan 2nd quarter.
“BlackRock generated astir $140 cardinal of full nett inflows successful nan first half of 2024, including $82 cardinal successful nan 2nd 4th resulting successful 3% integrated guidelines interest growth," BlackRock CEO Larry Fink said Monday. "Organic maturation was driven by backstage markets, unit progressive fixed income, and surging flows into our ETFs, which had their champion commencement to a twelvemonth connected record."
The ETF maturation successful nan first 2 quarters was besides boosted by trading activity successful nan firm's caller spot Bitcoin ETFs, which were approved for nan first clip earlier this year.
The institution noted "meaningful caller maturation markets" arsenic well, aft announcing respective acquisitions this year, including its acquisition of market information patient Preqin, plus guidance patient SpiderRock Advisors, and Global Infrastructure Partners.
Fink said nan Global Infrastructure Partners woody is group to adjacent successful nan 3rd quarter, and is expected to "double backstage markets guidelines fees and adhd astir $100 cardinal of infrastructure AUM."
BlackRock shares edged 0.4% higher to $831 successful pre-market trading Monday pursuing nan release.
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