BlackRock Q3 Profit Tops Estimates; Revenue Up 16% - Quick Facts

(RTTNews) - BlackRock, Inc. (BLK) reported that its third quarter adjusted operating income increased 11% year-over-year. The company also recorded a 16% increase in revenue year-over-year which reflects strong organic growth and 13% growth in technology services revenue, despite lower performance fees. The company generated $98 billion of long-term net inflows in the third quarter, representing 9% annualized organic base fee growth.

Third quarter adjusted earnings per share was $10.95 compared to $9.22, prior year. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $9.35, for the quarter. Analysts' estimates typically exclude special items. Adjusted operating income was $1.95 billion, up 11% from prior year. Net income increased to $1.68 billion or $10.89 per share from $1.36 billion or $8.87 per share, last year.

Total revenue increased to $5.05 billion from $4.37 billion, last year. Analysts expected revenue of $4.90 billion, for the quarter.