WASHINGTON (dpa-AFX) - Asset manager Blackrock Inc. (BLK) reported Friday weak profit in its first quarter, despite higher revenues and assets under management or AUM. Adjusted earnings topped market estimates, while top line missed their view.
In the quarter, net income dropped 4 percent to $1.51 billion from last year's $1.57 billion. Earnings per share fell 8 percent to $9.64 from $10.48 a year ago, with 4% rise in share count.
Adjusted net income was $1.77 billion or $11.30 per share, compared to $1.47 billion or $9.81 per share in the previous year.
The Wall Street analysts on average expected the company to report earnings of $10.21 per share. Analysts' estimates typically exclude special items.
Revenue in the quarter climbed 12 percent to $5.28 billion from prior year's $4.73 billion. The Street was looking for revenues of $5.31 billion for the quarter.
AUM grew 11 percent to $11.58 trillion from prior year's $10.47 trillion. Total net flows were $84.17 billion, higher than prior year's $57.19 billion.
In pre-market activity on the NYSE, Blackrock shares were gaining around 1.2 percent to trade at $869.00.
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