BlackRock profit grows on market diversity
Fourth-quarter EPS rises 24% from 2012
BlackRock’s (BLK) full-year diluted earnings-per-share soared to $16.87, up 22% from 2012.
Fourth-quarter EPS also came in at $4.86, up 24% from the same period a year earlier.
"2013 was a strong year for BlackRock, with 21% growth in as adjusted EPS and 13% growth in adjusted operating income, fueled by long-term net inflows of over $117 billion," said Laurence Fink, chairman and CEO of BlackRock.
"Throughout the year we demonstrated the collective strength and stability of our diversified, multi-client platform. We saw growth across all of our businesses – Retail, iShares, Institutional and BlackRock Solutions," Fink added.
Also on the rise, revenue increased 9% from both the 2012 fiscal year and the fourth quarter of 2012, reflecting growth in markets, long-term net inflows and strength in performance fees and at BlackRock Solutions.
Full-year 2013 operating income hit $3.9 billion, growing 9% from 2012, while fourth-quarter 2013 operating income climbed to $1.1 billion, an increase of 13% from the fourth quarter of 2012.
"2013 marked BlackRock’s 25th anniversary, and though we have grown substantially over that time, we remain faithful to our founding principles and continue to challenge ourselves to meet the constantly evolving needs of our clients," Fink said.