BlackRock Profit Rises 7.9% on as Assets Rise on ETFs
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BlackRock Inc., the world’s biggest money manager, reported third-quarter earnings that beat analysts’ estimates as rising stock markets lifted assets and the firm’s exchange-traded funds drew client deposits.
Net income climbed 7.9 percent to $642 million, or $3.65 a share, from $595 million, or $3.23, a year earlier, the New York-based company said today in a statement. Excluding certain one-time items, profit of $3.47 per share exceeded the $3.32-a-share average estimate of 19 analysts surveyed by Bloomberg.