By Senad Karaahmetovic
BlackRock (NYSE:BLK) posted better-than-expected earnings, driven by significant net inflows in the first quarter.
The asset manager earned $7.93 per share to beat the consensus for earnings of $7.75 per share. Revenue fell almost 10% year-over-year to $4.243 billion but still in line with expectations.
The company reported a 28% jump in Q1 net inflows to $110.3B, crushing the expected $83.6B inflows. This includes $103B of quarterly long-term net inflows.
BlackRock had $9.09 trillion in assets under management (AUM) at the end of the quarter, higher than the expected $8.86T.
"I believe today’s crisis of confidence in the regional banking sector will further accelerate capital markets growth, and BlackRock will be a central player," CEO Larry Fink said.
“BlackRock is a source of both stability and optimism for clients.”
The operating margin came in at 33.9% while the adjusted operating margin was reported at 40.4%.