BlackRock Reports Fourth Quarter Diluted EPS of $3.35 ($3.42 as adjusted)
Full Year Diluted EPS of $10.55 ($10.94 as adjusted)
Assets Under Management of $3.561 Trillion at December 31, 2010
Full Year Diluted EPS of $10.55 ($10.94 as adjusted)
Assets Under Management of $3.561 Trillion at December 31, 2010
New York, BlackRock, Inc. (NYSE:BLK) today reported fourth quarter 2010 net income1
of $657 million, up $401 million from a year ago and up $106 million compared to third quarter 2010. Operating income was $940 million and non-operating income, net of non-controlling interests, was $26 million. The full year 2010 operating margin was 34.8%, which included the effect of $90 million of integration costs associated with the December 1, 2009 acquisition of Barclays Global Investors (“BGI”), and the fourth quarter 2010 margin was 37.7%.
Fourth quarter net income, as adjusted, was $3.42 per diluted common share, or $670 million, up 43% compared to fourth quarter 2009 diluted EPS, as adjusted, of $2.39 and up $0.67 compared to third quarter 2010. Fourth quarter 2010 included operating income, as adjusted, of $3.35 per diluted share and net non-operating income, as adjusted, of $0.07 per diluted share. Operating income, as adjusted, of $962 million, included approximately $2.5 billion of total revenue, including $326 million of performance fees. Operating income, as adjusted, improved $401 million, or 71%, compared to fourth quarter 2009 and improved $225 million, or 31%, compared to third quarter 2010. Compared to a year ago, operating results reflect the benefits of the BGI acquisition, improved markets and positive performance. The operating margin, as adjusted, for full year 2010 was 39.3%, an expansion of 1.1 percentage points as compared to 38.2% in 2009, and the fourth quarter 2010 operating margin, as adjusted, was 40.7%. Fourth quarter results reflect strong performance fees, growth in base fees due to positive equity markets, offset partially by higher incentive compensation and general and administration expenses. Non-operating income, net of non-controlling interests, as adjusted, in the fourth quarter 2010 included gains of approximately $45 million as a result of higher valuations on co-investments across all assets classes.
Assets under management (“AUM”) totaled $3.561 trillion at December 31, 2010, up $114.9 billion or 3% during the quarter. The increase in AUM was driven by market and investment performance of $132.1 billion and net new business of $23.9 billion, which were partially offset by merger-related outflows of $38.7 billion. A single index client accounted for $23.6 billion of the merger-related outflows, representing less than $1.5 million in annualized revenues. For the year, AUM rose $214.7 billion or 6%, on the strength of $284.1 billion from market and investment performance and $57.8 billion of net new business, while merger-related outflows totaled $121.0 billion or less than 7% of acquired AUM.
of $657 million, up $401 million from a year ago and up $106 million compared to third quarter 2010. Operating income was $940 million and non-operating income, net of non-controlling interests, was $26 million. The full year 2010 operating margin was 34.8%, which included the effect of $90 million of integration costs associated with the December 1, 2009 acquisition of Barclays Global Investors (“BGI”), and the fourth quarter 2010 margin was 37.7%.
Fourth quarter net income, as adjusted, was $3.42 per diluted common share, or $670 million, up 43% compared to fourth quarter 2009 diluted EPS, as adjusted, of $2.39 and up $0.67 compared to third quarter 2010. Fourth quarter 2010 included operating income, as adjusted, of $3.35 per diluted share and net non-operating income, as adjusted, of $0.07 per diluted share. Operating income, as adjusted, of $962 million, included approximately $2.5 billion of total revenue, including $326 million of performance fees. Operating income, as adjusted, improved $401 million, or 71%, compared to fourth quarter 2009 and improved $225 million, or 31%, compared to third quarter 2010. Compared to a year ago, operating results reflect the benefits of the BGI acquisition, improved markets and positive performance. The operating margin, as adjusted, for full year 2010 was 39.3%, an expansion of 1.1 percentage points as compared to 38.2% in 2009, and the fourth quarter 2010 operating margin, as adjusted, was 40.7%. Fourth quarter results reflect strong performance fees, growth in base fees due to positive equity markets, offset partially by higher incentive compensation and general and administration expenses. Non-operating income, net of non-controlling interests, as adjusted, in the fourth quarter 2010 included gains of approximately $45 million as a result of higher valuations on co-investments across all assets classes.
Assets under management (“AUM”) totaled $3.561 trillion at December 31, 2010, up $114.9 billion or 3% during the quarter. The increase in AUM was driven by market and investment performance of $132.1 billion and net new business of $23.9 billion, which were partially offset by merger-related outflows of $38.7 billion. A single index client accounted for $23.6 billion of the merger-related outflows, representing less than $1.5 million in annualized revenues. For the year, AUM rose $214.7 billion or 6%, on the strength of $284.1 billion from market and investment performance and $57.8 billion of net new business, while merger-related outflows totaled $121.0 billion or less than 7% of acquired AUM.
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