BlackRock earns $3.08 a share, net income off 11%
7/18/12 6:59 AM ET (MarketWatch)
LONDON (MarketWAtch) -- BlackRock Inc. on Wednesday reported second-quarter diluted earnings per share of $3.08, compared to $3.21 in the same period a year ago. Net income fell 11% to $554 million from $619 million a year ago, while revenue fell 5% to $2.23 billion from $2.34 billion in the year-ago period. A survey of analysts polled by FactSet Research were forecasting EPS of $3.01 on revenue of $2.26 billion. BlackRock said it attracted $2.9 billion of long-term net inflows from U.S. retail and high net-worth clients. Laurence D. Fink, chairman and chief executive officer of BlackRock said the group overcame "market headwinds and the growing defensive posture of investors." He said BlackRock's pipeline, largely representing institutional businesses, stood at $54.8 billion in mid-July.