BlackRock (BLK) shares rose 4% Wednesday morning as the asset manager posted better-than-expected quarterly results on record assets under management (AUM).
The firm reported fourth-quarter adjusted earnings per share (EPS) of $11.93, a 23% year-over-year gain. Revenue also climbed 23%, to $5.68 billion. Both were above consensus estimates of analysts polled by Visible Alpha.
AUM soared 15% to $11.55 trillion. Total net inflows nearly tripled to $281.4 billion. Long-term net inflows accounted for $200.7 billion of that total, with $142.6 billion pumped into exchange-traded funds (ETFs).
CEO Larry Fink noted that this was the second straight quarter of record inflows for BlackRock. Fink said client activity took off in the period, "resulting in 7% organic base fee growth and 12% technology services ACV growth."
Fink added that the company "enters 2025 with more growth and upside potential than ever. This is just the beginning."
Shares of BlackRock have added about a quarter of their value in the last year.
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