BlackRock's Profit Beats Estimates as Clients Add Money
- Firm's net income falls 8% on market rout, higher tax rate
- Asset manager recorded $35 billion in long-term net inflows
This article is for subscribers only.
BlackRock Inc., the world’s largest money manager, reported third-quarter profit that beat analyst estimates as retail clients and institutions added money.
Net income decreased 8 percent to $843 million, or $5 a share, from $917 million, or $5.37, a year earlier, partly reflecting a higher tax rate, the New York-based company said Wednesday in a statement. Adjusted earnings of $5 a share beat the $4.58 average estimate of 19 analysts surveyed by Bloomberg.