The 10-second takeaway
For the quarter ended June 30 (Q2), BlackRock met expectations on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue grew. Non-GAAP earnings per share increased significantly. GAAP earnings per share grew significantly.
Margins grew across the board.
BlackRock tallied revenue of $2.48 billion. The 15 analysts polled by S&P Capital IQ looked for sales of $2.49 billion on the same basis. GAAP reported sales were 11% higher than the prior-year quarter's $2.23 billion.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $4.15. The 21 earnings estimates compiled by S&P Capital IQ predicted $3.81 per share. Non-GAAP EPS of $4.15 for Q2 were 34% higher than the prior-year quarter's $3.10 per share. GAAP EPS of $4.19 for Q2 were 36% higher than the prior-year quarter's $3.08 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 54.9%, 140 basis points better than the prior-year quarter. Operating margin was 39.6%, 240 basis points better than the prior-year quarter. Net margin was 29.4%, 450 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $2.48 billion. On the bottom line, the average EPS estimate is $3.84.
Next year's average estimate for revenue is $10.06 billion. The average EPS estimate is $15.95.
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 478 members out of 527 rating the stock outperform, and 49 members rating it underperform. Among 140 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 129 give BlackRock a green thumbs-up, and 11 give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on BlackRock is outperform, with an average price target of $289.18.
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