Wealth management

2Q Earnings: Triple-Digit Earnings Gain for BlackRock

Published July 19, 2007, 1:00 a.m. EDT

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Updated July 18, 2007, 5:06 p.m. EDT

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The New York investment manager BlackRock Inc. said Wednesday that its second-quarter net income more than tripled and that it benefited from its September 2006 merger with a unit of Merrill Lynch & Co. Inc. Related Links Complete 2Q 2007 Earnings Coverage
BlackRock's 2Q Earnings Press Release
BlackRock's 2Q Earnings Webcast
BlackRock, which is partly owned by Merrill, said earnings rose 250.4%, to $222.2 million, or $1.69 a share, from a year earlier on a 205% increase in revenue, to $1.1 billion. Earnings per share beat the average estimate of analysts polled by Thomson Financial by 1 cent.

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Clients and investments added from the merger with Merrill Lynch Investment Managers gave earnings a boost, BlackRock said. Merrill has a 49.8% stake in BlackRock, which had been majority owned by PNC Financial Services Group Inc. of Pittsburgh.

BlackRock said it attracted $51.4 billion from clients during the quarter, bringing its assets under management to $1.23 trillion.

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