BlackRock Inc. said its fourth-quarter more than doubled from a year earlier, to $169.4 million, or $1.28 per diluted share.
The New York company, which is partly owned by Merrill Lynch & Co. Inc., said Tuesday that adjusted earnings per share increased 33.1%, to $1.61, including 25 cents of one-time integration costs and 8 cents associated with long-term incentive and retention plans. Related Link
The average estimate of analysts polled by Thomson Financial had called for earnings of $1.53.
BlackRock's revenue rose 176%, to $1.02 billion, while investment advisory and administration fees rose 182.1%, to $902.8 million. Assets under management increased 13.4%, to $1.13 trillion.
In the third quarter Merrill merged its investment-management arm with BlackRock, which had been majority owned by PNC Financial Services Group Inc. of Pittsburgh. Merrill owns a 49.8% stake in BlackRock.
