BlackRock, Inc. (NYSE: BLK) has reported its financial results for the second quarter of 2024, showcasing significant growth and positive performance across various metrics. Let's dive into the numbers to understand the company's performance.
In terms of assets under management (AUM), BlackRock saw a substantial increase, reaching $10.6 trillion, up $1.2 trillion year-over-year, indicating strong growth and market movements. This 13% increase in AUM reflects the company's ability to attract and retain client investments.
The company reported $81.6 billion in total net flows for the second quarter of 2024, with $51.4 billion attributed to long-term net flows. These figures highlight the continued strength of BlackRock's platform, driven by organic growth and positive market movements.
Revenue for the quarter stood at $4.8 billion, marking an 8% increase from the previous year, driven by the positive impact of markets on average AUM, organic base fee growth, and higher performance fees and technology services revenue.
Operating income also witnessed a notable 11% increase year-over-year, reaching $1.8 billion, and a 12% increase when adjusted. This demonstrates the company's ability to efficiently convert its revenue into operating income.
Diluted earnings per share (EPS) for the second quarter of 2024 were reported at $9.99, representing a 10% increase from the previous year. When adjusted, the EPS stood at $10.36, reflecting a 12% increase. These figures indicate the company's ability to generate higher earnings for its shareholders.
Furthermore, BlackRock repurchased $500 million of shares in the current quarter, showing its commitment to returning value to its shareholders.
The company's success in attracting inflows was also evident in its product types. BlackRock reported that its exchange-traded funds (ETFs) had their best start to a year on record, reflecting surging flows into this product type, contributing $83.1 billion to the total net flows.
In terms of regional performance, the Americas saw $31 billion in long-term net flows, while the EMEA and APAC regions contributed $36 billion and ($16) billion respectively.
As a result of these announcements, the company's shares have moved 0.4% on the market, and are now trading at a price of $827.97. For the full picture, make sure to review BlackRock's 8-K report.
