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BlackRock beats 4Q profit forecasts

BlackRock beats 4Q profit forecasts

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BlackRock Inc. (BLK) on Friday reported fourth-quarter profit of $851 million.

On a per-share basis, the New York-based company said it had profit of $5.13. Earnings, adjusted for non-recurring costs, came to $5.14 per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $5.02 per share.

The investment firm posted revenue of $2.89 billion in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $2.94 billion.

For the year, the company reported profit of $3.17 billion, or $19.04 per share. Revenue was reported as $11.16 billion.

BlackRock shares have fallen almost 1 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 1 percent. The stock has risen 21 percent in the last 12 months.