BLK 4Q EPS Well Above BlackRock Consensus

Citigroup is commenting on BlackRock, Inc.'s (NYSE: BLK) 4Q EPS.

“Performance fees drive sizable 4Q10 beat,” Citigroup writes. “$3.42 for 4Q10 ‘adjusted' EPS, well ahead of our $3.08 estimate and $2.91 consensus.

“To us, the beat was predominantly performance fee driven ($326M vs. $200M estimate) which more than offset a sizable QTQ spike in G&A. The reported flow story was, as expected, messy including elevated merger dis-synergies, but underlying trends are strong, in our view, including: a) generally strong performance; b) diversified ‘core' flow trends; and, c) strong new business pipeline into 2011.”

BlackRock currently trades at $193.58.