BlackRock Earnings And Revenue Surge Higher (BLK)

BlackRock, Inc. BLK announced on Tuesday morning that it beat consensus Wall Street estimates. BlackRock, Inc reported that its 4th quarter net income jumped 107% to $657 million, or $3.35 per share, up $401 million, or $1.62 per share, a year earlier. Excluding special items, the company's earnings came in at $3.42 per share. BlackRock, Inc reported revenue of $2.49 billion, up 61% from $1.54 billion a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of $2.91 per share, on revenue of $2.27 billion. Chairman and CEO Laurence D. Fink said, “We closed 2010 with strong earnings for the quarter and the year, attractive investment performance and growing new business momentum. Away from merger-related outflows, new business was robust, with a combined $96.6 billion in fourth quarter net flows and net wins in the pipeline. These flows spanned all regions and all client channels and reflect the diversity of our platform and the breadth of our global new business effort." BlackRock, Inc. (BLK) closed the previous trading day at $193.58 per share. Analysts covering the company's stock give it a consensus price target of $213.55 per share. Read more from Benzinga's Company news.