Falling equities markets have evidently taken their toll on Blackrock investors, but management can’t be too worried as they announced more than $375 million in share buybacks for the quarter.
Critics will note the value of assets under management slid to $8 trillion (below the $8.3 trillion predicted by analysts).
While the company was obviously happy to announce such a strong earnings report amidst declining expenses, revenues were down 14.6% on a year-over-year basis. Earnings per share were $9.55 (versus $7.93 predicted). While BlackRock announced a very solid quarter, it did forecast some strong economic headwinds. Delta stock finished Thursday up 4%.Īs the world’s biggest asset manager (at one point managing $10 trillion, or roughly a quarter of the entire planet’s assets), BlackRock’s (BLK/NYSE) financial health is often looked at as a bellwether for the broader economy. Delta announced that its pre-pandemic capacity should be fully restored by next summer. dollar versus the euro and the pound, that trend should continue. The massive airline credited a strong international demand (specifically to Europe) for its increased profits. Given the increased value of the U.S. Shares were up 4% on Wednesday after the earnings report.ĭelta’s earnings (DAL/NYSE) arrived on time, coming at $1.51 per share (versus $1.53 predicted) on $12.84 billion in revenues (versus $12.87 billion predicted). Revenues were also strong at $21.97 billion (versus $20.84 billion predicted). Pepsi (PEP/NASDAQ) kicked off the earnings season with a substantial earnings beat, cashing in to the tune of $1.97 in earnings per share (versus $1.84 predicted). By and large though, it doesn’t appear we’re at that point just yet. It looks more and more likely that companies in North America will start to see their profits decline at some point in the next year or so.
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