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NEW YORK (AP) — NEW YORK (AP) — BlackRock Inc. (BLK) on Friday reported fourth-quarter earnings of $1.38 billion.
The New York-based company said it had profit of $9.15 per share. Earnings, adjusted for restructuring costs and amortization costs, came to $9.66 per share.
The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $8.84 per share.
The investment firm posted revenue of $4.63 billion in the period, which met Street forecasts.
For the year, the company reported profit of $5.5 billion, or $36.51 per share. Revenue was reported as $17.86 billion.
BlackRock shares have fallen slightly more than 2% since the beginning of the year, while the S&P's 500 index has stayed nearly flat. The stock has climbed almost 5% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BLK at https://www.zacks.com/ap/BLK