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BlackRock beats Street 3Q forecasts

NEW YORK (AP) _ BlackRock Inc. (BLK) on Wednesday reported third-quarter net income of $947 million.

The New York-based company said it had profit of $5.78 per share. Earnings, adjusted for non-recurring costs, were $5.92 per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $5.59 per share.

The investment firm posted revenue of $3.23 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $3.1 billion.

BlackRock shares have climbed 22 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 14 percent. The stock has climbed 30 percent in the last 12 months.

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