Earnings Call Excerpt
Start Time: 0900
End Time: 1021
BlackRock, Inc. (BLK)
Q3 2008 Earnings Call
October 21, 2008 9:00 am ET
Executives
Laurence Fink - Chairman and CEO
Ann Marie Petach - CFO
Robert P. Connolly - General Counsel
Analysts
Hojoon Lee - Morgan Stanley
William Katz - Buckingham Research
Roger Smith - Fox-Pitt Kelton
Craig Siegenthaler - Credit Suisse
Prashant Bhatia - Citi
Presentation
Operator
Good morning. My name is Christy and I’ll be your conference facilitator today. At this time, I would like to welcome everyone to the BlackRock Incorporated third quarter 2008 earnings teleconference. Our host for today's call will be Chairman and Chief Executive Officer, Laurence D. Fink; Chief Financial Officer, Ann Marie Petach and General Counsel, Robert P. Connolly.
All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question-and-answer session. (Operator Instructions) Thank you. Mr. Connolly, you may begin your conference.
Robert P. Connolly
Good morning everyone. This is Bob Connolly. I’m the General Counsel of BlackRock. Before Larry and Ann Marie make their remarks, I want to point out that during the course of this conference call, we may make a number of forward-looking statements.
We call to your attention the fact that BlackRock's actual results may differ from these statements. As you know, BlackRock has filed with the SEC reports, which lists some of the factors, which may cause our results to differ materially from these statements. Finally, BlackRock assumes no duty to and does not undertake to update any forward-looking statements.
And With that, I’ll turn it over to Ann Marie.
Ann Marie Petach
Good morning everyone. I’m going to start off just mentioning that our third quarter reported GAAP results are $1.62 per share. But from here forward I’m going to focus on as adjusted results. I would note that in our press release, we have included an as adjusted measure for both operating and non-operating results. We previously have not shown an as adjusted measure for non-operating.
We thought it was helpful to adjust for the same deferred compensation related movements that we have been adjusting for an operating as one affectively hedges the other. The investment income in non-operating exactly offset the compensation related expense in operating.
Third quarter, as adjusted earnings are $229 million or $1.71 per share. The as adjusted results reflect as adjusted operating income of $431 million or $2.09 per share and as adjusted non-operating losses of $79 million or $0.38 per share. We are going to first discuss operating results; I’ll come back to non-operating in a minute.
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