BlackRock Inc. (NYSE: BLK) reported its second-quarter financial results Wednesday before the markets opened. The company had $4.96 in earnings per share (EPS) on $2.91 billion in revenue. That compared to Thomson Reuters consensus estimates of $4.80 in EPS on $2.85 billion in revenue.

In this quarter, BlackRock experienced 5% revenue growth from the second quarter of 2014, driven by growth in base fees. The company also had 10% operating income growth at the same time. The second quarter from the previous year had $4.89 in EPS on $2.78 billion in revenue.

The company had $23.6 billion in active and iShares net inflows that drove organic base fee growth and offset the impact of $30.9 billion of low-fee non-ETF index net outflows.

During this quarter, there was relatively consistent capital management, with $275 million of quarterly share repurchases.

Laurence D. Fink, chairman and CEO of BlackRock, commented on the earnings:

Although continued market volatility impacted asset flows in the second quarter, BlackRock’s diversified business model drove strong financial results, with revenue up 5% and operating income up 10% year-over-year. BlackRock’s unique combination of active and index investment offerings, across all asset classes on a single platform, enables us to provide solutions for our clients evolving needs. Despite the impact of more than $30 billion of low-fee institutional index outflows, net inflows into higher-fee active and iShares products drove robust organic base fee growth for the quarter.

Shares of BlackRock closed Tuesday down 0.4% at $342.73. Following the release of the earnings report, shares were up 0.4% at $344.00 in Wednesday’s early trading indications. The stock has a consensus analyst price target of $396.47 and a 52-week trading range of $293.39 to $382.84.

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