Blackrock Inc. Q1 Profit Decreases, but beats estimates

(RTTNews) - Blackrock Inc. (BLK) reported a profit for first quarter that decreased from last year but beat the Street estimates.

The company's earnings totaled $1.16 billion, or $7.64 per share. This compares with $1.44 billion, or $9.35 per share, in last year's first quarter.

Excluding items, Blackrock Inc. reported adjusted earnings of $1.20 billion or $7.93 per share for the period.

Analysts on average had expected the company to earn $7.73 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 9.8% to $4.24 billion from $4.70 billion last year.

Blackrock Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $1.16 Bln. vs. $1.44 Bln. last year. -EPS (Q1): $7.64 vs. $9.35 last year. -Analyst Estimates: $7.73 -Revenue (Q1): $4.24 Bln vs. $4.70 Bln last year.