BlackRock Q1 Profit Declines, But Results Top Estimates, Boosts Qtly Dividend

(RTTNews) - BlackRock, Inc. (BLK) reported that its first-quarter net earnings declined to $806 million or $5.15 per share from $1.05 billion or $6.61 per share in the year-ago quarter. Excluding items, adjusted net income was $1.03 billion or $6.60 per share.

Total revenue for the quarter increased 11 percent to $3.71 billion from $3.35 billion in the same quarter last year, driven by higher base fees and 34 percent growth in technology services revenue due to the impact of the eFront acquisition and continued Aladdin momentum.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $6.39 per share on revenues to $3.58 billion for the year. Analysts' estimates typically exclude special items.

The company's broad investment platform generated $35.0 billion of total net inflows, reflecting strength of diversified investment management platform.

The company also declared a 10 percent increase in quarterly cash dividend to $3.63 per share.