BlackRock Reports First Quarter Diluted EPS of
$2.17 ($2.40 as adjusted)
Assets Under Management of $3.364 Trillion at March 31, 2010
April 26, 2010 07:03 AM Eastern Daylight Time
NEW YORK--(EON: Enhanced Online News)--BlackRock, Inc. (NYSE:BLK) today reported first quarter 2010
net income1 of $423 million, up $339 million compared to first quarter 2009. Operating income was $654 million
and non-operating expense, net of non-controlling interests, was $3 million. The operating margin was 32.8%, which
included the effect of $52 million of pre-tax Barclays Global Investors (“BGI”) integration costs.
First quarter net income, as adjusted2, was $2.40 per diluted common share, or $469 million, up 196% compared
to first quarter 2009 diluted EPS of $0.81 and up $0.01 compared to fourth quarter 2009. The comparison to the
fourth quarter reflects a 24% increase in net income. The first quarter 2010 reflects the first full quarter of the BGI
acquisition, which closed on December 1, 2009. The first quarter 2010 EPS also reflects the full effect of the
issuance of new shares in December 2009 associated with the acquisition of BGI. BlackRock’s results reflect the
acquisition of BGI, a diverse mix of products across assets under management (“AUM”) and clients, improvements
in external capital markets and industry flow trends including strong flows into index products.
Revenue was $1,995 million, up 102% compared to first quarter 2009 and 29% compared to fourth quarter 2009.
First quarter 2010 revenue included $1,753 million of base fees, which included the full quarter effect of acquired
BGI AUM, revenue associated with $63 billion of growth in long-term AUM and net market appreciation and $50
million of performance fees in first quarter 2010.
First quarter 2010 included as adjusted2 operating income of $2.42 per diluted share and as adjusted2 net non-
operating expense of $0.02 per diluted share. Operating income, as adjusted2, of $727 million improved $420
million, or 137%, compared to first qu