BlackRock Inc. (BLK) reported that its first-quarter net income attributable to the company increased to $632 million or $3.62 per share, from $572 million or $3.14 per share in the same quarter last year.
Allocation of net income, as adjusted, to common shares increased to $637 million from $574 million in the prior year. Adjusted net income was $3.65 per share, compared to $3.16 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $3.58 per share for the quarter. Analysts' estimates typically exclude special items.
The first quarter 2013 as adjusted results included $33 million of compensation and severance costs associated with the alignment of staffing with the Company's strategic priorities and growth opportunities. First quarter 2013 results also included $18 million of launch costs for the $700 million Multi-Sector Income Trust launched in February 2013.
Total revenues for the quarter rose to $2.45 billion from $2.25 billion in the prior year quarter. Sixteen analysts had consensus revenue estimate of $2.44 billion for the quarter.
Revenue increased 9% from the first quarter 2012, reflecting growth in markets, long-dated net new business and higher performance fees. Compared with fourth quarter 2012, revenue reflected 2% growth in base fees despite two fewer revenue days and seasonally lower performance fees.
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