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BlackRock Reports First Quarter Diluted EPS Of $3.14, Or $3.16 As Adjusted

BlackRock, Inc. (NYSE:BLK):
  • iShares ® generated its strongest first quarter result on record with $18.2 billion of net new business, or 12% annualized organic growth
  • Delivered 8% annualized organic growth in multi-asset
  • Monetized a net $22.9 billion in advisory assets which resulted in positive returns for clients, including returns benefitting U.S. taxpayers
  • Delivered a 72% payout ratio reflecting a 9% increase in the dividend to $1.50 per share and the repurchase of 648,000 shares during the quarter

BlackRock, Inc. (NYSE:BLK) today reported first quarter 2012 diluted EPS of $3.14, up 9% from first quarter 2011. First quarter 2012 net income (1) of $572 million increased $17 million from fourth quarter 2011 and $4 million from a year ago. Operating income for first quarter 2012 totaled $815 million with operating margin of 36.2%.

As adjusted (2) results . First quarter 2012 operating income of $825 million increased $6 million from first quarter 2011 while diluted EPS of $3.16 improved 7%. First quarter diluted EPS included operating income of $3.10 per diluted share and net non-operating income of $0.06 per diluted share. Diluted EPS improved 3% from fourth quarter 2011. Operating income compared to fourth quarter 2011 reflected growth in base fees offset by seasonally lower performance fees. Operating margin of 38.6% in first quarter 2012 reflected the seasonal effect of performance fees and payroll taxes.

“Our first quarter 2012 results are a strong testament to the power of BlackRock’s diversified business model and history of innovation,” said Laurence D. Fink, Chairman and CEO of BlackRock. “During the quarter we generated 7 percent year-over-year growth in diluted EPS with strong underlying momentum in all asset classes and channels across our global platform. As investors attempt to manage uncertain markets, they are increasingly searching for a partner that can provide tools that span the risk spectrum coupled with extensive global perspectives which positions BlackRock extraordinarily well to continue to deliver across market cycles. The first quarter 2012 marks the beginning of our third full year of consolidated results with BGI, and I am extremely proud of our employees for delivering consistently strong net new business particularly in iShares where we have achieved positive flows in every quarter since the merger, and in retail where we generated positive flows in eight of the past nine quarters.”

Assets under management (“AUM”) closed the quarter at $3.684 trillion, up 5% since year-end 2011 and up 1% year-over-year. Net new business in long-term products totaled $25.7 billion before giving effect to a previously announced institutional fixed income index redemption that totaled $36.0 billion from a single client. Growth in AUM also reflected market valuation gains and investment performance as well as the acquisition of Claymore Investments, Inc.

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