BlackRock Reports First Quarter Diluted EPS of $2.89 ($2.96 as adjusted)

BlackRock BLK today reported first quarter 2011 net income(1) of $568 million, up $145 million from a year ago. Operating income was $798 million and non-operating income, net of non-controlling interests, was $19 million. The first quarter 2011 operating margin was 35.0%, which included $21 million of launch costs for the $1 billion Resources and Commodities Strategy closed-end fund. Net income(1) was down $89 million compared to fourth quarter 2010 primarily due to the seasonal nature of performance fees.