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Lower average AUM, performance fees hit BlackRock's Q1 EPS

reported on April 14 netincome attributable to the company of $657 million, or $3.92 per share, for thefirst quarter, down from $822 million, or $4.84 per share, in the prior-year quarter.

The decreasein EPS reflects the impact of decline in average AUM and lower performance feesin the first quarter, and lower effective tax rate and one-time nonoperating gainin the prior-year quarter, according to the company's news release.

Adjusted netincome attributable to the company was $711 million, or $4.25 per share, a declinefrom $830 million, or $4.89 per share, in the year-ago quarter.

A restructuring charge of $76 million, primarily comprised ofseverance and accelerated amortization expense of previously granted deferred compensationawards, was recorded in the first quarter in connection with a project to streamlineand simplify the organization. The amount was excluded from as adjusted results.

The S&PCapital IQ consensus normalized EPS estimate for the quarter was $4.30.

Total revenuedropped to $2.62 billion in the first quarter from $2.72 billion in the prior-yearperiod. Investment advisory, administration fees and securities lending revenueslightly fell to $2.36 billion from $2.39 billion. Investment advisory performancefees dropped to $34 million from $108 million. Revenue from BlackRock Solutionsand advisory increased to $171 million from $147 million.

BlackRock'sAUM totaled $4.737 trillion as of March 31, compared with $4.645 trillion as ofDec. 31, 2015, and $4.774 trillion as of March 31, 2015.

The companymade $300 million of share repurchases during the quarter.