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BlackRock books $60M restructuring charge in Q4'18 from workforce-related effort

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BlackRock books $60M restructuring charge in Q4'18 from workforce-related effort

BlackRock Inc. reported fourth-quarter 2018 net income attributable to the company of $927 million, or $5.78 per share, significantly down from $2.30 billion, or $14.01 per share, a year prior.

Adjusted net income attributable to common shareholders was $6.08 per share, compared to $6.19 per share a year earlier.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was $6.32.

The company incurred a restructuring charge of $60 million during the three months ended Dec. 31, 2018, from its initiative to modify the size and shape of its workforce.

BlackRock's AUM totaled $5.976 trillion as of Dec. 31, 2018, compared to $6.444 trillion as of Sept. 30, 2018, and $6.288 trillion as of Dec. 31, 2017.

Revenue for the quarter was down by $330 million from the prior-year quarter to $3.43 billion. On a year-over-year basis, investment advisory, administration fees and securities lending revenue fell to $2.78 billion from $2.90 billion; investment advisory performance fees declined to $100 million from $285 million; distribution fees were down to $271 million from $306 million, and advisory and other revenue decreased to $81 million from $100 million.

Net inflows for the quarter totaled $49.77 billion.

For full year 2018, adjusted net income attributable to the company was $4.36 billion, up from $3.70 billion a year earlier.

Adjusted EPS for full year 2018 was $26.93, up from $22.49 a year ago.

The S&P Global Market Intelligence consensus normalized EPS estimate for 2018 was $27.26.

BlackRock's board also increased the company's quarterly cash dividend to $3.30 per share from the previous quarter's dividend of $3.13 per share. The dividend will be payable March 21 to shareholders of record as of March 6.