NEW YORK (AP) — NEW YORK (AP) — BlackRock, Inc. (BLK) on Tuesday reported first-quarter earnings of $2.21 billion.

On a per-share basis, the New York-based company said it had net income of $14.06. Earnings, adjusted for one-time gains and costs, came to $12.53 per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $11.46 per share.

The investment firm posted revenue of $6.7 billion in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $6.6 billion.

BlackRock shares have declined slightly more than 4% since the beginning of the year, while the S&P’s 500 index has climbed almost 1%. The stock has increased 16% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BLK at https://www.zacks.com/ap/BLK