BlackRock Inc (BLK), one of Wall Street’s most iconic money management stocks, reported strong first-quarter earnings that were up more than 400% over the 2009 numbers. However, BlackRock earnings still fell short of the consensus profit forecast. BLK earnings estimates on Wall Street were a bit higher.

In the first quarter of 2009, BlackRock earnings totaled just $110 million, or 81 cents a share. This time around, BLK earnings for Q1 2010 totalled $469 million, or $2.40 a share. That’s a stunning turnaround, but unfortunately to consensus estimate on Wall Street was for $2.45 a share so BLK stock just missed the mark. Revenue more than doubled to $2 billion, but also fell just missed Wall Street expectations.

Investors should note that these earnings figures are adjusted, and do not include one-time charges.Excluding special items, BlackRock earnings totaled $423 million or $2.17 a share on the quarter, in contrast with BLK earnings of $84 million or 62 cents a share in the first quarter of 2009.

BlackRock is a publicly owned investment manager, and BLK stock has soared since the March 2009 lows. BLK stock is up about 130% since then. But investors should note that BlackRock tallied the lion’s share of its gains in spring and summer of 2009 and hasn’t really budged recently. The stock is down almost 10% year-to-date, despite an almost double digit gain for the broader market in the same period.

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