Ares Capital: 3Q Earnings Snapshot
NEW YORK (AP) _ Ares Capital Corp. (ARCC) on Wednesday reported third-quarter net income of $175 million.
On a per-share basis, the New York-based company said it had net income of 41 cents. Earnings, adjusted for investment costs, came to 48 cents per share.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 46 cents per share.
The private equity firm posted revenue of $387 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $371.4 million.
Ares Capital shares have increased 19% since the beginning of the year. The stock has climbed 14% in the last 12 months.