Ares Capital: Q1 Earnings Snapshot
NEW YORK (AP) _ Ares Capital Corp. (ARCC) on Tuesday reported first-quarter earnings of $211 million.
The New York-based company said it had profit of 43 cents per share. Earnings, adjusted for non-recurring gains, were 41 cents per share.
The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share.
The private equity firm posted revenue of $440 million in the period, which also missed Street forecasts. Four analysts surveyed by Zacks expected $488.7 million.
Ares Capital shares have increased slightly more than 2% since the beginning of the year. The stock has risen 11% in the last 12 months.