Ares Management: 4Q Earnings Snapshot
LOS ANGELES (AP) _ Ares Management LP (ARES) on Thursday reported fourth-quarter profit of $11.9 million.
The Los Angeles-based company said it had profit of 5 cents per share. Earnings, adjusted for non-recurring costs, came to 41 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.
The private equity firm posted revenue of $247.4 million in the period. Its adjusted revenue was $214.4 million, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $219 million.
For the year, the company reported profit of $57 million, or 30 cents per share. Revenue was reported as $802.5 million.
Ares Management shares have risen 22 percent since the beginning of the year. The stock has decreased roughly 6 percent in the last 12 months.