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LOS ANGELES (AP) — LOS ANGELES (AP) — Ares Management LP (ARES) on Thursday reported fourth-quarter net income of $117.5 million.
On a per-share basis, the Los Angeles-based company said it had profit of 62 cents. Earnings, adjusted for non-recurring costs, were $1.21 per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.07 per share.
The private equity firm posted revenue of $937.7 million in the period. Its adjusted revenue was $892 million, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $813.7 million.
For the year, the company reported profit of $167.5 million, or 87 cents per share. Revenue was reported as $2.67 billion.
Ares Management shares have risen 25% since the beginning of the year. The stock has climbed 9% 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 ARES">Zacks stock report on ARES at https://www.zacks.com/ap/ARES