TORONTO (AP) — TORONTO (AP) — Brookfield Asset Management Ltd. (BAM) on Wednesday reported second-quarter net income of $495 million.
On a per-share basis, the Toronto-based company said it had net income of 30 cents. Earnings, adjusted for non-recurring costs, came to 34 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.
The investment manager posted revenue of $916 million in the period. Its adjusted revenue was $1.15 billion.
Brookfield shares have declined slightly since the beginning of the year. The stock has risen 22% 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 Zacks stock report on BAM at https://www.zacks.com/ap/BAM