LOS ANGELES (AP) — LOS ANGELES (AP) — Ares Management LP (ARES) on Friday reported first-quarter net income of $94 million.
The Los Angeles-based company said it had profit of 49 cents per share. Earnings, adjusted for non-recurring costs, were 71 cents per share.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 82 cents per share.
The private equity firm posted revenue of $813.4 million in the period. Its adjusted revenue was $654.5 million, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $694 million.
Ares Management shares have risen 22% since the beginning of the year. The stock has climbed 19% 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