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LOS ANGELES (AP) — LOS ANGELES (AP) — Ares Management LP (ARES) on Friday reported third-quarter profit of $118.5 million.
The Los Angeles-based company said it had net income of 55 cents per share. Earnings, adjusted for non-recurring costs, were 95 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 94 cents per share.
The private equity firm posted revenue of $1.13 billion in the period. Its adjusted revenue was $803 million, falling short of Street forecasts. Four analysts surveyed by Zacks expected $833.6 million.
Ares Management shares have climbed 41% since the beginning of the year. The stock has climbed 70% 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 ARES at https://www.zacks.com/ap/ARES