LOS ANGELES (AP) _ Ares Management LP (ARES) on Thursday reported first-quarter net income of $44.9 million.
On a per-share basis, the Los Angeles-based company said it had net income of 36 cents. Earnings, adjusted for non-recurring gains, were 35 cents per share.
The results missed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.
The private equity firm posted revenue of $477.2 million in the period. Its adjusted revenue was $224.7 million, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $228.4 million.
Ares Management shares have increased 39% since the beginning of the year. The stock has risen 10% in the last 12 months.
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