Ares Management: Q3 Earnings Snapshot

LOS ANGELES (AP) — LOS ANGELES (AP) — Ares Management LP (ARES) on Tuesday reported third-quarter net income of $61.8 million, after reporting a loss in the same period a year earlier.

The Los Angeles-based company said it had net income of 30 cents per share. Earnings, adjusted for non-recurring costs, were 83 cents per share.

The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 86 cents per share.

The private equity firm posted revenue of $671.3 million in the period. Its adjusted revenue was $681.2 million, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $777.7 million.

Ares Management shares have climbed 48% since the beginning of the year. The stock has risen 32% 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