Ares Management: Q4 Earnings Snapshot

LOS ANGELES (AP) — LOS ANGELES (AP) — Ares Management LP (ARES) on Thursday reported fourth-quarter profit of $174 million.

On a per-share basis, the Los Angeles-based company said it had net income of 86 cents. Earnings, adjusted for non-recurring costs, were $1.21 per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.10 per share.

The private equity firm posted revenue of $1.05 billion in the period. Its adjusted revenue was $951.8 million, also topping Street forecasts. Four analysts surveyed by Zacks expected $862.7 million.

For the year, the company reported profit of $474.3 million, or $2.42 per share. Revenue was reported as $3.08 billion.

Ares Management shares have climbed slightly more than 8% since the beginning of the year. The stock has increased 50% 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