LOS ANGELES (AP) — LOS ANGELES (AP) — Ares Management LP (ARES) on Friday reported second-quarter profit of $137.1 million.
The Los Angeles-based company said it had profit of 46 cents per share. Earnings, adjusted for non-recurring costs, were $1.03 per share.
The results missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.11 per share.
The private equity firm posted revenue of $1.35 billion in the period. Its adjusted revenue was $1.05 billion, beating Street forecasts. Five analysts surveyed by Zacks expected $1.03 billion.
Ares Management shares have climbed nearly 5% since the beginning of the year. The stock has risen 21% 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