NEW YORK (AP) — NEW YORK (AP) — Ares Capital Corp. (ARCC) on Tuesday reported second-quarter net income of $361 million.
On a per-share basis, the New York-based company said it had net income of 52 cents. Earnings, adjusted for investment gains, came to 50 cents per share.
The results fell short of Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share.
The private equity firm posted revenue of $745 million in the period, which also did not meet Street forecasts. Seven analysts surveyed by Zacks expected $746.7 million.
Ares Capital shares have increased roughly 4% since the beginning of the year. The stock has increased slightly more than 8% 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 ARCC at https://www.zacks.com/ap/ARCC
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