NEW YORK (AP) — NEW YORK (AP) — Ares Capital Corp. (ARCC) on Tuesday reported third-quarter profit of $404 million.
The New York-based company said it had profit of 57 cents per share. Earnings, adjusted for investment gains, were 50 cents per share.
The results met Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was also for earnings of 50 cents per share.
The private equity firm posted revenue of $782 million in the period, exceeding Street forecasts. Six analysts surveyed by Zacks expected $763.7 million.
Ares Capital shares have declined 7% since the beginning of the year. The stock has decreased almost 6% in the last 12 months.
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