LOS ANGELES (AP) — LOS ANGELES (AP) — Ares Management LP (ARES) on Thursday reported fourth-quarter profit of $54.2 million.
On a per-share basis, the Los Angeles-based company said it had profit of 8 cents. Earnings, adjusted for non-recurring costs, came to $1.45 per share.
The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.71 per share.
The private equity firm posted revenue of $1.5 billion in the period. Its adjusted revenue was $1.17 billion, also missing Street forecasts. Five analysts surveyed by Zacks expected $1.63 billion.
For the year, the company reported profit of $527.4 million, or $1.71 per share. Revenue was reported as $4.12 billion.
Ares Management shares have dropped 15% since the beginning of the year. The stock has dropped 30% 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
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