NEW YORK (AP) — NEW YORK (AP) — Ares Capital Corp. (ARCC) on Monday reported first-quarter net income of $92 million.
On a per-share basis, the New York-based company said it had profit of 13 cents. Earnings, adjusted for one-time gains and costs, were 47 cents per share.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 48 cents per share.
The private equity firm posted revenue of $763 million in the period, also missing Street forecasts. Four analysts surveyed by Zacks expected $769 million.
Ares Capital shares have dropped 8% since the beginning of the year. The stock has fallen 12% 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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