LOS ANGELES (AP) — LOS ANGELES (AP) — Ares Management LP (ARES) on Friday reported first-quarter profit of $142.6 million.
On a per-share basis, the Los Angeles-based company said it had profit of 46 cents. Earnings, adjusted for non-recurring costs, were $1.24 per share.
The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.32 per share.
The private equity firm posted revenue of $1.4 billion in the period. Its adjusted revenue was $1.29 billion, which also missed Street forecasts. Five analysts surveyed by Zacks expected $1.32 billion.
Ares Management shares have fallen 27% since the beginning of the year. The stock has dropped 23% 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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