NEW YORK (AP) — NEW YORK (AP) — Brookfield Asset Management Ltd. (BAM) on Friday reported first-quarter net income of $617 million.
The New York-based company said it had net income of 38 cents per share. Earnings, adjusted for non-recurring costs, came to 43 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.
The investment manager posted revenue of $1.34 billion in the period. Its adjusted revenue was $1.43 billion, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $1.45 billion.
Brookfield shares have dropped roughly 7% since the beginning of the year. The stock has fallen 13% 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 BAM at https://www.zacks.com/ap/BAM
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