LOS ANGELES (AP) — LOS ANGELES (AP) — Ares Management LP (ARES) on Friday reported second-quarter earnings of $150.6 million.
The Los Angeles-based company said it had net income of 49 cents per share. Earnings, adjusted for non-recurring costs, came to $1.29 per share.
The results met Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was also for earnings of $1.29 per share.
The private equity firm posted revenue of $1.43 billion in the period. Its adjusted revenue was $1.26 billion, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $1.32 billion.
Ares Management shares have dropped 23% since the beginning of the year. The stock has declined 34% 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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