Wed, Oct 27, 2021 3:31 AM
LOS ANGELES (AP) _ Ares Management LP (ARES) on Wednesday reported third-quarter earnings of $84.7 million.
On a per-share basis, the Los Angeles-based company said it had profit of 45 cents. Earnings, adjusted for non-recurring costs, were 62 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 64 cents per share.
The private equity firm posted revenue of $948.7 million in the period. Its adjusted revenue was $512.6 million.
Ares Management shares have increased 80% since the beginning of the year. The stock has risen 95% in the last 12 months.