Ares Management: Q3 Earnings Snapshot

LOS ANGELES (AP) — LOS ANGELES (AP) — Ares Management LP (ARES) on Monday reported third-quarter net income of $288.9 million.

On a per-share basis, the Los Angeles-based company said it had net income of $1.15. Earnings, adjusted for non-recurring costs, were $1.19 per share.

The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.14 per share.

The private equity firm posted revenue of $1.66 billion in the period. Its adjusted revenue was $1.16 billion, which also topped Street forecasts. Five analysts surveyed by Zacks expected $1.12 billion.

Ares Management shares have decreased 16% since the beginning of the year. The stock has dropped 8% 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