Ares Management: 2Q Earnings Snapshot
LOS ANGELES (AP) _ Ares Management LP (ARES) on Thursday reported a second-quarter loss of $11.8 million, after reporting a profit in the same period a year earlier.
The Los Angeles-based company said it had a loss of 20 cents per share. Earnings, adjusted for non-recurring costs, came to 34 cents per share.
The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.
The private equity firm posted revenue of $204.2 million in the period. Its adjusted revenue was $194 million, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $200.1 million.
Ares Management shares have risen 4.5 percent since the beginning of the year. The stock has risen 13 percent in the last 12 months.