LOS ANGELES (AP) — LOS ANGELES (AP) — Ares Management LP (ARES) on Thursday reported first-quarter earnings of $73 million.

On a per-share basis, the Los Angeles-based company said it had profit of 33 cents. Earnings, adjusted for non-recurring costs, were 80 cents per share.

The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 93 cents per share.

The private equity firm posted revenue of $707.4 million in the period. Its adjusted revenue was $736.4 million, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $814.9 million.

Ares Management shares have risen 11% since the beginning of the year. The stock has increased 54% in the last 12 months.


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