LOS ANGELES (AP) _ Houlihan Lokey Inc. (HLI) on Thursday reported fiscal third-quarter net income of $118.5 million.

On a per-share basis, the Los Angeles-based company said it had net income of $1.71. Earnings, adjusted for non-recurring costs, came to $1.77 per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1 per share.

The investment banking company posted revenue of $537.9 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $340.2 million.

Houlihan Lokey shares have risen roughly 1% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $67.72, an increase of 31% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HLI at https://www.zacks.com/ap/HLI

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