Ares Capital: 4Q Earnings Snapshot
NEW YORK (AP) _ Ares Capital Corp. (ARCC) on Tuesday reported fourth-quarter profit of $153 million.
On a per-share basis, the New York-based company said it had net income of 36 cents. Earnings, adjusted for non-recurring costs, came to 45 cents per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 41 cents per share.
The private equity firm posted revenue of $345 million in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $327.2 million.
For the year, the company reported profit of $858 million, or $2.01 per share. Revenue was reported as $1.34 billion.
Ares Capital shares have climbed 6.5 percent since the beginning of the year. The stock has climbed slightly more than 7 percent 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 ARCC at https://www.zacks.com/ap/ARCC