Ares Capital: Q3 Earnings Snapshot
NEW YORK (AP) — NEW YORK (AP) — Ares Capital Corp. (ARCC) on Wednesday reported third-quarter profit of $394 million.
The New York-based company said it had net income of 62 cents per share. Earnings, adjusted for non-recurring gains, came to 58 cents per share.
The results missed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 59 cents per share.
The private equity firm posted revenue of $775 million in the period, surpassing Street forecasts. Seven analysts surveyed by Zacks expected $766.9 million.
Ares Capital shares have risen roughly 8% since the beginning of the year. The stock has risen 14% 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 ARCC at https://www.zacks.com/ap/ARCC