Ares Capital tops Street 4Q forecasts

Associated Press |

NEW YORK (AP) _ Ares Capital Corp. (ARCC) on Tuesday reported fourth-quarter earnings of $232 million.

The New York-based company said it had profit of 54 cents per share. Earnings, adjusted for investment gains, came to 38 cents per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.

The private equity firm posted revenue of $307 million in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $299.1 million.

For the year, the company reported profit of $667 million, or $1.57 per share. Revenue was reported as $1.16 billion.

Ares Capital shares have dropped roughly 1 percent since the beginning of the year. The stock has dropped 11 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

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