LOS ANGELES (AP) _ Ares Management LP (ARES) on Thursday reported fourth-quarter profit of $38.5 million.

The Los Angeles-based company said it had net income of 25 cents per share. Earnings, adjusted for non-recurring costs, came to 67 cents per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.

The private equity firm posted revenue of $436.9 million in the period. Its adjusted revenue was $484.4 million.

For the year, the company reported profit of $148.9 million, or $1.06 per share. Revenue was reported as $1.53 billion.

Ares Management shares have climbed 14% since the beginning of the year. The stock has risen 88% 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 ARES at https://www.zacks.com/ap/ARES

Automated Insights, source Associated Press News