NEW YORK (AP) _ Ares Capital Corp. (ARCC) on Wednesday reported fourth-quarter net income of $378 million.

The New York-based company said it had net income of 89 cents per share. Earnings, adjusted for investment gains, were 54 cents per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.

The private equity firm posted revenue of $440 million in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $359.3 million.

For the year, the company reported profit of $484 million, or $1.14 per share. Revenue was reported as $1.51 billion.

Ares Capital shares have climbed almost 7% since the beginning of the year. The stock has decreased 6% 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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