LOS ANGELES (AP) _ Ares Management LP (ARES) on Friday reported fourth-quarter earnings of $124.1 million.

On a per-share basis, the Los Angeles-based company said it had net income of 66 cents. Earnings, adjusted for non-recurring costs, were 85 cents per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 73 cents per share.

The private equity firm posted revenue of $1.31 billion in the period. Its adjusted revenue was $731.2 million.

For the year, the company reported profit of $408.8 million, or $2.15 per share. Revenue was reported as $2.16 billion.

Ares Management shares have dropped almost 2% since the beginning of the year. In the final minutes of trading on Friday, shares hit $79.90, a climb of 58% 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

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