Ares Management Q3 Results Climb, Beat Market Estimates

(RTTNews) - Ares Management Corp. (ARES), an alternative investment manager, reported Friday that its third-quarter net income attributable was $118.46 million or $0.55 per share, higher than last year's $61.82 million or $0.30 per share.

After-tax realized income was $316.05 million or $0.95 per share, compared to $261.06 million or $0.83 per share a year ago.

Analysts on average expect the company to report earnings of $0.94 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Total revenues surged to $1.13 billion from prior year's $671.26 million. The Street was looking for revenues of $802.11 million for the quarter.

Management fees climbed 18 percent from last year to $757.26 million.

Assets under management as of September 30 was $463.8 billion, an increase of 17 percent from the previous year.

Further, Ares declared a quarterly dividend of $0.93 per share, payable on December 3 to its Class A and non-voting common stockholders of record at the close of business on December 17.

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