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NEW YORK (AP) — NEW YORK (AP) — Ares Capital Corp. (ARCC) on Tuesday reported first-quarter earnings of $241 million.
The New York-based company said it had profit of 36 cents per share. Earnings, adjusted for investment costs, came to 50 cents per share.
The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 54 cents per share.
The private equity firm posted revenue of $732 million in the period, also missing Street forecasts. Six analysts surveyed by Zacks expected $770.3 million.
Ares Capital shares have declined roughly 3% since the beginning of the year. The stock has climbed slightly more than 2% in the last 12 months.
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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