Ares Capital Reports Q4 Earnings Miss, Revenue Below Estimates
NEW YORK, March 8 (AP) - Ares Capital Corp. (ARCC) reported fourth-quarter earnings of $357 million on Wednesday. Per share, the New York-based firm earned 55 cents, falling short of analysts' expectations.
Nine analysts polled by Zacks Investment Research had forecast earnings of 58 cents per share. Revenue for the quarter reached $759 million, also below Street estimates. Seven analysts surveyed by Zacks predicted $785 million.
For the full year, Ares Capital's profit remained largely unchanged at $1.52 billion. Annual earnings per share declined to $2.44 from $2.68. Revenue for the period totaled $2.99 billion.
Since the start of the year, Ares Capital shares have risen approximately 9%. Over the past 12 months, the stock has gained 19%.
Note: This article was automatically generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on ARCC at https://www.zacks.com/ap/ARCC.