LOS ANGELES (AP) — LOS ANGELES (AP) — Ares Management LP (ARES) on Thursday reported third-quarter net income of $85.3 million.

The Los Angeles-based company said it had net income of 21 cents per share. Earnings, adjusted for non-recurring costs, were $1.26 per share.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.25 per share.

The private equity firm posted revenue of $1.43 billion in the period. Its adjusted revenue was $1.19 billion, missing Street forecasts. Six analysts surveyed by Zacks expected $1.26 billion.

Ares Management shares have declined 23% since the beginning of the year. The stock has fallen 18% 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 ARES at https://www.zacks.com/ap/ARES