Ares Management Q4 Profit, Revenue Increase Above Analysts' View

(RTTNews) - Ares Management Corporation (ARES) Thursday reported profit of 173.95 million or $0.86 per share for the fourth quarter, higher than $117.49 million or $0.62 per hare in the same quarter a year ago.

After-tax realized income was $400.38 million or $1.21 per share. Analysts on average, polled by Thomson-Reuters were expecting earnings of $1.09 per share for the quarter.

Revenue for the quarter increased to $1.054 billion from $937.72 million last year. The consensus estimate stood at $864.54 million.

Total Assets Under Management as of December 31, 2023 was $418.8 billion, an increase of 19% from prior year.

Ares declared a quarterly dividend of $0.93 per share of its Class A and non-voting common stock, payable on March 29 to stockholders of record on March 15.