Ares Management Corp. (ARES), a prominent alternative investment firm, announced on Friday its net income for the third quarter, attributing a total of $118.46 million or $0.55 per share, marking a considerable rise from $61.82 million or $0.30 per share recorded during the same period last year.
The after-tax realized income reached $316.05 million or $0.95 per share, surpassing the previous year's figures of $261.06 million or $0.83 per share.
According to analyst predictions aggregated by Thomson Reuters, the company had been expected to report earnings of $0.94 per share, although these forecasts generally exclude special items.
The company's total revenues experienced a significant upswing, soaring to $1.13 billion compared to last year's $671.26 million. This exceeded the anticipated $802.11 million revenue forecasted by analysts for the quarter.
Management fees alone saw an 18% increase year-over-year, reaching $757.26 million.
As of September 30, assets under management expanded to $463.8 billion, reflecting a 17% year-over-year growth.
Additionally, Ares declared a quarterly dividend of $0.93 per share, which is set to be disbursed on December 3. This dividend applies to both Class A and non-voting common stockholders who are recorded as of the close of business on December 17.
