LOS ANGELES (AP) — LOS ANGELES (AP) — Ares Management LP (ARES) on Wednesday reported fourth-quarter earnings of $154.5 million.

On a per-share basis, the Los Angeles-based company said it had net income of 72 cents. Earnings, adjusted for non-recurring costs, were $1.23 per share.

The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.29 per share.

The private equity firm posted revenue of $1.26 billion in the period. Its adjusted revenue was $1.24 billion, topping Street forecasts. Four analysts surveyed by Zacks expected $1.22 billion.

For the year, the company reported profit of $441 million, or $2.04 per share. Revenue was reported as $3.71 billion.

Ares Management shares have climbed 10% since the beginning of the year. The stock has climbed 57% 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