TORONTO (AP) — TORONTO (AP) — Brookfield Asset Management Ltd. (BAM) on Wednesday reported fourth-quarter profit of $688 million.

On a per-share basis, the Toronto-based company said it had net income of 42 cents. Earnings, adjusted for non-recurring gains, were 40 cents per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.

The investment manager posted revenue of $1.06 billion in the period. Its adjusted revenue was $1.24 billion, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $1.25 billion.

For the year, the company reported profit of $2.17 billion, or $1.33 per share. Revenue was reported as $4.71 billion.

Brookfield shares have risen almost 3% since the beginning of the year. The stock has risen 37% in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BAM at https://www.zacks.com/ap/BAM