Century City private equity and debt giant Ares Management reported second-quarter economic net income of 32 cents a share, falling short of analyst predictions of 39 cents a share.
Like many other private equity firms, Ares uses economic net income as its benchmark earnings figure, because it includes realized and unrealized gains and losses, which are a core part of that business. The company reported economic net income after taxes of $68.5 million for the three months ended June 30, down slightly from $70 million for the second quarter of last year. Second-quarter revenue was $182.6 million, compared with $162.1 million for the corresponding period a year earlier.
Ares shares dipped in midday trading but closed the day at $19.07, up a fraction of a percent.
DTS Lowers Guidance, Shares Fall
DTS Inc. reported lower earnings Tuesday and expects lower revenue for the year due to delays in the release of new electronic devices, leading to a double-digit decline in the company’s stock price.
The Calabasas audio technology developer reported net income of $2.3 million (12 cents a share) for the quarter ending June 30, compared with $7 million (41 cents) in the same period a year earlier. Revenue dropped 5 percent to $34.4 million.
The company attributed the drop in net income due to a $3.3 million tax benefit recorded in the year-ago period.
For the full year, the company now expects revenue in the range of $140 million to $145 million, down from an earlier forecast of $148 to $155 million.
DTS announced the outlook revision and quarterly financials after market close on Monday. Shares closed Tuesday at $26.42, down 12 percent on the day.
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