The Carlyle Group Misses Earnings Estimates

The Carlyle GroupBy The Carlyle Group (annual report),User:Fairlyoddparents1234 (uploaded result) [Public domain], via Wikimedia Commons

The Carlyle Group LP (NASDAQ:CG) released its earnings results before opening bell this morning, posting adjusted earnings of 85 cents per share on $852 million in revenue. Analysts had been expecting earnings per share of $1.04 on revenue of $858.1 million. Diluted earnings per share on a GAAP basis were 41 cents. Distributable earnings were 52 cents per share.

Details on The Carlyle Group’s report

The firm reported $183 million in pretax distributable earnings and $852 million in the last 12 months. Post tax, this was 52 cents per common shares. The Carlyle Group LP (NASDAQ:CG) reported a $2 billion balance of net accrued performance, a 36% year over year increase, or $6.16 per adjusted unit. Gross accrued performance fee balance was $3.8 billion.

The Carlyle Group LP (NASDAQ:CG) said it raised $5.5 billion in new capital during the first quarter and $22.8 billion over the last 12 months. The firm realized $3.1 billion in proceeds during the first quarter and $16.3 billion over the last 12 months. Carlyle reported $1.1 billion invested in equity during the quarter and another $3.1 billion committed. The firm reported $6.8 billion invested over the las 12 months. The firm’s carry fund portfolio saw 6% appreciation during the first quarter and was the main driver of The Carlyle Group LP (NASDAQ:CG)’s $322 million pretax economic net income.

“Carlyle had a solid start to r014, which has resulted in our last twelve month Distributable Earnings increasing 25% over the prior twelve month period to more than $850 million,” said co-CEO David Rubenstein in a statement. “Fundraising, fund performance, and investing activity are all running at strong levels. As new top talent joins our seasoned leadership team and we launch new fund strategies and make targeted acquisitions, Carlyle continues to meet the increasingly complex demands of our global investor base.”

Breaking down The Carlyle Group’s results

According to the firm’s report, it had $198.9 billion in assets under management as of the end of the quarter. Total dry powder was $56.3 billion, and fee-earnings assets under management were $142.1 billion as of the first quarter. The remaining fair value of capital, including only carry funds, was $63.7 billion.

The firm’s board of directors also declared a 16 cent per common share quarterly dividend to shareholders of record on May 14. It will be payable on May 22.

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About the Author

Michelle Jones
Michelle Jones was a television news producer for eight years. She produced the morning news programs for the NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spent a short time at the CBS affiliate in Huntsville. She has experience as a writer and public relations expert for a wide variety of businesses. Michelle has been with ValueWalk since 2012 and is now our editor-in-chief. Email her at Mjones@valuewalk.com.

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