Carlyle Group Q4 Profit Plunges But Beats View

Global investment firm The Carlyle Group Inc. (CG) on Tuesday reported sharply lower profits in the fourth quarter ended December 31, 2022, on fall in investment income including performance allocations. Earnings however, exceeded the Street expectations.

Net income was $127.2 million or $0.35 per share compared with $647.6 million or $1.77 per share in the prior-year period.

Distributable earnings were $366.9 million or $1.01 per share versus $720.4 million or $2.01 per share in the fourth quarter of the previous fiscal.

13 analysts polled by Thomson Reuters were expecting the company to report earnings of $0.96 per share. Analysts typically exclude one-time items.

Total Revenues, however, decreased to $719.4 million, from $2 billion in the corresponding period of the previous year. Investment income including performance allocations declined from $1.4 billion to $51.3 million in the current quarter.

8 analysts polled by Thomson Reuters were expecting the company to report revenues of $1.02 billion.

The Board of Directors also declared a quarterly dividend of $0.325 payable on March 1 to shareholders of record on February 22.

The board also approved an increase in dividend to an annual rate of $1.40 per share commencing with the first quarter 2023 dividend, to be paid in May 2023.

Shares of the Carlyle Group are currently trading in premarket at $36.30, down $0.01 or 0.03 percent on an overnight basis.

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