Carlyle Group Q3 Net Income Soars, Despite Weak Revenues; Declares Dividend

(RTTNews) - Alternative asset manager Carlyle Group L.P. (CG) Wednesday reported that its third-quarter net income attributable to the company was $25 million or $0.35 per common unit, significantly higher than last year's $2.3 million or $0.04 per common unit.

The company recorded distributable earnings of $0.44 per common unit, compared to $0.32 per unit last year. Economic net income was $0.55 per Adjusted Unit.

On average, 12 analysts polled by Thomson Reuters expected earnings of $0.54 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues declined to $755.0 million from prior year's $888.1 million.

Carlyle Co-CEO David Rubenstein said, "Carlyle continued to produce good financial results for unitholders and strong performance for our fund investors during the third quarter. An increasing number of investors are entrusting their assets to Carlyle funds based in part on our history of navigating uncertain markets across multiple investment strategies."

Carlyle Co-CEO William Conway Jr. said, "We see significant opportunities to remain active, with discipline and focus remaining core to our process."

Further, the company said its Board of Directors has declared a quarterly distribution of $0.16 per common unit to holders of record at the close of business on November 10, payable on November 21.