Tuesday, 9 February 2016
Last updated 4 hours ago
Aug 7 2013 | 10:07am ET
The Carlyle Group is back in the black in the second quarter.
The private-equity giant said today that its economic net income was $156 million for the quarter, up from a $57.2 million loss in the year-earlier period. But the numbers missed analysts' estimates by a wide margin.
Under generally accepted accounting principles, Carlyle still suffered a loss, but a narrower one that in the second quarter of 2012, just $3.3 million, compared with $10.3 million. Pretax distributable earnings rose from $116 million to $163 million, as the firm exited some $4 billion in investments. The firm will pay a 16 cent dividend.
Performance fees rose to $259.1 million from a loss in last year's second quarter.
Carlyle said it raised some $6.9 billion in new capital during the quarter, as its assets under management rose to $180.4 billion from $176.3 billion at the end of the first quarter.