Private equity firm Carlyle Group Inc reported on Wednesday that its second quarter distributable earnings fell 26% year-on-year due to a slump in asset sales, although the result still exceeded analyst expectations.
The logo of the Carlyle Group is displayed at the company's office in Tokyo, Japan October 17, 2018. REUTERS/Issei Kato/File photoreported on Wednesday that its second quarter distributable earnings fell 26% year-on-year due to a slump in asset sales, although the result still exceeded analyst expectations.
Distributable earnings, which represents the cash used to pay dividends to shareholders, fell to $388.8 million from $528.8 million a year earlier. That translated to after-tax distributable earnings per share of 88 cents, which surpassed the average estimate of 67 cents, according to Refinitiv data.
Carlyle said its net profit from asset sales fell by nearly 36% to $335.1 million as it cashed out fewer investments across all its business lines during the quarter, which was marked by a continued slowdown in private equity dealmaking activity.
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