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Carlyle Group stock dips after reporting worse-than-expected Q2 results

Published 2024-08-05, 06:34 a/m
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NEW YORK - Global investment firm The Carlyle Group Inc. (NASDAQ:CG) reported second-quarter earnings that fell short of analyst expectations, with revenue also missing estimates. The company's shares were down 1.6% following the announcement.

Carlyle reported earnings per share of $0.78 for the quarter ended June 30, 2024, missing the analyst consensus of $0.84 by $0.06. Revenue came in at $788.9 million, below the $829.63 million analysts had projected. Compared to the same quarter last year, revenue increased by 31%.

The company's Fee Related Earnings (FRE) for Q2 2024 were $273 million, up 32% from $207 million in Q2 2023. The FRE margin improved to 46% from 34% in the same period last year.

Total Assets Under Management reached $435 billion, up 13% YoY, while Fee-earning Assets Under Management rose to $307 billion, also a 13% increase YoY.

Carlyle's CEO, Harvey Schwartz, commented on the results: "Despite a challenging market environment, we've seen strong growth in our assets under management and fee-related earnings, demonstrating the resilience of our diversified platform."

The company declared a quarterly dividend of $0.35 per common share, payable on August 26, 2024, to shareholders of record as of August 16, 2024.

Fundraising for the quarter totaled $12.4 billion, primarily driven by commitments in Real Estate, the closing of four new CLOs, and additional capital raised for the AlpInvest Secondaries & Portfolio Finance strategy. For the last twelve months, fundraising reached $40.9 billion, a 64% increase compared to the previous LTM period.

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