Carlyle net income falls sharply, revenue misses target but distributable earnings beat

Carlyle Group Inc.
CG,
-2.91%
beat its distributable earnings target, but missed Wall Street’s revenue mark as its fourth-quarter profit fell sharply, the private equity firm said Tuesday, a day after it named former Goldman Sachs Group Inc.
GS,
+0.23%
executive Harvey Schwartz as its new CEO. The private equity firm said its fourth-quarter net income dropped to $127.2 million, or 35 cents a share, from $647.6 million, or $1.77 a share, in the year-ago quarter. Fourth-quarter revenue dropped to $719.4 million from just under $2 billion, and short of the Wall Street analyst estimate of $1.034 billion, according to estimates compiled by FactSet. Carlyle Group’s distributable earnings fell to $1.01 a share from $2.01 a share, but beat the analyst estimate of 97 cents a share. Carlyle Group co-founder and interim CEO William Conway said the firm faced a challenging market environment but managed to deliver “strong financial performance” in 2022. Carlyle Group stock is up 21.7% in 2023 compared to a rise of 7.1% by the S&P 500
SPX,
-0.61%.