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

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

Carlyle Group Inc. (CG) 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) 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.