Zinger Key Points
- Carlyle Group's Q3 FY24 adjusted EPS of $0.95 beat expectations; revenue reached $895M, just under consensus.
- Assets under management hit $447B, with fee-related earnings up 36% year-over-year to $278M.
The Carlyle Group Inc. CG reported the third quarter adjusted EPS of $0.95, beating the consensus of $0.90, and revenues of $895.0 million missed the consensus of $921.7 million.
Net Accrued Performance Revenues were $2.8 billion, up 28% quarter-over-quarter, and up 17% from fourth-quarter 2023, primarily led by appreciation across the portfolio.
Realized Net Performance Revenues were $91 million, led by exit activity in the third Europe technology fund, the fourth Asia buyout fund, the third Japan buyout fund, and the eighth U.S. real estate fund.
Apart from this, Fee-related earnings rose 36% year over year to $278 million in the quarter. Total Assets Under Management stood at $447 billion as of September 30, 2024.
“Carlyle’s record third quarter results reflect the impact
of strategic actions we have taken over the past eighteen months. These actions, combined with a pick-up in investment activity across our platform, helped generate one of the best quarters of performance in the firm’s history, including record quarterly Fee Related Earnings and FRE margin, and a nearly 30% quarterly increase in our net accrued performance revenues,” said Carlyle Chief Executive Officer Harvey M. Schwartz.
Dividend: The Board of Directors declared a quarterly common dividend per share of $0.35.
The dividend is payable on November 25, 2024, to common stockholders of record on November 18, 2024.
Repurchase: The company repurchased or withheld 3.4 million shares of common stock, totaling $150 million, including shares withheld for the net share settlement of equity awards.
As of September 30, 2024, the company had $0.9 billion of repurchase capacity remaining under its $1.4 billion repurchase authorization.
Investors can gain exposure to the stock via EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF LBO and Invesco Global Listed Private Equity ETF PSP.
Price Action: CG shares are down 0.06% at $54.20 premarket at the last check Thursday.
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