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Wednesday, February 11, 2015

Carlyle beats Q4 profit estimates on asset sales, (NASDAQ: CG)

Carlyle Group LP reported a 68 percent year-on-year drop in fourth-quarter profit, as the appreciation of its portfolio slowed down, yet the decline was smaller than most analysts expected due to strong cash proceeds from asset sales.Like its alternative asset management peers, Carlyle was hit by its exposure to the energy sector, as the plunge in crude oil prices reduced the value of some of its assets.But the main driver of Carlyle's earnings decline was its inability to beat the 6 percent appreciation seen in its portfolio in the fourth quarter of 2013. It appreciated by just 1 percent in the fourth quarter of 2014.Carlyle also blamed the absence of hedge fund performance fees for the earnings decline.

Shares of CG traded higher by 2.96% or $0.8/share to $27.85. In the past year, the shares have traded as low as $24.42 and as high as $39.38. On average, 494808 shares of CG exchange hands on a given day and today's volume is recorded at 24596.