Strong asset sales across Carlyle Group’s private equity portfolio saw the alternative asset management firm’s distributable earnings jump by nearly 59% year-on-year in the first three months of the year, according to a report by Reuters.
Distributable earnings – the cash used to pay dividends to shareholders – rose to $431.3m from $271.6m in Q1 2023 which equates to $1.01 per share, ahead of the average Wall Street analyst estimate of 94 cents, according to LSEG data.
Meanwhile, the company’s net profit from asset sales more than doubled to nearly $400m from $165.1m in the first three moths of 2023, with a portion of those proceeds generated by Carlyle selling its interest in McDonald’s’ local Chinese business and British oil firm Neptune Energy.
