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Carlyle beats Q4 profit estimates on asset sales — Reuters

(Reuters) – 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 generation from asset sales.

The Washington, D.C.-based private equity firm said economic net income (ENI), an earnings metric that factors in the mark-to-market value of its portfolio, was $181 million in the fourth quarter of 2014 versus $562 million in the corresponding period in 2013.

This translated into post-tax ENI per share of 56 cents per adjusted unit in the fourth quarter of 2014, ahead of the average analyst forecast of 44 cents in a Thomson Reuters poll.

Distributable earnings came in at $311 million in the quarter, down from $400 million a year earlier, as Carlyle continued to cash out on its investments.

Carlyle’s assets under management were $194.5 billion as of the end of December, down from $202.6 billion as of the end of September.

Carlyle declared a fourth-quarter distribution of $1.61 per common unit.