Private equity firm Carlyle Group LP (CG.O) posted better-than-expected second-quarter earnings on Wednesday, mirroring the performance of some of its peers as rising stock markets and a resilient world economy lifted investment returns.
Carlyle earned an economic net income (ENI) of $274.8 million after taxes, more than twice what it earned a year earlier. That translated into $0.81 of ENI per share after taxes, well above analyst forecasts for 41 cents per share, Thomson Reuters I/B/E/S showed.
ENI is a crucial performance measure for U.S. private equity firms as it accounts for unrealized gains or losses in investments.
A Carlyle peer, Apollo Global Management (APO.N), reported a second-quarter ENI of $183.5 million after taxes, or 46 cents per share, which matched analyst forecasts, according to Thomson Reuters I/B/E/S.
Photo: David Rubenstein, Co-Founder and Co-CEO of the Carlyle Group, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2016. Reuters/Lucy Nicholson