Global alternative asset manager The Carlyle Group L.P. (NASDAQ:CG)
today reported its unaudited results for the second quarter ended
June 30, 2017.
Carlyle Co-CEO David M. Rubenstein said,
“Carlyle produced another strong value creation quarter, with our
net accrued carry balance increasing 46% year to date. As a result
of the strong performance we have delivered for our fund investors,
demand is high for new funds. We raised over $8 billion of
capital in the second quarter with acceleration likely in the
second half of 2017.”
Carlyle Co-CEO William E. Conway, Jr. said, “Our
diverse carry fund portfolio appreciated 5% in the quarter and a
robust 19% over the past twelve months. We continue to deploy
capital at a steady pace. The environment for new investments
remains competitive, but our deep, global teams continue to find
good investments.”
U.S. GAAP results for Q2 2017 included income
before provision for income taxes of $244 million, and net income
attributable to the common unitholders through The Carlyle Group
L.P. of $58 million, or net income per common unit of $0.59, on a
diluted basis. U.S. GAAP results for the twelve months ended
June 30, 2017 included income before provision for income
taxes of $534 million and net income attributable to The Carlyle
Group L.P. of $133 million. Total balance sheet assets were
$11 billion as of June 30, 2017.
In addition to this release, Carlyle issued a full detailed
presentation of its second quarter 2017 results, which can be
viewed on the investor relations section of our website at
ir.carlyle.com.
Settlement and final resolution of
commodities related exposure
Included in our Q2 2017 quarterly results is the
impact of settlements with investors in two commodities investment
vehicles managed by an affiliate of Carlyle, thereby fully
resolving investor claims relating to these matters. Net of
previously recorded reserves and certain insurance proceeds, we
recorded a charge of $6 million in connection with the settlements,
which is included in general, administrative and other expense in
Global Market Strategies. The full amount of the net charge
affected GAAP earnings, Economic Net Income, Fee Related Earnings
and Distributable Earnings. The charge is lower than our previous
estimate of up to $60 million due to the offset of general
liability insurance. We continue to pursue additional efforts to
recover reimbursement.
With these settlements, Carlyle completes the
exit of the commodities investment advisory business and other
hedge fund investment advisory businesses that it had acquired from
2010 to 2014.
Distribution
The Board of Directors has declared a quarterly
distribution of $0.42 per common unit to holders of record at the
close of business on August 14, 2017, payable on August 21,
2017.
Conference Call
Carlyle will host a conference call at 8:30 a.m. EDT on
Wednesday, August 2, 2017, to announce its second quarter 2017
financial results. The call may be accessed by dialing +1
(800) 850-2903 (U.S.) or +1 (253) 237-1169
(international) and referencing “The Carlyle Group Financial
Results Call.” The conference call will be webcast simultaneously
via a link on Carlyle’s investor relations website at
ir.carlyle.com and an archived replay of the webcast also will be
available on the website soon after the live call.
About The Carlyle Group
The Carlyle Group (NASDAQ:CG) is a global
alternative asset manager with $170 billion of assets under
management across 299 investment vehicles as of June 30, 2017.
Carlyle’s purpose is to invest wisely and create value on behalf of
its investors, many of whom are public pensions. Carlyle invests
across four segments – Corporate Private Equity, Real Assets,
Global Market Strategies and Investment Solutions – in Africa,
Asia, Australia, Europe, the Middle East, North America and South
America. Carlyle has expertise in various industries, including:
aerospace, defense & government services,
consumer & retail, energy, financial services, healthcare,
industrial, real estate, technology & business services,
telecommunications & media and transportation. The Carlyle
Group employs more than 1,550 people in 31 offices across six
continents.
Forward Looking Statements
This press release may contain forward-looking
statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of
1934. These statements include, but are not limited to, statements
related to our expectations regarding the performance of our
business, our financial results, our liquidity and capital
resources, contingencies, our distribution policy, and other
non-historical statements. You can identify these forward-looking
statements by the use of words such as “outlook,” “believes,”
“expects,” “potential,” “continues,” “may,” “will,” “should,”
“seeks,” “approximately,” “predicts,” “intends,” “plans,”
“estimates,” “anticipates” or the negative version of these words
or other comparable words. Such forward-looking statements are
subject to various risks, uncertainties and assumptions.
Accordingly, there are or will be important factors that could
cause actual outcomes or results to differ materially from those
indicated in these statements including, but not limited to, those
described under the section entitled “Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2016 filed
with the SEC on February 16, 2017, as such factors may be
updated from time to time in our periodic filings with the SEC,
which are accessible on the SEC’s website at www.sec.gov. These
factors should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included
in this release and in our filings with the SEC. We undertake no
obligation to publicly update or review any forward-looking
statements, whether as a result of new information, future
developments or otherwise, except as required by applicable
law.
This release does not constitute an offer for
any Carlyle fund.
Contacts:
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Public Market
Investor Relations |
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Media |
Daniel Harris |
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Elizabeth Gill |
Phone: +1 (212)
813-4527 |
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Phone: +1 (202)
729-5385 |
daniel.harris@carlyle.com |
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elizabeth.gill@carlyle.com |
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Web:
www.carlyle.com |
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Videos:
www.youtube.com/onecarlyle |
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Tweets:
www.twitter.com/onecarlyle |
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Podcasts:
www.carlyle.com/about-carlyle/market-commentary |
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