Carlyle Group, a prominent investment firm, has recently announced the significant decline in its third-quarter revenue. This decline reflects the slower pace of dealmaking within the industry.
The company reported a profit of $81.3 million, or 22 cents per share, in comparison to $280.8 million, or 77 cents per share, during the same period last year. Distributable earnings, which refers to the profit that can be allocated to shareholders, also fell by approximately 43% to $367.4 million, or 87 cents per share, compared to the previous year. Analysts surveyed by FactSet had expected earnings of 72 cents per share.
Furthermore, total revenues dropped to $716.6 million from $1.09 billion a year ago. Additionally, total segment revenues experienced a decrease of nearly 45% to $776.6 million, falling short of the $835.8 million anticipated by analysts surveyed by FactSet.
Carlyle's assets under management also saw a slight decline of 1% from the previous quarter, amounting to $382 billion.
Chief Executive Harvey Schwartz expressed confidence in Carlyle's ability to deliver for its investors and shareholders. He emphasized the company's commitment to leverage its momentum and undertake measures to align the firm for future growth.
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