UPDATE: Carlyle Group Q4 Profit Beats Estimates

reported better-than-expected earnings for the fourth quarter. The company reported a quarterly profit of $16 million, or $0.23 per share, versus a year-ago profit of $71 million, or $1.17 per share. Its economic net income fell to $181 million, or $0.56 per share, versus $567 million, or $1.64 per share. Its distributable earnings slipped to $311 in the quarter, compared to $401 million. Carlyle Group declared a quarterly distribution of $1.61 per common unit for the fourth quarter. At year-end, assets under management were $194.5 billion, versus $188.8 billion a year ago. Carlyle Co-CEO David M. Rubenstein said, "This was our best year as a public company. Carlyle generated our highest level of Distributable Earnings since going public. We are pleased to be able to pay a full year distribution of $2.09 to Carlyle common unitholders for 2014. Beginning with the first quarter of 2015, we are adjusting our distribution policy and will distribute approximately 75% of our post-tax Distributable Earnings on a quarterly basis instead of through a year-end true up." Carlyle Group shares rose 0.41% to close at $27.05 yesterday.