WASHINGTON (AP) — WASHINGTON (AP) — The Carlyle Group Inc. (CG) on Friday reported first-quarter net income of $130 million.
The Washington-based company said it had net income of 35 cents per share. Earnings, adjusted for non-recurring costs, came to $1.14 per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 97 cents per share.
The asset management firm posted revenue of $973.1 million in the period. Its adjusted revenue was $1.04 billion, which also topped Street forecasts. Four analysts surveyed by Zacks expected $970.3 million.
Carlyle shares have dropped 17% since the beginning of the year. In the final minutes of trading on Friday, shares hit $42.04, a decline of roughly 1% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CG at https://www.zacks.com/ap/CG
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