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Carlyle posts higher economic net income, lower distributable earnings in Q2

Carlyle Group LP reported second-quarter pretax economic net income of $300.1 million, up from $158.3 million in the year-ago quarter.

On a post-tax basis, the company reported economic net income per adjusted unit of 81 cents for the quarter, versus 35 cents for the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 41 cents.

On a GAAP basis, the company reported net income attributable to the company of $57.6 million, or 59 cents per common unit, up from $6.1 million, or 7 cents per common unit, in the year-ago period.

Pretax distributable earnings were $198.9 million in the quarter, down from $287.5 million in the year-ago quarter.

Results for the most recent quarter include 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, the company recorded a charge of $6 million in connection with the settlements. The full amount of the net charge affected GAAP earnings, economic net income, fee-related earnings and distributable earnings. The charge is lower than the company's previous estimate of up to $60 million due to the offset of general liability insurance. With these settlements, Carlyle has completed the exit of the commodities investment advisory business and other hedge fund investment advisory businesses that it had acquired from 2010 to 2014.

Total assets under management were $169.8 billion at June 30, up from $161.9 billion as of March 31, but down from $175.6 billion as of June 30, 2016.

The board declared a quarterly distribution of 42 cents per common unit, payable Aug. 21 to holders of record at the close of business on Aug. 14. This represents an increase from the previous payout of 10 cents per common unit.