Carlyle Group Inc. CG beat its distributable earnings target, but missed Wall Street’s revenue mark as its fourth-quarter profit fell sharply, the private equity firm said Tuesday, a day after it named former Goldman Sachs Group Inc. GS executive Harvey Schwartz as its new CEO. The private equity firm said its fourth-quarter net income dropped to $127.2 million, or 35 cents a share, from $647.6 million, or $1.77 a share, in the year-ago quarter. Fourth-quarter revenue dropped to $719.
CG beat its distributable earnings target, but missed Wall Street’s revenue mark as its fourth-quarter profit fell sharply, the private equity firm said Tuesday, a day after it named former Goldman Sachs Group Inc. GS executive Harvey Schwartz as its new CEO. The private equity firm said its fourth-quarter net income dropped to $127.2 million, or 35 cents a share, from $647.6 million, or $1.77 a share, in the year-ago quarter. Fourth-quarter revenue dropped to $719.