Icahn Enterprises Releases Third Quarter 2024 Financial Results

Icahn Enterprises L.P. (NASDAQ: IEP) recently disclosed its financial outcomes for the third quarter of 2024. The company’s Chairman, Carl C. Icahn, expressed optimism regarding the diverse portfolio opportunities moving forward. Highlighting the extreme market valuations and strategic investment approaches, Icahn emphasized the company’s liquidity position of approximately $2.3 billion as of October 31. One specific opportunity mentioned was the intention to initiate a tender offer for additional shares in CVI, a move aimed at enhancing capital investment capabilities and potentially unlocking value for investors.

Financial Highlights:

– Net income attributable to IEP in the third quarter of 2024 amounted to $22 million, marking a $28 million improvement from the previous year.
– Adjusted EBITDA attributable to IEP for the same period was reported at $183 million, down from $243 million in the prior-year quarter.
– The indicative Net Asset Value stood at about $3.6 billion as of September 30, 2024, reflecting a decrease of $423 million compared to June 30, 2024.
– IEP announced a revised quarterly distribution of $0.50 per depositary unit, cutting from $1.00 per unit.

Operational Details:

The company’s financial report for the third quarter revealed revenues of $2.8 billion, showcasing a net income of $22 million, translating to $0.05 per depositary unit. Comparatively, the same period in 2023 saw revenues of $3.0 billion and a net loss of $6 million, or a loss of $0.01 per unit. Adjusted EBITDA for the corresponding quarters showed a decrease to $183 million in 2024 from $243 million in 2023.

Looking at the nine-month performance ending September 30, 2024, revenues totaled $7.5 billion, with a net loss of $347 million, or a loss of $0.75 per depositary unit. In contrast, the same duration in 2023 saw revenues of $8.2 billion and a net loss of $545 million, or a loss of $1.47 per depositary unit. Adjusted EBITDA for the nine months in 2024 was $162 million, a decline from $352 million in 2023.

The company detailed a proactive approach to capitalize on market opportunities, particularly with the revised distribution strategy aligning with strategic investment objectives. Icahn Enterprises operates in diversified sectors, including Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma.

Cautionary Statements:

The release contained forward-looking statements, emphasizing potential financial and business performance, with risks including economic downturns, market volatility, and regulatory challenges. These statements do not guarantee future outcomes due to varying factors impacting operations.

Additionally, the disclosure examined the calculation of indicative net asset value, providing investors with insights into asset valuation methodologies within the industry.

For further information or queries, investors can contact Ted Papapostolou, Chief Financial Officer, via [email protected] or (800) 255-2737.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Icahn Enterprises’s 8K filing here.

Icahn Enterprises Company Profile

Icahn Enterprises L.P., through its subsidiaries, engages in the investment, energy, automotive, food packaging, real estate, home fashion, and pharma businesses in the United States and Internationally. The Investment segment invests its proprietary capital through various private investment funds. This segment provides investment advisory and other related services.