Icahn Enterprises L.P. (Nasdaq:IEP) is reporting fourth quarter
2020 revenues of $2.8 billion and net income attributable to Icahn
Enterprises of $146 million, or $0.61 per depositary unit. For the
three months ended December 31, 2019, revenues were $2.6 billion
and net loss attributable to Icahn Enterprises was $157 million, or
a loss of $0.74 per depositary unit, including a loss of $149
million from continuing operations, or a loss of $0.70 per
depositary unit. For the three months ended December 31, 2020,
Adjusted EBITDA attributable to Icahn Enterprises was $420 million
compared to $111 million for the three months ended December 31,
2019. For the three months ended December 31, 2020, Adjusted EBIT
attributable to Icahn Enterprises was $328 million compared to $22
million for the three months ended December 31, 2019.
For the year ended December 31, 2020, revenues were $6.1 billion
and net loss attributable to Icahn Enterprises was $1.7 billion, or
a loss of $7.33 per depositary unit. For the year ended December
31, 2019, revenues were $9.0 billion and net loss attributable to
Icahn Enterprises was $1.1 billion, or a loss of $5.38 per
depositary unit, including a loss of $1.1 billion from continuing
operations, or $5.23 per depositary unit. For the year ended
December 31, 2020, Adjusted EBITDA attributable to Icahn
Enterprises was $(738) million compared to $(462) million for the
year ended December 31, 2019. For the year ended December 31, 2020,
Adjusted EBIT attributable to Icahn Enterprises was $(1.1) billion
compared to $(818) million for the year ended December 31,
2019.
On February 24, 2021, the Board of Directors of the general
partner of Icahn Enterprises declared a quarterly distribution in
the amount of $2.00 per depositary unit, which will be paid on or
about April 28, 2021 to depositary unitholders of record at
the close of business on March 26, 2021. Depositary unitholders
will have until April 16, 2021 to make an election to receive
either cash or additional depositary units; if a holder does not
make an election, it will automatically be deemed to have elected
to receive the distribution in additional depositary units.
Depositary unitholders who elect to receive (or are deemed to have
elected to receive) additional depositary units will receive units
valued at the volume weighted average trading price of the units on
Nasdaq during the 5 consecutive trading days ending
April 23, 2021. No fractional depositary units will be issued
pursuant to the distribution payment. Icahn Enterprises will make a
cash payment in lieu of issuing fractional depositary units to any
holders electing to receive depositary units. Any holders that
would only be eligible to receive a fraction of a depositary unit
based on the above calculation will receive a cash payment. For
distributions declared by the Board in prior quarters, the default
election (for holders that did not make an election) was a cash
distribution. The default election (for holders that do not make an
election) for the distribution to be paid on or about April 28,
2021 will be a distribution paid in additional depository units, a
change from prior quarters.
Icahn Enterprises L.P., a master limited partnership, is a
diversified holding company engaged in eight primary business
segments: Investment, Energy, Automotive, Food Packaging, Metals,
Real Estate, Home Fashion and Pharma.
Caution Concerning Forward-Looking Statements
Results for any interim period are not necessarily indicative of
results for any full fiscal period. This release may contain
certain "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995, many of which are
beyond our ability to control or predict. Forward-looking
statements may be identified by words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks,"
"estimates," "will" or words of similar meaning and include, but
are not limited to, statements about the expected future business
and financial performance of Icahn Enterprises L.P. and its
subsidiaries. Actual events, results and outcomes may differ
materially from our expectations due to a variety of known and
unknown risks, uncertainties and other factors, including risks
related to economic downturns, substantial competition and rising
operating costs; risks related to the severity, magnitude and
duration of the COVID-19 pandemic and its impact on the global
economy, financial markets and industries in which our subsidiaries
operate; risks related to our investment activities, including the
nature of the investments made by the private funds in which we
invest, declines in the fair value of our investments as a result
of the COVID-19 pandemic, losses in the private funds and loss of
key employees; risks related to our ability to continue to conduct
our activities in a manner so as to not be deemed an investment
company under the Investment Company Act of 1940, as amended; risks
related to our energy business, including the volatility and
availability of crude oil, declines in global demand for crude oil,
refined products and liquid transportation fuels as a result of the
COVID-19 pandemic, other feed stocks and refined products,
unfavorable refining margin (crack spread), interrupted access to
pipelines, significant fluctuations in nitrogen fertilizer demand
in the agricultural industry and seasonality of results; risks
related to our automotive activities and exposure to adverse
conditions in the automotive industry, including as a result of the
COVID-19 pandemic; risks related to our food packaging activities,
including competition from better capitalized competitors,
inability of suppliers to timely deliver raw materials, and the
failure to effectively respond to industry changes in casings
technology; risks related to our scrap metals activities, including
potential environmental exposure; risks related to our real estate
activities, including the extent of any tenant bankruptcies and
insolvencies; risks related to our home fashion operations,
including changes in the availability and price of raw materials,
and changes in transportation costs and delivery times; and other
risks and uncertainties detailed from time to time in our filings
with the Securities and Exchange Commission. Past performance in
our Investment segment is not indicative of future performance. We
undertake no obligation to publicly update or review any
forward-looking information, whether as a result of new
information, future developments or otherwise.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
(In millions, except per unit amounts) |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
1,865 |
|
|
$ |
2,351 |
|
|
$ |
6,815 |
|
|
$ |
9,722 |
|
Other revenues from operations |
|
|
148 |
|
|
|
162 |
|
|
|
608 |
|
|
|
666 |
|
Net gain (loss) from investment activities |
|
|
731 |
|
|
|
37 |
|
|
|
(1,421 |
) |
|
|
(1,931 |
) |
Interest and dividend income |
|
|
34 |
|
|
|
73 |
|
|
|
169 |
|
|
|
265 |
|
(Loss) gain on disposition of assets, net |
|
|
(22 |
) |
|
|
(3 |
) |
|
|
(17 |
) |
|
|
253 |
|
Other (loss) income, net |
|
|
(4 |
) |
|
|
3 |
|
|
|
(31 |
) |
|
|
19 |
|
|
|
|
2,752 |
|
|
|
2,623 |
|
|
|
6,123 |
|
|
|
8,994 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
1,777 |
|
|
|
2,116 |
|
|
|
6,320 |
|
|
|
8,205 |
|
Other expenses from operations |
|
|
119 |
|
|
|
109 |
|
|
|
487 |
|
|
|
528 |
|
Selling, general and administrative |
|
|
302 |
|
|
|
349 |
|
|
|
1,191 |
|
|
|
1,375 |
|
Restructuring, net |
|
|
2 |
|
|
|
3 |
|
|
|
10 |
|
|
|
18 |
|
Impairment |
|
|
5 |
|
|
|
1 |
|
|
|
11 |
|
|
|
2 |
|
Interest expense |
|
|
171 |
|
|
|
162 |
|
|
|
688 |
|
|
|
605 |
|
|
|
|
2,376 |
|
|
|
2,740 |
|
|
|
8,707 |
|
|
|
10,733 |
|
Income (loss) before income
tax (expense) benefit |
|
|
376 |
|
|
|
(117 |
) |
|
|
(2,584 |
) |
|
|
(1,739 |
) |
Income tax (expense)
benefit |
|
|
(2 |
) |
|
|
(32 |
) |
|
|
116 |
|
|
|
(20 |
) |
Income (loss) from continuing
operations |
|
|
374 |
|
|
|
(149 |
) |
|
|
(2,468 |
) |
|
|
(1,759 |
) |
Loss from discontinued
operations |
|
|
— |
|
|
|
(8 |
) |
|
|
— |
|
|
|
(32 |
) |
Net income (loss) |
|
|
374 |
|
|
|
(157 |
) |
|
|
(2,468 |
) |
|
|
(1,791 |
) |
Less: net income (loss)
attributable to non-controlling interests |
|
|
228 |
|
|
|
— |
|
|
|
(815 |
) |
|
|
(693 |
) |
Net income (loss) attributable
to Icahn Enterprises |
|
$ |
146 |
|
|
$ |
(157 |
) |
|
$ |
(1,653 |
) |
|
$ |
(1,098 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
to Icahn Enterprises from: |
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
146 |
|
|
$ |
(149 |
) |
|
$ |
(1,653 |
) |
|
$ |
(1,066 |
) |
Discontinued operations |
|
|
— |
|
|
|
(8 |
) |
|
|
— |
|
|
|
(32 |
) |
|
|
$ |
146 |
|
|
$ |
(157 |
) |
|
$ |
(1,653 |
) |
|
$ |
(1,098 |
) |
Net income (loss) attributable
to Icahn Enterprises allocated to: |
|
|
|
|
|
|
|
|
|
|
|
|
Limited partners |
|
$ |
143 |
|
|
$ |
(154 |
) |
|
$ |
(1,620 |
) |
|
$ |
(1,076 |
) |
General partner |
|
|
3 |
|
|
|
(3 |
) |
|
|
(33 |
) |
|
|
(22 |
) |
|
|
$ |
146 |
|
|
$ |
(157 |
) |
|
$ |
(1,653 |
) |
|
$ |
(1,098 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted income
(loss) per LP unit: |
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
0.61 |
|
|
$ |
(0.70 |
) |
|
$ |
(7.33 |
) |
|
$ |
(5.23 |
) |
Discontinued operations |
|
|
— |
|
|
|
(0.04 |
) |
|
|
— |
|
|
|
(0.15 |
) |
Basic and diluted income
(loss) per LP unit |
|
$ |
0.61 |
|
|
$ |
(0.74 |
) |
|
$ |
(7.33 |
) |
|
$ |
(5.38 |
) |
Basic and diluted weighted
average LP units outstanding |
|
|
233 |
|
|
|
208 |
|
|
|
221 |
|
|
|
200 |
|
Cash distributions declared
per LP unit |
|
$ |
2.00 |
|
|
$ |
2.00 |
|
|
$ |
8.00 |
|
|
$ |
8.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS(UNAUDITED)
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2020 |
|
2019 |
|
|
(In millions) |
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,699 |
|
|
$ |
3,794 |
|
Cash held at consolidated
affiliated partnerships and restricted cash |
|
|
1,592 |
|
|
|
1,151 |
|
Investments |
|
|
8,913 |
|
|
|
9,945 |
|
Due from brokers |
|
|
3,437 |
|
|
|
858 |
|
Accounts receivable, net |
|
|
502 |
|
|
|
483 |
|
Inventories, net |
|
|
1,580 |
|
|
|
1,795 |
|
Property, plant and equipment,
net |
|
|
4,228 |
|
|
|
4,454 |
|
Unrealized gain on derivative
contracts |
|
|
785 |
|
|
|
182 |
|
Goodwill |
|
|
298 |
|
|
|
282 |
|
Intangible assets, net |
|
|
660 |
|
|
|
431 |
|
Other assets |
|
|
1,293 |
|
|
|
1,264 |
|
Total
Assets |
|
$ |
24,987 |
|
|
$ |
24,639 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
Accounts payable |
|
$ |
738 |
|
|
$ |
945 |
|
Accrued expenses and other
liabilities |
|
|
1,586 |
|
|
|
1,453 |
|
Deferred tax liabilities |
|
|
569 |
|
|
|
639 |
|
Unrealized loss on derivative
contracts |
|
|
639 |
|
|
|
1,224 |
|
Securities sold, not yet
purchased, at fair value |
|
|
2,521 |
|
|
|
1,190 |
|
Due to brokers |
|
|
1,618 |
|
|
|
54 |
|
Debt |
|
|
8,059 |
|
|
|
8,192 |
|
Total liabilities |
|
|
15,730 |
|
|
|
13,697 |
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
Limited partners |
|
|
4,235 |
|
|
|
6,268 |
|
General partner |
|
|
(853 |
) |
|
|
(812 |
) |
Equity attributable to Icahn
Enterprises |
|
|
3,382 |
|
|
|
5,456 |
|
Equity attributable to
non-controlling interests |
|
|
5,875 |
|
|
|
5,486 |
|
Total equity |
|
|
9,257 |
|
|
|
10,942 |
|
Total Liabilities and
Equity |
|
$ |
24,987 |
|
|
$ |
24,639 |
|
|
|
|
|
|
|
|
|
|
Use of Non-GAAP Financial Measures
The Company uses certain non-GAAP financial measures in
evaluating its performance. These include non-GAAP EBITDA, Adjusted
EBITDA, EBIT and Adjusted EBIT. EBITDA represents earnings from
continuing operations before interest expense, income tax (benefit)
expense and depreciation and amortization. EBIT represents earnings
from continuing operations before interest expense and income tax
(benefit) expense. We define Adjusted EBITDA and Adjusted EBIT as
EBITDA and EBIT, respectively, excluding certain effects of
impairment, restructuring costs, certain pension plan expenses,
gains/losses on disposition of assets, gains/losses on
extinguishment of debt, major scheduled turnaround expenses,
certain tax settlements and certain other non-operational charges.
We present EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT on a
consolidated basis and on a basis attributable to Icahn Enterprises
net of the effects of non-controlling interests. We conduct
substantially all of our operations through subsidiaries. The
operating results of our subsidiaries may not be sufficient to make
distributions to us. In addition, our subsidiaries are not
obligated to make funds available to us for payment of our
indebtedness, payment of distributions on our depositary units or
otherwise, and distributions and intercompany transfers from our
subsidiaries to us may be restricted by applicable law or covenants
contained in debt agreements and other agreements to which these
subsidiaries currently may be subject or into which they may enter
into in the future. The terms of any borrowings of our subsidiaries
or other entities in which we own equity may restrict dividends,
distributions or loans to us.
We believe that providing EBITDA, Adjusted EBITDA, EBIT and
Adjusted EBIT to investors has economic substance as these measures
provide important supplemental information of our performance to
investors and permits investors and management to evaluate the core
operating performance of our business without regard to interest,
taxes and depreciation and amortization and certain effects of
impairment, restructuring costs, certain pension plan expenses,
gains/losses on disposition of assets, gains/losses on
extinguishment of debt, major scheduled turnaround expenses,
certain tax settlements and certain other non-operational charges.
Additionally, we believe this information is frequently used by
securities analysts, investors and other interested parties in the
evaluation of companies that have issued debt. Management uses, and
believes that investors benefit from referring to, these non-GAAP
financial measures in assessing our operating results, as well as
in planning, forecasting and analyzing future periods. Adjusting
earnings for these charges allows investors to evaluate our
performance from period to period, as well as our peers, without
the effects of certain items that may vary depending on accounting
methods and the book value of assets. Additionally, EBITDA,
Adjusted EBITDA, EBIT and Adjusted EBIT present meaningful measures
of performance exclusive of our capital structure and the method by
which assets were acquired and financed.
EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT have limitations
as analytical tools, and you should not consider them in isolation,
or as substitutes for analysis of our results as reported under
generally accepted accounting principles in the United States, or
U.S. GAAP. For example, EBITDA, Adjusted EBITDA, EBIT and Adjusted
EBIT:
- do not reflect our cash expenditures, or future requirements
for capital expenditures, or contractual commitments;
- do not reflect changes in, or cash requirements for, our
working capital needs; and
- do not reflect the significant interest expense, or the cash
requirements necessary to service interest or principal payments on
our debt.
Although depreciation and amortization are non-cash charges, the
assets being depreciated or amortized often will have to be
replaced in the future, and EBITDA and Adjusted EBITDA do not
reflect any cash requirements for such replacements. Other
companies in the industries in which we operate may calculate
EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT differently than we
do, limiting their usefulness as comparative measures. In addition,
EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT do not reflect the
impact of earnings or charges resulting from matters we consider
not to be indicative of our ongoing operations.
EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT are not
measurements of our financial performance under U.S. GAAP and
should not be considered as alternatives to net income or any other
performance measures derived in accordance with U.S. GAAP or as
alternatives to cash flow from operating activities as a measure of
our liquidity. Given these limitations, we rely primarily on our
U.S. GAAP results and use EBITDA, Adjusted EBITDA, EBIT and
Adjusted EBIT only as a supplemental measure of our financial
performance.
Use of Indicative Net Asset Value Data
The Company uses indicative net asset value as an additional
method for considering the value of the Company’s assets, and we
believe that this information can be helpful to investors. Please
note, however, that the indicative net asset value does not
represent the market price at which the depositary units trade.
Accordingly, data regarding indicative net asset value is of
limited use and should not be considered in isolation.
The Company's depositary units are not redeemable, which means
that investors have no right or ability to obtain from the Company
the indicative net asset value of units that they own. Units may be
bought and sold on The Nasdaq Global Select Market at prevailing
market prices. Those prices may be higher or lower than the
indicative net asset value of the depositary units as calculated by
management.
See below for more information on how we calculate the Company’s
indicative net asset value.
|
|
|
|
|
December 31, |
|
December 31, |
|
2020 |
|
2019 |
|
(In millions)(Unaudited) |
Market-valued
Subsidiaries and Investments: |
|
|
|
Holding Company interest in Investment Funds(1) |
$ |
4,283 |
|
|
$ |
4,296 |
|
CVR Energy(2) |
|
1,061 |
|
|
|
2,879 |
|
Tenneco(2) |
|
292 |
|
|
|
386 |
|
Total market-valued
subsidiaries and investments |
$ |
5,636 |
|
|
$ |
7,561 |
|
|
|
|
|
Other
Subsidiaries: |
|
|
|
Viskase(3) |
$ |
285 |
|
|
$ |
84 |
|
Real Estate Holdings(1) |
|
440 |
|
|
|
474 |
|
PSC Metals(1) |
|
128 |
|
|
|
156 |
|
WestPoint Home(1) |
|
141 |
|
|
|
147 |
|
Vivus(1) |
|
262 |
|
|
|
- |
|
Icahn Automotive Group(1) |
|
1,554 |
|
|
|
1,750 |
|
Total other
subsidiaries |
$ |
2,810 |
|
|
$ |
2,611 |
|
Add: Other Holding Company net assets(4) |
|
(12 |
) |
|
|
186 |
|
Indicative Gross Asset
Value |
$ |
8,434 |
|
|
$ |
10,358 |
|
Add: Holding Company cash and cash equivalents(4) |
|
925 |
|
|
|
3,006 |
|
Less: Holding Company debt(4) |
|
(5,811 |
) |
|
|
(6,297 |
) |
Indicative Net Asset
Value |
$ |
3,548 |
|
|
$ |
7,067 |
|
|
|
|
|
|
|
|
|
Indicative net asset value does not purport to reflect a
valuation of IEP. The calculated Indicative net asset value does
not include any value for our Investment Segment other than the
fair market value of our investment in the Investment Funds. A
valuation is a subjective exercise and Indicative net asset value
does not necessarily consider all elements or consider in the
adequate proportion the elements that could affect the valuation of
IEP. Investors may reasonably differ on what such elements are and
their impact on IEP. No representation or assurance, expressed or
implied is made as to the accuracy and correctness of indicative
net asset value as of these dates or with respect to any future
indicative or prospective results which may vary.
(1) Represents equity attributable to us as of
each respective date.(2) Based on closing share
price on each date (or if such date was not a trading day, the
immediately preceding trading day) and the number of shares owned
by the Holding Company as of each respective date.(3)
Amounts based on market comparables due to lack of material trading
volume, valued at 9.0x Adjusted EBITDA for the twelve months ended
December 31, 2020 and December 31, 2019.(4) Holding
Company’s balance as of each respective date.
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
(In millions)(Unaudited) |
Adjusted
EBITDA |
|
|
|
|
|
|
|
Net income (loss) |
$ |
374 |
|
($ |
149 |
) |
|
($ |
2,468 |
) |
|
($ |
1,759 |
) |
Interest expense, net |
|
169 |
|
|
150 |
|
|
|
670 |
|
|
|
545 |
|
Income tax expense (benefit) |
|
2 |
|
|
32 |
|
|
|
(116 |
) |
|
|
20 |
|
Depreciation, depletion and amortization |
|
131 |
|
|
130 |
|
|
|
510 |
|
|
|
519 |
|
EBITDA before
non-controlling interests |
|
676 |
|
|
163 |
|
|
|
(1,404 |
) |
|
|
(675 |
) |
Impairment of assets |
|
5 |
|
|
1 |
|
|
|
11 |
|
|
|
2 |
|
Restructuring costs |
|
2 |
|
|
3 |
|
|
|
10 |
|
|
|
18 |
|
Non-service cost of U.S. based pension |
|
- |
|
|
- |
|
|
|
- |
|
|
|
2 |
|
(Gain) loss on disposition of assets, net |
|
17 |
|
|
2 |
|
|
|
10 |
|
|
|
(249 |
) |
Other |
|
26 |
|
|
22 |
|
|
|
119 |
|
|
|
59 |
|
Adjusted EBITDA before
non-controlling interests |
$ |
726 |
|
$ |
191 |
|
|
($ |
1,254 |
) |
|
($ |
843 |
) |
|
|
|
|
|
|
|
|
Adjusted EBITDA
attributable to IEP |
|
|
|
|
|
|
|
Net income (loss) |
$ |
146 |
|
($ |
149 |
) |
|
($ |
1,653 |
) |
|
($ |
1,066 |
) |
Interest expense, net |
|
124 |
|
|
114 |
|
|
|
499 |
|
|
|
428 |
|
Income tax expense (benefit) |
|
9 |
|
|
28 |
|
|
|
(80 |
) |
|
|
(7 |
) |
Depreciation, depletion and amortization |
|
92 |
|
|
89 |
|
|
|
352 |
|
|
|
356 |
|
EBITDA attributable to
IEP |
|
371 |
|
|
82 |
|
|
|
(882 |
) |
|
|
(289 |
) |
Impairment of assets |
|
5 |
|
|
1 |
|
|
|
11 |
|
|
|
2 |
|
Restructuring costs |
|
2 |
|
|
3 |
|
|
|
10 |
|
|
|
16 |
|
Non-service cost of U.S. based pension |
|
- |
|
|
- |
|
|
|
- |
|
|
|
2 |
|
(Gain) loss on disposition of assets, net |
|
17 |
|
|
2 |
|
|
|
10 |
|
|
|
(249 |
) |
Other |
|
25 |
|
|
23 |
|
|
|
113 |
|
|
|
56 |
|
Adjusted EBITDA
attributable to IEP |
$ |
420 |
|
$ |
111 |
|
|
($ |
738 |
) |
|
($ |
462 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
(In millions)(Unaudited) |
Adjusted
EBIT |
|
|
|
|
|
|
|
Net income (loss) |
$ |
374 |
|
($ |
149 |
) |
|
($ |
2,468 |
) |
|
($ |
1,759 |
) |
Interest expense, net |
|
169 |
|
|
150 |
|
|
|
670 |
|
|
|
545 |
|
Income tax expense (benefit) |
|
2 |
|
|
32 |
|
|
|
(116 |
) |
|
|
20 |
|
EBIT before
non-controlling interests |
|
545 |
|
|
33 |
|
|
|
(1,914 |
) |
|
|
(1,194 |
) |
Impairment of assets |
|
5 |
|
|
1 |
|
|
|
11 |
|
|
|
2 |
|
Restructuring costs |
|
2 |
|
|
3 |
|
|
|
10 |
|
|
|
18 |
|
Non-service cost of U.S. based pension |
|
- |
|
|
- |
|
|
|
- |
|
|
|
2 |
|
(Gain) loss on disposition of assets, net |
|
17 |
|
|
2 |
|
|
|
10 |
|
|
|
(249 |
) |
Other |
|
26 |
|
|
22 |
|
|
|
119 |
|
|
|
59 |
|
Adjusted EBIT before
non-controlling interests |
$ |
595 |
|
$ |
61 |
|
|
($ |
1,764 |
) |
|
($ |
1,362 |
) |
|
|
|
|
|
|
|
|
Adjusted EBIT
attributable to IEP |
|
|
|
|
|
|
|
Net income (loss) |
$ |
146 |
|
($ |
149 |
) |
|
($ |
1,653 |
) |
|
($ |
1,066 |
) |
Interest expense, net |
|
124 |
|
|
114 |
|
|
|
499 |
|
|
|
428 |
|
Income tax expense (benefit) |
|
9 |
|
|
28 |
|
|
|
(80 |
) |
|
|
(7 |
) |
EBIT attributable to
IEP |
|
279 |
|
|
(7 |
) |
|
|
(1,234 |
) |
|
|
(645 |
) |
Impairment of assets |
|
5 |
|
|
1 |
|
|
|
11 |
|
|
|
2 |
|
Restructuring costs |
|
2 |
|
|
3 |
|
|
|
10 |
|
|
|
16 |
|
Non-service cost of U.S. based pension |
|
- |
|
|
- |
|
|
|
- |
|
|
|
2 |
|
(Gain) loss on disposition of assets, net |
|
17 |
|
|
2 |
|
|
|
10 |
|
|
|
(249 |
) |
Other |
|
25 |
|
|
23 |
|
|
|
113 |
|
|
|
56 |
|
Adjusted EBIT
attributable to IEP |
$ |
328 |
|
$ |
22 |
|
|
($ |
1,090 |
) |
|
($ |
818 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Contacts:SungHwan Cho, Chief Financial
Officer(305) 422-4000
Icahn Enterprises (NASDAQ:IEP)
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Icahn Enterprises (NASDAQ:IEP)
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From Apr 2023 to Apr 2024