Icahn Enterprises L.P. (NASDAQ:IEP) is reporting second quarter
2019 revenues of $2.2 billion and net loss attributable to Icahn
Enterprises of $498 million, or a loss of $2.49 per depositary
unit, including a loss of $474 million from continuing operations,
or a loss of $2.37 per depositary unit, driven primarily by a
decline in the market value of the shares of Tenneco Inc. common
stock that Icahn Enterprises received last year in connection with
the sale of its indirect wholly owned subsidiary Federal-Mogul LLC
to Tenneco. For the three months ended June 30, 2018, revenues
were $3.4 billion and net income attributable to Icahn Enterprises
was $302 million, or $1.66 per depositary unit, including $148
million from continuing operations, or $0.81 per depositary unit.
For the three months ended June 30, 2019, Adjusted EBITDA
attributable to Icahn Enterprises was $(258) million compared to
$335 million for the three months ended June 30, 2018. For the
three months ended June 30, 2019, Adjusted EBIT attributable
to Icahn Enterprises was $(350) million compared to $250 million
for the three months ended June 30, 2018.
For the six months ended June 30, 2019 revenues were $4.1
billion and net loss attributable to Icahn Enterprises was $892
million, or a loss of $4.51 per depositary unit, including a loss
of $868 million from continuing operations, or a loss of $4.39 per
depositary unit. A decline in the market value of the shares of
Tenneco Inc. common stock that Icahn Enterprises received last year
in connection with the sale of its indirect wholly owned subsidiary
Federal-Mogul LLC to Tenneco was a major contributor to this loss.
For the six months ended June 30, 2018, revenues were $6.4
billion and net income attributable to Icahn Enterprises was $434
million, or $2.41 per depositary unit, including $246 million from
continuing operations, or $1.37 per depositary unit. For the six
months ended June 30, 2019, Adjusted EBITDA attributable to
Icahn Enterprises was $(452) million compared to $660 million for
the six months ended June 30, 2018. For the six months ended
June 30, 2019, Adjusted EBIT attributable to Icahn Enterprises
was $(631) million compared to $491 million for the six months
ended June 30, 2018.
For the six months ended June 30, 2019, indicative net
asset value increased to $8.26 billion compared to $8.15 billion as
of December 31, 2018.
On July 31, 2019, 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 September 18, 2019 to depositary unitholders of record
at the close of business on August 13, 2019. Depositary
unitholders will have until September 6, 2019 to make an
election to receive either cash or additional depositary units; if
a unitholder does not make an election, it will automatically be
deemed to have elected to receive the distribution in cash.
Depositary unitholders who elect 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 September 13, 2019. 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 unitholders electing to
receive depositary units. Any unitholders that would only be
eligible to receive a fraction of a depositary unit based on the
above calculation will receive a cash payment.
Icahn Enterprises L.P., a master limited partnership, is a
diversified holding company engaged in seven primary business
segments: Investment, Energy, Automotive, Food Packaging, Metals,
Real Estate and Home Fashion.
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 our investment activities,
including the nature of the investments made by the private funds
in which we invest, 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, 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, including exposure to adverse conditions
in the automotive industry; risks related to our food packaging
activities, including competition from better capitalized
competitors, inability of its 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 |
(In millions, except per unit amounts) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Revenues: |
(Unaudited) |
Net sales |
$ |
2,588 |
|
|
$ |
2,819 |
|
|
$ |
4,888 |
|
|
$ |
5,183 |
|
Other revenues from operations |
172 |
|
|
167 |
|
|
334 |
|
|
325 |
|
Net (loss) gain from
investment activities |
(637 |
) |
|
410 |
|
|
(1,311 |
) |
|
842 |
|
Interest and dividend income |
58 |
|
|
36 |
|
|
122 |
|
|
62 |
|
Other income (loss),
net |
15 |
|
|
(9 |
) |
|
18 |
|
|
(6 |
) |
|
2,196 |
|
|
3,423 |
|
|
4,051 |
|
|
6,406 |
|
Expenses: |
|
|
|
|
|
|
|
Cost of goods sold |
2,129 |
|
|
2,427 |
|
|
4,029 |
|
|
4,414 |
|
Other expenses from operations |
137 |
|
|
134 |
|
|
268 |
|
|
259 |
|
Selling, general and administrative |
339 |
|
|
345 |
|
|
675 |
|
|
683 |
|
Restructuring |
4 |
|
|
1 |
|
|
11 |
|
|
3 |
|
Impairment |
1 |
|
|
3 |
|
|
1 |
|
|
3 |
|
Interest expense |
151 |
|
|
119 |
|
|
290 |
|
|
266 |
|
|
2,761 |
|
|
3,029 |
|
|
5,274 |
|
|
5,628 |
|
(Loss) income from continuing
operations before income tax (expense) benefit |
(565 |
) |
|
394 |
|
|
(1,223 |
) |
|
778 |
|
Income tax (expense)
benefit |
(8 |
) |
|
16 |
|
|
(14 |
) |
|
(1 |
) |
(Loss) income from continuing
operations |
(573 |
) |
|
410 |
|
|
(1,237 |
) |
|
777 |
|
(Loss) income from
discontinued operations |
(24 |
) |
|
167 |
|
|
(24 |
) |
|
212 |
|
Net (loss) income |
(597 |
) |
|
577 |
|
|
(1,261 |
) |
|
989 |
|
Less: net (loss) income
attributable to non-controlling interests |
(99 |
) |
|
275 |
|
|
(369 |
) |
|
555 |
|
Net (loss) income attributable
to Icahn Enterprises |
$ |
(498 |
) |
|
$ |
302 |
|
|
$ |
(892 |
) |
|
$ |
434 |
|
|
|
|
|
|
|
|
|
Net (loss) income attributable
to Icahn Enterprises from: |
|
|
|
|
|
|
|
Continuing
operations |
$ |
(474 |
) |
|
$ |
148 |
|
|
$ |
(868 |
) |
|
$ |
246 |
|
Discontinued
operations |
(24 |
) |
|
154 |
|
|
(24 |
) |
|
188 |
|
|
$ |
(498 |
) |
|
$ |
302 |
|
|
$ |
(892 |
) |
|
$ |
434 |
|
|
|
|
|
|
|
|
|
Net (loss) income attributable
to Icahn Enterprises allocated to: |
|
|
|
|
|
|
|
Limited partners |
$ |
(488 |
) |
|
$ |
296 |
|
|
$ |
(874 |
) |
|
$ |
425 |
|
General partner |
(10 |
) |
|
6 |
|
|
(18 |
) |
|
9 |
|
|
$ |
(498 |
) |
|
$ |
302 |
|
|
$ |
(892 |
) |
|
$ |
434 |
|
|
|
|
|
|
|
|
|
Basic and diluted (loss)
income per LP unit: |
|
|
|
|
|
|
|
Continuing operations |
$ |
(2.37 |
) |
|
$ |
0.81 |
|
|
$ |
(4.39 |
) |
|
$ |
1.37 |
|
Discontinued operations |
(0.12 |
) |
|
0.85 |
|
|
(0.12 |
) |
|
1.04 |
|
|
$ |
(2.49 |
) |
|
$ |
1.66 |
|
|
$ |
(4.51 |
) |
|
$ |
2.41 |
|
Basic and diluted weighted
average LP units outstanding |
196 |
|
|
178 |
|
|
194 |
|
|
176 |
|
Cash distributions declared
per LP unit |
$ |
2.00 |
|
|
$ |
1.75 |
|
|
$ |
4.00 |
|
|
$ |
3.50 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In millions) |
|
|
|
June 30, 2019 |
|
December 31, 2018 |
ASSETS |
|
(Unaudited) |
Cash and cash equivalents |
|
$ |
4,008 |
|
|
$ |
2,656 |
|
Cash held at consolidated
affiliated partnerships and restricted cash |
|
664 |
|
|
2,682 |
|
Investments |
|
8,858 |
|
|
8,337 |
|
Due from brokers |
|
1,280 |
|
|
664 |
|
Accounts receivable, net |
|
508 |
|
|
474 |
|
Inventories, net |
|
1,851 |
|
|
1,779 |
|
Property, plant and equipment,
net |
|
4,630 |
|
|
4,688 |
|
Goodwill |
|
277 |
|
|
247 |
|
Intangible assets, net |
|
465 |
|
|
501 |
|
Assets held for sale |
|
400 |
|
|
333 |
|
Other assets |
|
1,407 |
|
|
1,128 |
|
Total
Assets |
|
$ |
24,348 |
|
|
$ |
23,489 |
|
LIABILITIES AND EQUITY |
|
|
|
|
Accounts payable |
|
$ |
841 |
|
|
$ |
832 |
|
Accrued expenses and other
liabilities |
|
1,502 |
|
|
900 |
|
Deferred tax liability |
|
675 |
|
|
694 |
|
Unrealized loss on derivative
contracts |
|
902 |
|
|
36 |
|
Securities sold, not yet
purchased, at fair value |
|
146 |
|
|
468 |
|
Due to brokers |
|
14 |
|
|
141 |
|
Liabilities held for sale |
|
164 |
|
|
112 |
|
Debt |
|
8,658 |
|
|
7,326 |
|
Total liabilities |
|
12,902 |
|
|
10,509 |
|
|
|
|
|
|
Equity: |
|
|
|
|
Limited partners |
|
6,498 |
|
|
7,350 |
|
General partner |
|
(807 |
) |
|
(790 |
) |
Equity attributable to Icahn
Enterprises |
|
5,691 |
|
|
6,560 |
|
Equity attributable to
non-controlling interests |
|
5,755 |
|
|
6,420 |
|
Total equity |
|
11,446 |
|
|
12,980 |
|
Total Liabilities and
Equity |
|
$ |
24,348 |
|
|
$ |
23,489 |
|
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 the effects of impairment,
restructuring costs, certain pension plan expenses, certain
share-based compensation, discontinued operations, gains/losses on
extinguishment of debt and certain other non-operational charges.
We present EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT on a
consolidated basis and attributable to Icahn Enterprises net of the
effect 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 and Adjusted EBITDA 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 the effects of impairment,
restructuring costs, certain pension plan expenses, certain
gains/losses on disposition of assets, certain share based
compensation, discontinued operations, gains/losses on
extinguishment of debt 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 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 units as calculated by
management.
See below for more information on how we calculate the Company’s
indicative net asset value.
|
June 30, 2019 |
|
December 31, 2018 |
Market-valued
Subsidiaries: |
(Unaudited) |
Holding Company interest in Funds (1) |
$ |
4,624 |
|
|
$ |
5,066 |
|
CVR Energy (2) |
3,559 |
|
|
2,455 |
|
CVR Refining - direct holding
(2) |
— |
|
|
60 |
|
Tenneco Inc.(2) |
327 |
|
|
806 |
|
Total market-valued
subsidiaries |
$ |
8,510 |
|
|
$ |
8,387 |
|
|
|
|
|
Other
Subsidiaries: |
|
|
|
Viskase (3) |
$ |
123 |
|
|
$ |
147 |
|
Real Estate Holdings (1) |
452 |
|
|
465 |
|
PSC Metals (1) |
170 |
|
|
177 |
|
WestPoint Home (1) |
155 |
|
|
133 |
|
Ferrous Resources (4) |
455 |
|
|
423 |
|
Icahn Automotive Group
(1) |
1,844 |
|
|
1,747 |
|
Total - other
subsidiaries |
$ |
3,199 |
|
|
$ |
3,092 |
|
Add: Holding
Company cash and cash equivalents (5) |
3,337 |
|
|
1,834 |
|
Less: Holding
Company debt (5) |
(6,755 |
) |
|
(5,505 |
) |
Add: Other
Holding Company net assets (5) |
(33 |
) |
|
344 |
|
Indicative Net Asset
Value |
$ |
8,258 |
|
|
$ |
8,152 |
|
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.
- Represents equity attributable to us as of each respective
date.
- 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.
- Amounts based on market comparables due to lack of material
trading volume, valued at 9.0x Adjusted EBITDA for the twelve
months ended June 30, 2019 and December 31, 2018.
- June 30, 2019 and December 31, 2018 represents the estimated
proceeds based on the sale agreement signed during December
2018.
- Holding Company's balance as of each respective date.
($ in millions) |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Consolidated Adjusted
EBITDA: |
(Unaudited) |
Net (loss) income from continuing operations |
$ |
(573 |
) |
|
$ |
410 |
|
|
$ |
(1,237 |
) |
|
$ |
777 |
|
Interest expense, net |
136 |
|
|
118 |
|
|
262 |
|
|
265 |
|
Income tax expense
(benefit) |
8 |
|
|
(16 |
) |
|
14 |
|
|
1 |
|
Depreciation and
amortization |
137 |
|
|
130 |
|
|
260 |
|
|
258 |
|
Consolidated
EBITDA |
$ |
(292 |
) |
|
$ |
642 |
|
|
$ |
(701 |
) |
|
$ |
1,301 |
|
Impairment of assets |
1 |
|
|
3 |
|
|
1 |
|
|
3 |
|
Restructuring costs |
4 |
|
|
1 |
|
|
11 |
|
|
3 |
|
Non-Service cost U.S. based
pensions |
— |
|
|
1 |
|
|
1 |
|
|
8 |
|
(Gain) loss on disposition of
assets |
(1 |
) |
|
(1 |
) |
|
1 |
|
|
(5 |
) |
Other |
14 |
|
|
15 |
|
|
19 |
|
|
24 |
|
Consolidated Adjusted
EBITDA |
$ |
(274 |
) |
|
$ |
661 |
|
|
$ |
(668 |
) |
|
$ |
1,334 |
|
|
|
|
|
|
|
|
|
IEP Adjusted
EBITDA: |
|
|
|
|
|
|
|
Net (loss) income from
continuing operations attributable to Icahn Enterprises |
$ |
(474 |
) |
|
$ |
148 |
|
|
$ |
(868 |
) |
|
$ |
246 |
|
Interest expense, net |
108 |
|
|
100 |
|
|
209 |
|
|
214 |
|
Income tax benefit |
(2 |
) |
|
(17 |
) |
|
(1 |
) |
|
(1 |
) |
Depreciation and
amortization |
92 |
|
|
85 |
|
|
179 |
|
|
169 |
|
EBITDA attributable to
IEP |
$ |
(276 |
) |
|
$ |
316 |
|
|
$ |
(481 |
) |
|
$ |
628 |
|
Impairment of assets |
1 |
|
|
3 |
|
|
1 |
|
|
3 |
|
Restructuring costs |
4 |
|
|
1 |
|
|
9 |
|
|
3 |
|
Non-Service cost U.S. based
pensions |
— |
|
|
1 |
|
|
1 |
|
|
6 |
|
(Gain) loss on disposition of
assets |
(1 |
) |
|
(1 |
) |
|
1 |
|
|
(5 |
) |
Other |
14 |
|
|
15 |
|
|
17 |
|
|
25 |
|
Adjusted EBITDA
attributable to IEP |
$ |
(258 |
) |
|
335 |
|
|
(452 |
) |
|
660 |
|
($ in millions) |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
Consolidated Adjusted
EBIT: |
(Unaudited) |
Net (loss) income from continuing operations |
$ |
(573 |
) |
|
$ |
410 |
|
|
$ |
(1,237 |
) |
|
$ |
777 |
|
Interest expense, net |
136 |
|
|
118 |
|
|
262 |
|
|
265 |
|
Income tax expense
(benefit) |
8 |
|
|
(16 |
) |
|
14 |
|
|
1 |
|
Consolidated
EBIT |
$ |
(429 |
) |
|
$ |
512 |
|
|
$ |
(961 |
) |
|
$ |
1,043 |
|
Impairment of assets |
1 |
|
|
3 |
|
|
1 |
|
|
3 |
|
Restructuring costs |
4 |
|
|
1 |
|
|
11 |
|
|
3 |
|
Non-Service cost U.S. based
pensions |
— |
|
|
1 |
|
|
1 |
|
|
8 |
|
(Gain) loss on disposition of
assets |
(1 |
) |
|
(1 |
) |
|
1 |
|
|
(5 |
) |
Other |
14 |
|
|
15 |
|
|
19 |
|
|
24 |
|
Consolidated Adjusted
EBIT |
$ |
(411 |
) |
|
$ |
531 |
|
|
$ |
(928 |
) |
|
$ |
1076 |
|
|
|
|
|
|
|
|
|
IEP Adjusted
EBIT: |
|
|
|
|
|
|
|
Net (loss) income from
continuing operations attributable to Icahn Enterprises |
$ |
(474 |
) |
|
$ |
148 |
|
|
$ |
(868 |
) |
|
$ |
246 |
|
Interest expense, net |
108 |
|
|
100 |
|
|
209 |
|
|
214 |
|
Income tax benefit |
(2 |
) |
|
(17 |
) |
|
(1 |
) |
|
(1 |
) |
EBIT attributable to
IEP |
$ |
(368 |
) |
|
$ |
231 |
|
|
$ |
(660 |
) |
|
$ |
459 |
|
Impairment of assets |
1 |
|
|
3 |
|
|
1 |
|
|
3 |
|
Restructuring costs |
4 |
|
|
1 |
|
|
9 |
|
|
3 |
|
Non-Service cost U.S. based
pensions |
— |
|
|
1 |
|
|
1 |
|
|
6 |
|
(Gain) loss on disposition of
assets |
(1 |
) |
|
(1 |
) |
|
1 |
|
|
(5 |
) |
Other |
14 |
|
|
15 |
|
|
17 |
|
|
25 |
|
Adjusted EBIT
attributable to IEP |
$ |
(350 |
) |
|
$ |
250 |
|
|
$ |
(631 |
) |
|
$ |
491 |
|
Investor Contacts:SungHwan Cho, Chief Financial
OfficerPeter Reck, Chief Accounting Officer(212) 702-4300
Icahn Enterprises (NASDAQ:IEP)
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