Icahn Enterprises L.P. (NASDAQ:IEP) is reporting fourth quarter
2019 revenues of $2.6 billion and net loss attributable to Icahn
Enterprises of $157 million, or $0.74 per depositary unit,
including a loss from continuing operations of $149 million, or
$0.70 per depositary unit. For the three months ended
December 31, 2018, revenues were $2.8 billion and net income
attributable to Icahn Enterprises was $930 million, or $8.01 per
depositary unit, including a loss from continuing operations of
$439 million, or $2.30 per depositary unit. For the three months
ended December 31, 2019, Adjusted EBITDA attributable to Icahn
Enterprises was $111 million compared to $(108) million for the
three months ended December 31, 2018. For the three months
ended December 31, 2019, Adjusted EBIT attributable to Icahn
Enterprises was $22 million compared to $(188) million for the
three months ended December 31, 2018.
For the year ended December 31, 2019 revenues were $9.0
billion and net loss attributable to Icahn Enterprises was $1.1
billion, or $5.38 per depositary unit, including a loss from
continuing operations of $1.1 billion, or $5.23 per depositary
unit. For the year ended December 31, 2018, revenues were
$11.8 billion and net income attributable to Icahn Enterprises was
$1.5 billion, or $11.33 per depositary unit, including a loss from
continuing operations of $238 million, or $1.29 per depositary
unit. For the year ended December 31, 2019, Adjusted EBITDA
attributable to Icahn Enterprises was $(462) million compared to
$557 million for the year ended December 31, 2018. For the
year ended December 31, 2019, Adjusted EBIT attributable to
Icahn Enterprises was $(818) million compared to $224 million for
the year ended December 31, 2018.
For the year ended December 31, 2019, indicative net asset
value decreased to $7.07 billion compared to $8.15 billion as of
December 31, 2018.
On February 26, 2020, 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, 2020 to depositary unitholders of record at
the close of business on March 20, 2020. Depositary
unitholders will have until March 17, 2020 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 April 24, 2020. 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(UNAUDITED)
|
Three Months Ended December
31, |
|
Year Ended December 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Revenues: |
(In millions, except per unit amounts) |
Net sales |
$ |
2,349 |
|
|
|
$ |
2,578 |
|
|
|
$ |
9,720 |
|
|
|
$ |
10,576 |
|
|
Other revenues from operations |
162 |
|
|
|
156 |
|
|
|
666 |
|
|
|
647 |
|
|
Net gain (loss) from investment activities |
37 |
|
|
|
(6 |
) |
|
|
(1,931 |
) |
|
|
322 |
|
|
Interest and dividend income |
73 |
|
|
|
50 |
|
|
|
265 |
|
|
|
148 |
|
|
(Loss) gain on disposition of assets, net |
(3 |
) |
|
|
19 |
|
|
|
253 |
|
|
|
84 |
|
|
Other income (loss), net |
3 |
|
|
|
5 |
|
|
|
19 |
|
|
|
— |
|
|
|
2,621 |
|
|
|
2,802 |
|
|
|
8,992 |
|
|
|
11,777 |
|
|
Expenses: |
|
|
|
|
|
|
|
Cost of goods sold |
2,114 |
|
|
|
2,216 |
|
|
|
8,212 |
|
|
|
9,002 |
|
|
Other expenses from operations |
109 |
|
|
|
132 |
|
|
|
518 |
|
|
|
529 |
|
|
Selling, general and administrative |
349 |
|
|
|
374 |
|
|
|
1,376 |
|
|
|
1,386 |
|
|
Restructuring |
3 |
|
|
|
1 |
|
|
|
18 |
|
|
|
21 |
|
|
Impairment |
1 |
|
|
|
89 |
|
|
|
2 |
|
|
|
92 |
|
|
Interest expense |
162 |
|
|
|
133 |
|
|
|
605 |
|
|
|
524 |
|
|
|
2,738 |
|
|
|
2,945 |
|
|
|
10,731 |
|
|
|
11,554 |
|
|
(Loss) income from continuing
operations before income tax (expense) benefit |
(117 |
) |
|
|
(143 |
) |
|
|
(1,739 |
) |
|
|
223 |
|
|
Income tax (expense)
benefit |
(32 |
) |
|
|
(63 |
) |
|
|
(20 |
) |
|
|
14 |
|
|
(Loss) income from continuing
operations |
(149 |
) |
|
|
(206 |
) |
|
|
(1,759 |
) |
|
|
237 |
|
|
(Loss) income from
discontinued operations |
(8 |
) |
|
|
1,376 |
|
|
|
(32 |
) |
|
|
1,764 |
|
|
Net (loss) income |
(157 |
) |
|
|
1,170 |
|
|
|
(1,791 |
) |
|
|
2,001 |
|
|
Less: net income (loss)
attributable to non-controlling interests |
— |
|
|
|
240 |
|
|
|
(693 |
) |
|
|
519 |
|
|
Net (loss) income attributable
to Icahn Enterprises |
$ |
(157 |
) |
|
|
$ |
930 |
|
|
|
$ |
(1,098 |
) |
|
|
$ |
1,482 |
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable
to Icahn Enterprises from: |
|
|
|
|
|
|
|
Continuing
operations |
$ |
(149 |
) |
|
|
$ |
(439 |
) |
|
|
$ |
(1,066 |
) |
|
|
$ |
(238 |
) |
|
Discontinued
operations |
(8 |
) |
|
|
1,369 |
|
|
|
(32 |
) |
|
|
1,720 |
|
|
|
$ |
(157 |
) |
|
|
$ |
930 |
|
|
|
$ |
(1,098 |
) |
|
|
$ |
1,482 |
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable
to Icahn Enterprises allocated to: |
|
|
|
|
|
|
|
Limited partners |
$ |
(154 |
) |
|
|
$ |
1,498 |
|
|
|
$ |
(1,076 |
) |
|
|
$ |
2,039 |
|
|
General partner |
(3 |
) |
|
|
(568 |
) |
|
|
(22 |
) |
|
|
(557 |
) |
|
|
$ |
(157 |
) |
|
|
$ |
930 |
|
|
|
$ |
(1,098 |
) |
|
|
$ |
1,482 |
|
|
|
|
|
|
|
|
|
|
Basic and diluted (loss)
income per LP unit: |
|
|
|
|
|
|
|
Continuing operations |
$ |
(0.70 |
) |
|
|
$ |
(2.30 |
) |
|
|
$ |
(5.23 |
) |
|
|
$ |
(1.29 |
) |
|
Discontinued operations |
(0.04 |
) |
|
|
10.31 |
|
|
|
(0.15 |
) |
|
|
12.62 |
|
|
|
$ |
(0.74 |
) |
|
|
$ |
8.01 |
|
|
|
$ |
(5.38 |
) |
|
|
$ |
11.33 |
|
|
Basic and diluted weighted
average LP units outstanding |
208 |
|
|
|
187 |
|
|
|
200 |
|
|
|
180 |
|
|
Cash distributions declared
per LP unit |
$ |
2.00 |
|
|
|
$ |
1.75 |
|
|
|
$ |
8.00 |
|
|
|
$ |
7.00 |
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS(UNAUDITED)
|
December 31, 2019 |
|
December 31, 2018 |
ASSETS |
(In millions) |
Cash and cash equivalents |
$ |
3,794 |
|
|
|
$ |
2,656 |
|
|
Cash held at consolidated
affiliated partnerships and restricted cash |
1,151 |
|
|
|
2,682 |
|
|
Investments |
9,945 |
|
|
|
8,337 |
|
|
Due from brokers |
858 |
|
|
|
664 |
|
|
Accounts receivable, net |
475 |
|
|
|
474 |
|
|
Inventories, net |
1,812 |
|
|
|
1,779 |
|
|
Property, plant and equipment,
net |
4,541 |
|
|
|
4,688 |
|
|
Goodwill |
282 |
|
|
|
247 |
|
|
Intangible assets, net |
431 |
|
|
|
501 |
|
|
Other assets |
1,350 |
|
|
|
1,461 |
|
|
Total
Assets |
$ |
24,639 |
|
|
|
$ |
23,489 |
|
|
LIABILITIES AND EQUITY |
|
|
|
Accounts payable |
$ |
945 |
|
|
|
$ |
832 |
|
|
Accrued expenses and other
liabilities |
1,453 |
|
|
|
1,012 |
|
|
Deferred tax liability |
639 |
|
|
|
694 |
|
|
Unrealized loss on derivative
contracts |
1,224 |
|
|
|
36 |
|
|
Securities sold, not yet
purchased, at fair value |
1,190 |
|
|
|
468 |
|
|
Due to brokers |
54 |
|
|
|
141 |
|
|
Debt |
8,192 |
|
|
|
7,326 |
|
|
Total liabilities |
13,697 |
|
|
|
10,509 |
|
|
|
|
|
|
Equity: |
|
|
|
Limited partners |
6,268 |
|
|
|
7,350 |
|
|
General partner |
(812 |
) |
|
|
(790 |
) |
|
Equity attributable to Icahn
Enterprises |
5,456 |
|
|
|
6,560 |
|
|
Equity attributable to
non-controlling interests |
5,486 |
|
|
|
6,420 |
|
|
Total equity |
10,942 |
|
|
|
12,980 |
|
|
Total Liabilities and
Equity |
$ |
24,639 |
|
|
|
$ |
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 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 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 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 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.
|
December 31, 2019 |
|
December 31, 2018 |
Market-valued
Subsidiaries: |
(In millions)(Unaudited) |
Holding Company interest in
Funds (1) |
$ |
4,296 |
|
|
|
$ |
5,066 |
|
|
CVR Energy (2) |
2,879 |
|
|
|
2,455 |
|
|
CVR Refining - direct holding
(2) |
— |
|
|
|
60 |
|
|
Tenneco Inc.(2) |
386 |
|
|
|
806 |
|
|
Total market-valued
subsidiaries |
$ |
7,561 |
|
|
|
$ |
8,387 |
|
|
|
|
|
|
Other
Subsidiaries: |
|
|
|
Viskase (3) |
$ |
84 |
|
|
|
$ |
147 |
|
|
Real Estate Holdings (1) |
474 |
|
|
|
465 |
|
|
PSC Metals (1) |
156 |
|
|
|
177 |
|
|
WestPoint Home (1) |
147 |
|
|
|
133 |
|
|
Ferrous Resources (4) |
— |
|
|
|
423 |
|
|
Icahn Automotive Group
(1) |
1,750 |
|
|
|
1,747 |
|
|
Total - other
subsidiaries |
$ |
2,611 |
|
|
|
$ |
3,092 |
|
|
Add: Holding
Company cash and cash equivalents (5) |
3,006 |
|
|
|
1,834 |
|
|
Less: Holding
Company debt (5) |
(6,297 |
) |
|
|
(5,505 |
) |
|
Add: Other
Holding Company net assets (5) |
186 |
|
|
|
344 |
|
|
Indicative Net Asset
Value |
$ |
7,067 |
|
|
|
$ |
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.
(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 year ended December 31, 2019 and 2018. |
(4) |
December 31, 2018 represents the
estimated proceeds based on the sale agreement signed during
December 2018. |
(5) |
Holding Company's balance as of
each respective date. |
|
Three Months Ended December
31, |
|
Year Ended December 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Consolidated Adjusted
EBITDA: |
(In millions)(Unaudited) |
Net (loss) income from
continuing operations |
$ |
(149 |
) |
|
|
$ |
(206 |
) |
|
|
$ |
(1,759 |
) |
|
|
$ |
237 |
|
|
Interest expense, net |
150 |
|
|
|
124 |
|
|
|
545 |
|
|
|
511 |
|
|
Income tax expense
(benefit) |
32 |
|
|
|
63 |
|
|
|
20 |
|
|
|
(14 |
) |
|
Depreciation and
amortization |
130 |
|
|
|
125 |
|
|
|
519 |
|
|
|
508 |
|
|
Consolidated
EBITDA |
$ |
163 |
|
|
|
$ |
106 |
|
|
|
$ |
(675 |
) |
|
|
$ |
1,242 |
|
|
Impairment of assets |
1 |
|
|
|
89 |
|
|
|
2 |
|
|
|
92 |
|
|
Restructuring costs |
3 |
|
|
|
— |
|
|
|
18 |
|
|
|
16 |
|
|
Non-Service (credit) cost of
U.S. based pensions |
— |
|
|
|
(2 |
) |
|
|
2 |
|
|
|
6 |
|
|
Loss (gain) on disposition of
assets |
2 |
|
|
|
(20 |
) |
|
|
(249 |
) |
|
|
(90 |
) |
|
Other |
22 |
|
|
|
26 |
|
|
|
59 |
|
|
|
53 |
|
|
Consolidated Adjusted
EBITDA |
$ |
191 |
|
|
|
$ |
199 |
|
|
|
$ |
(843 |
) |
|
|
$ |
1,319 |
|
|
|
|
|
|
|
|
|
|
IEP Adjusted
EBITDA: |
|
|
|
|
|
|
|
Net loss from continuing
operations attributable to Icahn Enterprises |
$ |
(149 |
) |
|
|
$ |
(439 |
) |
|
|
$ |
(1,066 |
) |
|
|
$ |
(238 |
) |
|
Interest expense, net |
114 |
|
|
|
100 |
|
|
|
428 |
|
|
|
419 |
|
|
Income tax expense
(benefit) |
28 |
|
|
|
61 |
|
|
|
(7 |
) |
|
|
(24 |
) |
|
Depreciation and
amortization |
89 |
|
|
|
80 |
|
|
|
356 |
|
|
|
333 |
|
|
EBITDA attributable to
IEP |
$ |
82 |
|
|
|
$ |
(198 |
) |
|
|
$ |
(289 |
) |
|
|
$ |
490 |
|
|
Impairment of assets |
1 |
|
|
|
89 |
|
|
|
2 |
|
|
|
92 |
|
|
Restructuring costs |
3 |
|
|
|
— |
|
|
|
16 |
|
|
|
14 |
|
|
Non-Service (credit) cost of
U.S. based pensions |
— |
|
|
|
(2 |
) |
|
|
2 |
|
|
|
4 |
|
|
Loss (gain) on disposition of
assets |
2 |
|
|
|
(20 |
) |
|
|
(249 |
) |
|
|
(91 |
) |
|
Other |
23 |
|
|
|
23 |
|
|
|
56 |
|
|
|
48 |
|
|
Adjusted EBITDA
attributable to IEP |
$ |
111 |
|
|
|
(108 |
) |
|
|
(462 |
) |
|
|
557 |
|
|
|
Three Months Ended December
31, |
|
Year Ended December 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Consolidated Adjusted
EBIT: |
(In millions)(Unaudited) |
Net (loss) income from continuing operations |
$ |
(149 |
) |
|
|
$ |
(206 |
) |
|
|
$ |
(1,759 |
) |
|
|
$ |
237 |
|
|
Interest expense, net |
150 |
|
|
|
124 |
|
|
|
545 |
|
|
|
511 |
|
|
Income tax expense
(benefit) |
32 |
|
|
|
63 |
|
|
|
20 |
|
|
|
(14 |
) |
|
Consolidated
EBIT |
$ |
33 |
|
|
|
$ |
(19 |
) |
|
|
$ |
(1,194 |
) |
|
|
$ |
734 |
|
|
Impairment of assets |
1 |
|
|
|
89 |
|
|
|
2 |
|
|
|
92 |
|
|
Restructuring costs |
3 |
|
|
|
— |
|
|
|
18 |
|
|
|
16 |
|
|
Non-Service (credit) cost of
U.S. based pensions |
— |
|
|
|
(2 |
) |
|
|
2 |
|
|
|
6 |
|
|
Loss (gain) on disposition of
assets |
2 |
|
|
|
(20 |
) |
|
|
(249 |
) |
|
|
(90 |
) |
|
Other |
22 |
|
|
|
26 |
|
|
|
59 |
|
|
|
53 |
|
|
Consolidated Adjusted
EBIT |
$ |
61 |
|
|
|
$ |
74 |
|
|
|
$ |
(1,362 |
) |
|
|
$ |
811 |
|
|
|
|
|
|
|
|
|
|
IEP Adjusted
EBIT: |
|
|
|
|
|
|
|
Net (loss) income from
continuing operations attributable to Icahn Enterprises |
$ |
(149 |
) |
|
|
$ |
(439 |
) |
|
|
$ |
(1,066 |
) |
|
|
$ |
(238 |
) |
|
Interest expense, net |
114 |
|
|
|
100 |
|
|
|
428 |
|
|
|
419 |
|
|
Income tax expense
(benefit) |
28 |
|
|
|
61 |
|
|
|
(7 |
) |
|
|
(24 |
) |
|
EBIT attributable to
IEP |
$ |
(7 |
) |
|
|
$ |
(278 |
) |
|
|
$ |
(645 |
) |
|
|
$ |
157 |
|
|
Impairment of assets |
1 |
|
|
|
89 |
|
|
|
2 |
|
|
|
92 |
|
|
Restructuring costs |
3 |
|
|
|
— |
|
|
|
16 |
|
|
|
14 |
|
|
Non-Service (credit) cost of
U.S. based pensions |
— |
|
|
|
(2 |
) |
|
|
2 |
|
|
|
4 |
|
|
Loss (gain) on disposition of
assets |
2 |
|
|
|
(20 |
) |
|
|
(249 |
) |
|
|
(91 |
) |
|
Other |
23 |
|
|
|
23 |
|
|
|
56 |
|
|
|
48 |
|
|
Adjusted EBIT
attributable to IEP |
$ |
22 |
|
|
|
$ |
(188 |
) |
|
|
$ |
(818 |
) |
|
|
$ |
224 |
|
|
Investor Contacts:SungHwan Cho, Chief Financial
OfficerPeter Reck, Chief Accounting Officer(212) 702-4300
Icahn Enterprises (NASDAQ:IEP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Icahn Enterprises (NASDAQ:IEP)
Historical Stock Chart
From Sep 2023 to Sep 2024