Financial Data and Key Metrics Changes - NAV decreased by $423 million from Q2 2024, with positive returns in investment funds offset by declines in CVR Energy and disappointing performance in the auto service division [7] - Investment funds were up approximately 8% for the quarter, driven by healthcare investments and refining hedges [7] - The company ended the quarter with $1.6 billion in cash and cash equivalents at the holding company and an additional $800 million at the funds [9] Business Line Data and Key Metrics Changes - Energy segment EBITDA was negative $38 million for Q3 2024, down from $347 million in Q3 2023, impacted by unplanned downtime and lower refining margins [15] - Automotive services revenues decreased by $51 million due to operational challenges, with net sales and other revenues down by $70 million compared to the prior year [16] - Real estate adjusted EBITDA decreased by $10 million, primarily due to the sale of an investment property and reduced sales of single-family homes [17] - Food Packaging adjusted EBITDA decreased by $6 million, despite increased volumes, due to a shift in product mix and lower pricing [19] - Pharma segment adjusted EBITDA improved by $2 million, mainly due to higher prescription growth [20] Market Data and Key Metrics Changes - Refining margin per throughput barrel decreased to $2.53 from $31.05 in the prior year quarter, driven by lower crack spreads [15] - Average realized gate prices for UAN increased by 3% to $229 per ton and ammonia increased by 9% to $399 per ton compared to the prior year quarter [15] Company Strategy and Development Direction - The Board reduced the quarterly distribution from $1 per depositary unit to $0.50 to maintain liquidity for investment opportunities [11] - The company is exploring the sale of a 45-acre site in Nashville, which is expected to yield proceeds exceeding current book value [17] - The management believes that the auto service division can achieve EBITDA margins in the high single digits to double digits over a multiyear period [9] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the automotive services division but noted signs of improvement following management changes [26] - The company remains optimistic about the future cash flow from CVR Energy, despite current market conditions [10] - Management emphasized the importance of maintaining liquidity to capitalize on attractive opportunities within and outside existing operating segments [20] Other Important Information - The company has received over $3 billion in dividends from its CVR investment since 2012 [10] - The company is focused on building asset value and maintaining liquidity to enable capitalizing on opportunities [20] Q&A Session Summary Question: Discussion on dividend, liquidity, and CVR - Management highlighted significant liquidity with $1.5 billion to $1.6 billion at the holding company and $800 million at hedge funds, emphasizing the attractiveness of the CVR investment [23] Question: Changes in the auto business management - Management confirmed that changes occurred around quarter-end, with significant improvements already noted post-management changes [26] Question: CapEx needs for food segment modernization - Management indicated that a capital plan is being developed, but specific CapEx needs are not yet determined [35] Question: Reconciliation of investment fund holdings - Management confirmed that a distribution during the quarter resulted in a movement from investment funds to holding company cash [40] Question: Dividend structure for Carl Icahn - Management stated that Carl has the same decision-making power regarding dividends as other shareholders [43] Question: Food Packaging segment profitability guidance - Management explained that increased volumes were offset by a lower-margin product mix and pricing competitiveness returning to pre-pandemic levels [46] Question: Industry consolidation potential - Management acknowledged the potential benefits of consolidation but noted no immediate opportunities that make sense [52]

Q3 2024 Earnings Presentation November 8, 2024 Icahn Enterprises L.P. 1 Safe Harbor Statement Forward-Looking Statements and Non-GAAP Financial Measures The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," " ...

Financial Performance - Third quarter net income attributable to Icahn Enterprises was $22 million, an improvement of $28 million compared to the prior year quarter[1]. - Third quarter revenues were $2.8 billion, down from $3.0 billion in the same quarter last year, representing a decrease of approximately 7%[1]. - Adjusted EBITDA for the third quarter was $183 million, compared to $243 million for the prior year quarter, reflecting a decline of about 25%[1]. - For the nine months ended September 30, 2024, revenues totaled $7.5 billion, down from $8.2 billion in the same period last year, a decrease of approximately 8.5%[2]. - For the nine months ended September 30, 2024, adjusted EBITDA was $162 million, down from $352 million in the same period last year, a decrease of approximately 54%[2]. - Net income for September 2024 was $80 million, a significant improvement from a loss of $30 million in September 2023[28]. - Adjusted EBITDA before non-controlling interests for September 2024 was $291 million, slightly down from $296 million in the same period last year[28]. - Adjusted EBITDA attributable to IEP was $183 million in September 2024, down from $243 million in the same quarter last year[28]. Asset and Liability Changes - The indicative net asset value as of September 30, 2024, was approximately $3.6 billion, a decrease of $423 million compared to June 30, 2024[3]. - Total assets decreased from $20,858 million in 2023 to $17,443 million in 2024, a decline of approximately 16.5%[10]. - Total liabilities decreased from $14,785 million in 2023 to $12,616 million in 2024, a reduction of about 14.7%[10]. - Equity attributable to Icahn Enterprises decreased from $3,208 million in 2023 to $2,645 million in 2024, a decline of approximately 17.5%[10]. - Indicative net asset value decreased from $4,758 million in December 2023 to $3,560 million in September 2024, a drop of about 25.2%[21]. - Market-valued subsidiaries and investments decreased from $5,264 million in 2023 to $4,281 million in 2024, a decline of approximately 18.7%[21]. - Cash and cash equivalents decreased from $2,951 million in 2023 to $2,294 million in 2024, a reduction of about 22.2%[10]. - Debt decreased from $7,207 million in 2023 to $6,447 million in 2024, a decline of approximately 10.5%[10]. - Accounts payable decreased from $830 million in 2023 to $679 million in 2024, a reduction of about 18.2%[10]. - Accrued expenses and other liabilities increased from $1,596 million in 2023 to $1,660 million in 2024, an increase of approximately 4.0%[10]. Leadership and Operational Changes - The company has replaced senior leadership in the Automotive Services business and is seeing early signs of recovery[3]. - The company modified its calculation of EBITDA to exclude the impact of net interest expense from the Investment segment effective December 31, 2023[12]. Other Financial Metrics - The company declared a quarterly distribution of $0.50 per depositary unit, down from $1.00, reflecting a 16% annualized yield at the current share price[1]. - The decline in indicative net asset value was primarily driven by a $249 million decrease in CVI and a $193 million decline in Automotive Services[3]. - The company reported a credit loss on related party note receivable of $0 million in September 2024, compared to a loss of $23 million in September 2023[28]. - Transformation costs decreased to $8 million in September 2024 from $10 million in September 2023[28]. - Interest expense, net, increased to $63 million in September 2024 from $57 million in September 2023[28]. - The company reported a loss on deconsolidation of subsidiary of $0 million in September 2024, unchanged from the previous year[28]. - Other expenses increased to $25 million in September 2024 from $3 million in September 2023[28]. - Depreciation and amortization expenses were $83 million in September 2024, down from $88 million in September 2023[28]. - The company experienced a net income loss of $347 million attributable to IEP in September 2023, compared to a loss of $22 million in September 2024[28].

Icahn Enterprises has a trailing-12-month dividend yield of 31%, but investors must consider the following before buying the stock. Icahn Enterprises (IEP -5.38%), headed by activist investor Carl Icahn, has paid out a very appealing dividend yield for years. However, the stock has been under significant pressure since last year when it was the subject of one prominent short-seller and the target of a recent Securities and Exchange Commission (SEC) investigation. Icahn Enterprises stock is down 44% from its ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, The ...

DNY59 We have had a two Sell ratings on Icahn Enterprises L.P. (NASDAQ:IEP) and the stock has generally tracked in the direction we expected. About This Article █ IEP | --- | --- | |---------------------------------|---------| | Stock Covered | | | Analyst's rating at publication | SELL | | Price at publication | $19.9 | | Change | -18.94% | | Total Return | -9.68% | | | | | S&P 500 change | 4.24% | | Analyst's rating history | 30 | | | | | | | Seeking Alpha While the distributions have eased the pain, they ...

SUNNY ISLES BEACH, Fla., Aug. 7, 2024 /PRNewswire/ -- Second quarter net loss attributable to IEP of $331 million, a decline of $62 million over prior year quarter Second quarter Adjusted EBITDA attributable to IEP was a loss of $155 million, compared to $14 million for the prior year quarter Indicative Net Asset Value was approximately $4 billion as of June 30, 2024, a decrease of $969 million compared to March 31, 2024 IEP declares second quarter distribution of $1.00 per depositary unit Financial Summary ...

Icahn Enterprises L.P., a master limited partnership, is a diversified holding company engaged in seven primary business segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma. SOURCE Icahn Enterprises L.P. SUNNY ISLES BEACH, Fla., July 24, 2024 /PRNewswire/ -- Icahn Enterprises L.P. (Nasdaq:IEP) announced today that it will discuss its second quarter 2024 results on a webcast on Wednesday, August 7, 2024 - 10:00 a.m. Eastern Time. To access the webcast, viewers shoul ...

That 23% dividend yield, meanwhile, may look attractive, but it isn't actually one that investors should count on. First off, Carl Icahn owns 86% of Icahn Enterprises and is currently taking some of the distributions to which he is entitled in units rather than in cash. This makes it possible for the company to pay out more in cash to other investors, which one could easily argue artificially boosts the dividend yield. Also, the company's ability to pay dividends is directly tied to its investment success, ...

A man who, like Carl Icahn, enjoys positive cash flow. Bambu Productions Icahn Enterprises (NASDAQ:IEP) is a legend in the world of high yield stocks. Boasting a massive 24% yield, it gets the yield hunters salivating. Although the stock gets a mere hold rating from both Seeking Alpha authors and Seeking Alpha Quant, it is a star on Wall Street, with a consensus 'buy' rating and no sell ratings! On the surface, it's somewhat hard to figure out what those bullish IEP are thinking. The company would appear to ...