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 ...

Core Insights - Icahn Enterprises L.P. (NASDAQ: IEP) has received two Sell ratings, with stock performance aligning with expectations, showing a price at publication of $19.9 and a total return of -9.68% [2][3] - The company declared a $1 distribution, maintaining an annualized yield close to 25%, but challenges in underlying segments suggest a potential need to eliminate distributions altogether [4][17] Financial Performance - For Q2 2024, IEP reported a net loss of $331 million, or $0.72 per depositary unit, consistent with the previous year's loss of $269 million [5][6] - Adjusted EBITDA for Q2 2024 was a loss of $155 million, a significant decline from a gain of $14 million in Q2 2023 [5][6] - The indicative net asset value (NAV) as of June 30, 2024, was approximately $4 billion, down $969 million from March 31, 2024, and $775 million from December 31, 2023 [6][12] Segment Analysis - **Investment Segment**: Total return was negative 8.1% for the quarter, heavily impacted by Bausch Health Companies Inc. (BHC), which saw a 50% decline since March 31, 2024 [6][7] - **Energy Segment**: CVR Energy's adjusted EBITDA decreased by $127 million to $46 million compared to $173 million in the prior year, with realized gate prices for UAN down 15% [8] - **Automotive Segment**: Net sales decreased by $42 million due to reduced consumer spending on automotive repairs, although adjusted EBITDA improved slightly by $2 million [10] - **Other Segments**: Adjusted EBITDA for real estate and food packaging segments decreased due to lower demand, with overall revenues declining year over year [11] Unit Count and NAV - The weighted average count of units for Q2 2024 was 450 million, up from 367 million the previous year, with actual units outstanding at 475.5 million as of June 30, 2024 [14][15] - The NAV per unit is approximately $8.37, which is about 25% lower than the previous quarter and 45% lower than five quarters ago [16][17] Outlook - The total NAV has dropped significantly, raising concerns about the company's ability to manage net debt effectively [12][17] - The sustainability of the current distribution is questioned, with expectations that it may need to be reduced or eliminated soon [18][19]

Financial Performance - For the second quarter of 2024, Icahn Enterprises reported a net loss of $331 million, which is a decline of $62 million compared to the same quarter in the previous year [1] - Adjusted EBITDA for the second quarter of 2024 was a loss of $155 million, compared to a gain of $14 million in the second quarter of 2023 [1] - Revenues for the second quarter of 2024 were $2.2 billion, down from $2.6 billion in the same quarter of 2023 [1][2] Year-to-Date Performance - For the first half of 2024, revenues totaled $4.7 billion, with a net loss of $369 million, compared to revenues of $5.2 billion and a net loss of $539 million in the first half of 2023 [2] - Adjusted EBITDA for the first half of 2024 was a loss of $21 million, down from a gain of $109 million in the same period of 2023 [2] Asset Valuation - As of June 30, 2024, the indicative net asset value of Icahn Enterprises was approximately $4 billion, a decrease of $969 million from March 31, 2024 [1][3] - The indicative net asset value does not reflect the market price at which the depositary units trade, and it is subject to fluctuations based on various factors [14][16] Distribution Information - The Board of Directors declared a quarterly distribution of $1.00 per depositary unit, to be paid on or about September 25, 2024 [4] - Depositary unitholders will have until September 13, 2024, to elect to receive either cash or additional depositary units [4] Company Overview - Icahn Enterprises L.P. is a diversified holding company with subsidiaries engaged in various sectors including Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma [5]

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 ...

SUNNY ISLES BEACH, Fla., May 28, 2024 /PRNewswire/ -- Icahn Enterprises L.P. (NASDAQ: IEP) – Icahn Enterprises L.P. ("Icahn Enterprises") announced today that it, together with Icahn Enterprises Finance Corp. (together with Icahn Enterprises, the "Issuers"), consummated their offering of $750,000,000 aggregate principal amount of 9.000% Senior Unsecured Notes due 2030 (the "Notes") in a private placement not registered under the Securities Act of 1933, as amended (the "Securities Act") (such offering, the " ...

Icahn Enterprises' dividend yield is now above 20%. Is this stock a dividend investor's dream? Icahn Enterprises (IEP -1.02%) has been a dividend investor's dream. While the exact payout has fluctuated, the company has paid out a steady stream of cash to shareholders since 2005. Right now, the dividend yield is nearly 24%, causing many investors to take note. But can the company really afford to support a dividend yield of more than 20% in 2024? Will Icahn Enterprises really pay a 20% dividend this year? Ic ...