Icahn Enterprises(US:IEP)2019-11-05 21:06Financial Performance - Net sales for the three months ended September 30, 2019, were $2,484 million, down 11.7% from $2,815 million in the same period of 2018[18]. - The net loss attributable to Icahn Enterprises for the three months ended September 30, 2019, was $49 million, compared to a net income of $118 million in the same period of 2018[18]. - The company reported a net loss from investment activities of $657 million for the three months ended September 30, 2019, compared to a loss of $514 million in the same period of 2018[18]. - Comprehensive loss attributable to Icahn Enterprises for the three months ended September 30, 2019, was $52 million, compared to a comprehensive income of $112 million in the same period of 2018[20]. - Net loss for the nine months ended September 30, 2019, was $1,634 million compared to a net income of $831 million for the same period in 2018[24]. - Total revenues for the nine months ended September 30, 2019, were $6,371 million, down 29.1% from $8,975 million in the same period of 2018[29]. - The company reported a net loss of $1,633 million for the nine months ended September 30, 2019, compared to a net income of $832 million in the same period of 2018[30]. - The company reported a net loss from continuing operations of $1,610 million for the nine months ended September 30, 2019, indicating significant financial strain[189]. Assets and Liabilities - Total assets decreased to $23,257 million as of September 30, 2019, from $23,489 million at December 31, 2018, representing a decline of approximately 1.0%[17]. - Total liabilities increased to $12,109 million as of September 30, 2019, from $10,509 million at December 31, 2018, marking an increase of approximately 15.3%[17]. - Cash and cash equivalents increased to $3,266 million as of September 30, 2019, from $2,656 million at December 31, 2018, reflecting a growth of approximately 22.9%[17]. - Total equity attributable to Icahn Enterprises Holdings decreased from $6,588 million at the end of 2018 to $5,630 million by September 30, 2019[27]. - The carrying value of long-term debt as of September 30, 2019 was approximately $7.4 billion, with an estimated fair value of $7.7 billion[82]. - Total debt increased to $7,449 million as of September 30, 2019, compared to $7,326 million on December 31, 2018, with significant notes due in 2020 and 2022[169]. Cash Flow and Investments - The company reported a net cash used in operating activities from continuing operations of $1,868 million for the nine months ended September 30, 2019[24]. - Proceeds from the sale of securities amounted to $2,133 million for the nine months ended September 30, 2019, compared to $5,538 million in 2018[24]. - The company made capital expenditures of $195 million during the nine months ended September 30, 2019[24]. - Net cash provided by investing activities from continuing operations was $631 million for the nine months ended September 30, 2019[34]. - The company reported unrealized losses of $(513) million for the three months ended September 30, 2019, compared to $(4) million for the same period in 2018[118]. - The company experienced a net loss from investment activities of $1,619 million for the nine months ended September 30, 2019, indicating challenges in investment performance[189]. Segment Performance - The Energy segment recorded revenue of $68 million from deferred revenue for the nine months ended September 30, 2019, compared to $34 million for the same period in 2018[95]. - The Automotive segment recognized operating lease right-of-use assets of $589 million and related liabilities of $621 million as of January 1, 2019[98]. - The Automotive segment had deferred revenue of $42 million as of September 30, 2019, consistent with the amount as of December 31, 2018[97]. - The Energy segment's net sales for the nine months ended September 30, 2019, were $4,794 million, a decrease from $5,386 million in the same period of 2018[194]. - Automotive segment net sales for the nine months ended September 30, 2019, reached $2,181 million, slightly up from $2,158 million in 2018[196]. Expenses and Costs - Interest expense for the three months ended September 30, 2019, was $153 million, an increase from $125 million in the same period of 2018[18]. - The cost of goods sold for Q3 2019 was $2,069 million, a decrease of 12.7% from $2,372 million in Q3 2018[29]. - Total expenses for the same period were $2,981 million, with the cost of goods sold accounting for $2,372 million, representing a substantial portion of total expenses[188]. - Interest expense for the nine months ended September 30, 2019, amounted to $443 million, reflecting the cost of financing activities[189]. Distributions and Equity - The company declared cash distributions of $2.00 per LP unit for the three months ended September 30, 2019, compared to $1.75 per LP unit in the same period of 2018[18]. - The company distributed a total of 5,583,252 depositary units to unitholders during the three months ended September 30, 2019, and 15,617,442 units during the nine months ended September 30, 2019, with cash distributions amounting to $27 million and $81 million respectively[177]. - The company reported total revenues of $2,484 million for the three months ended September 30, 2019, with net sales from various segments including $1,622 million from Energy and $596 million from Automotive[186]. Other Financial Metrics - The effective income tax rate for the nine months ended September 30, 2019, was 0.7%, significantly lower than the statutory federal rate of 21%[207]. - For the nine months ended September 30, 2019, the company recorded an income tax benefit of $12 million on a pre-tax loss from continuing operations of $1,622 million[207]. - Environmental liabilities as of September 30, 2019, were $34 million, down from $37 million as of December 31, 2018[213]. - The company reported equity earnings from non-consolidated affiliates of $16 million for the nine months ended September 30, 2019, compared to $5 million in 2018[212].