Icahn Enterprises(IEP) - 2024 Q3 - Quarterly Results

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].