Icahn Enterprises posts profit in Q3; slashes distribution

seekingalpha11-08

Neilson BarnardIcahn Enterprises (NASDAQ:IEP) stock tumbled 10% in Friday premarket trading after the company slashed its quarterly distribution in half to provide liquidity for a tender offer for CVR...

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Meanwhile, the company posted Q3 net income, compared with losses in the previous and year-ago quarters, reflecting a net gain from investments in Q3 2024. Q3 net income attributable to IEP of $22M, or $0.05 per share, vs. -$331M, or -$0.72 per share, in Q2 and -$8M, or -$0.01 per share, in last year's Q3. Q3 total revenue of $2.79B, beating the sole analyst estimate of $2.32B consensus, rose from $2.20B in the previous quarter and fell from $3.01B a year ago. Q3 net gain from investment activities totaled $257M, compared with -$479M in Q2 and -$332M in Q3 2023. Total expenses of $2.72B increased from $2.68B in the prior quarter and declined from $2.94B a year ago. Adjusted EBITDA attributable to IEP  was $183M, vs. -$155M in Q2 and $243M in last year's Q3. 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Q3 net income attributable to IEP of $22M, or $0.05 per share, vs. -$331M, or -$0.72 per share, in Q2 and -$8M, or -$0.01 per share, in last year's Q3. Q3 total revenue of $2.79B, beating the sole analyst estimate of $2.32B consensus, rose from $2.20B in the previous quarter and fell from $3.01B a year ago. Q3 net gain from investment activities totaled $257M, compared with -$479M in Q2 and -$332M in Q3 2023. Total expenses of $2.72B increased from $2.68B in the prior quarter and declined from $2.94B a year ago. Adjusted EBITDA attributable to IEP (NASDAQ:IEP) was $183M, vs. -$155M in Q2 and $243M in last year's Q3. Indicative net asset value dipped to $3.56B at Sept. 30, 2024 from $3.98B at June 30. In that calculation, the net asset value of CVR Energy (CVI) decreased to $1.54B from $1.79B.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481104206"}