News

Icahn Enterprises LP Reports Third-Quarter Results

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4.4

Andrew R. Michaud

• November 03, 2023

Icahn Enterprises LP's stock (IEP) showed promising signs as it rose 4% premarket on Friday. The company recently announced its third-quarter results, which included a narrower net loss and better-than-expected revenue. Additionally, Icahn Enterprises LP confirmed that it would maintain its quarterly dividend.

Financial Highlights

• Net loss for the quarter was $6 million, or 1 cent per share, compared to a loss of $123 million, or 37 cents per share, in the same period last year.
• Revenue decreased from $3.334 billion to $2.991 billion year-over-year.
• The FactSet consensus projected earnings per share of 34 cents and revenue of $2.712 billion.

Continued Dividend Distribution

Despite the challenging quarter, Icahn Enterprises LP committed to maintaining its quarterly distribution, or dividend, of $1 per share. It is noteworthy that the company had reduced its dividend last quarter.

Indicative Net Asset Value Update

Icahn Enterprises LP's indicative net asset value witnessed growth during the quarter. It stood at $5.2 billion, reflecting a $147 million increase compared to the previous year. However, it declined by $474 million from December 31, 2022.

Persistent Challenges

It is important to acknowledge that Icahn Enterprises LP's stock has declined by 67% year-to-date. This decline can be attributed to the fallout following a short seller report in May, which raised concerns about the company's financials and triggered a significant selloff.

Market Performance

While Icahn Enterprises LP faced challenges, the broader market has experienced growth. The S&P 500 has gained 12% year-to-date.

Icahn Enterprises LP remains committed to overcoming obstacles and improving its financial performance moving forward.