Earnings report better than expected and $1.00 qt. dividend.
Icahn Enterprises L.P. (Nasdaq: IEP) Today Announced Its Third Quarter 2023 Financial Results
Sunny Isles Beach, Fla, November 3, 2023 –
· Third quarter net loss attributable to IEP of $6 million, an improvement of $117 million over prior year quarter
· Third quarter Adjusted EBITDA attributable to IEP of $272 million, an increase of $202 million over prior year quarter
· Indicative net asset value increased $147 million during the quarter to $5.2 billion
· IEP maintains the quarterly distribution of $1.00 per depositary unit for the third quarter
Financial Summary
(Net loss and Adjusted EBITDA figures in commentary below are attributable to Icahn Enterprises, unless otherwise specified)
For the three months ended September 30, 2023, revenues were $3.0 billion and net losses were $6 million, or a loss of $0.01 per depository unit. For the three months ended September 30, 2022, revenues were $3.4 billion and net losses were $123 million, or a loss of $0.37 per depository unit. Adjusted EBITDA was $272 million for the three months ended September 30, 2023, compared to $70 million for the three months ended September 30, 2022.
For the nine months ended September 30, 2023, revenues were $8.2 billion and net losses were $545 million, or a loss of $1.47 per depositary unit. For the nine months ended September 30, 2022, revenues were $11.0 billion and net income was $72 million, or $0.23 per depositary unit. Adjusted EBITDA was $422 million for the nine months ended September 30, 2023, compared to $812 million for the nine months ended September 30, 2022.?
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As of September 30, 2023, indicative net asset value increased $147 million compared to June 30, 2023, and decreased $474 million compared to December 31, 2022, respectively. The year-to-date figures include non-recurring losses in connection with Auto Plus bankruptcy. The change in indicative net asset value includes, among other things, changes in the fair value of certain subsidiaries which are not included in our GAAP earnings reported above.??
On November 1, 2023, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $1.00 per depositary unit, which will be paid on or about December 27, 2023, to depositary unitholders of record at the close of business on November 17, 2023. Depositary unitholders will have until December 15, 2023, to make a timely election to receive either cash or additional depositary units. If a unitholder does not make a timely election, it will automatically be deemed to have elected to receive the distribution in additional depositary units. Depositary unitholders who elect to receive (or who are deemed to have elected to receive) additional depositary units will receive units valued at the volume weighted average trading price of the units during the five consecutive trading days ending December 22, 2023. Icahn Enterprises will make a cash payment in lieu of issuing fractional depositary units to any unitholders electing to receive (or who are deemed to have elected to receive) depositary units.
