SUNNY ISLES BEACH, Fla., Feb. 26, 2025 /PRNewswire/ —
Financial Summary
(Net loss and Adjusted EBITDA figures in commentary below are attributable to Icahn Enterprises, unless otherwise specified)
For the three months ended December 31, 2024, revenues were $2.6 billion and net loss was $98 million, or $0.19 per depositary unit. For the three months ended December 31, 2023, revenues were $2.7 billion and net loss was $139 million, or a loss of $0.33 per depositary unit. Adjusted EBITDA was $12 million for the three months ended December 31, 2024, compared to an Adjusted EBITDA of $9 million for the three months ended December 31, 2023.
As of December 31, 2024, indicative net asset value decreased $223 million compared to September 30, 2024. The change in indicative net asset value is primarily driven by the decline in CVR Energy of $286 million, the third quarter distribution to holders of our depositary units of $71 million in cash and the decline in Viskase of $57 million, which was offset in part primarily by the change in our Real Estate segment value of $292 million. The Real Estate segment assets increased as a result of an agreement to sell certain properties and the decision to change to a fair-market value estimate of our remaining Real Estate segment assets.
On February 24, 2025, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $0.50 per depositary unit, which will be paid on or about April 16, 2025, to depositary unitholders of record at the close of business on March 10, 2024. Depositary unitholders will have until April 4, 2025, 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 April 11, 2025. 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.
Icahn Enterprises L.P., a master limited partnership, is a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma.
Caution Concerning Forward-Looking Statements
This release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, many of which are beyond our ability to control or predict. Forward-looking statements may be identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will” or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises and its subsidiaries. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors, including risks related to economic downturns, substantial competition and rising operating costs; the impacts from the ongoing Russia/Ukraine conflict and conflict in the Middle East, including economic volatility and the impacts of export controls and other economic sanctions; risks related to our investment activities, including the nature of the investments made by the private funds in which we invest, including the impact of the use of leverage through options, short sales, swaps, forwards and other derivative instruments; risk related to our ability to comply with the covenants in our senior notes and the risk of foreclosure on the assets securing our notes; declines in the fair value of our investments, losses in the private funds and loss of key employees; risks related to our ability to continue to conduct our activities in a manner so as to not be deemed an investment company under the Investment Company Act of 1940, as amended, or to be taxed as a corporation; risks related to short sellers and associated litigation and regulatory inquiries; risks relating to our general partner and controlling unitholder; pledges of our units by our controlling unitholder; risks related to our energy business, including the volatility and availability of crude oil, other feed stocks and refined products, declines in global demand for crude oil, refined products and liquid transportation fuels, unfavorable refining margin (crack spread), interrupted access to pipelines, significant fluctuations in nitrogen fertilizer demand in the agricultural industry and seasonality of results; risks related to potential strategic transactions involving our Energy segment, and the impact of tariffs; risks related to our automotive activities and exposure to adverse conditions in the automotive industry, including as a result of the Chapter 11 filing of our automotive parts subsidiary; risks related to our food packaging activities, including competition from better capitalized competitors, inability of our suppliers to timely deliver raw materials, and the failure to effectively respond to industry changes in casings technology; supply chain issues; inflation, including increased costs of raw materials and shipping, labor shortages and workforce availability; risks related to our real estate activities, including the extent of any tenant bankruptcies and insolvencies; risks related to our home fashion operations, including changes in the availability and price of raw materials, manufacturing disruptions, and changes in transportation costs and delivery times; political and regulatory uncertainty, including changing economic policy and the imposition of tariffs; and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission including out Annual Report on Form 10-K and our quarterly reports on Form 10-Q under the caption “Risk Factors”. Additionally, there may be other factors not presently known to us or which we currently consider to be immaterial that may cause our actual results to differ materially from the forward-looking statements. Past performance in our Investment segment is not indicative of future performance. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
(in millions, except per unit amounts)
Revenues:
Net sales
$
2,366
$
2,644
$
9,193
$
11,077
Other revenues from operations
141
182
707
770
Net loss from investment activities
(103)
(300)
(421)
(1,575)
Interest and dividend income
97
155
477
636
Gain (loss) on disposition of assets, net
2
3
(4)
8
Other income (loss), net
55
12
68
18
2,558
2,696
10,020
10,934
Expenses:
Cost of goods sold
2,205
2,380
8,619
9,327
Other expenses from operations
141
160
603
643
Selling, general and administrative
205
19
783
852
Dividend expense
9
199
56
87
Restructuring, net
2
—
3
1
Impairment
—
7
—
7
Credit loss on related party note receivable
—
—
—
139
Loss on deconsolidation of subsidiary
—
—
—
246
Interest expense
129
128
523
554
2,691
2,893
10,587
11,856
(Loss) income before income tax benefit (expense)
(133)
(197)
(567)
(922)
Income tax benefit (expense)
23
(8)
25
(90)
Net loss
(110)
(205)
(542)
(1,012)
Less: net (loss) income attributable to non-controlling interests
(12)
(66)
(97)
(328)
Net loss attributable to Icahn Enterprises
$
(98)
$
(139)
$
(445)
$
(684)
Net (loss) income attributable to Icahn Enterprises allocated to:
Limited partners
$
(96)
$
(136)
$
(436)
$
(670)
General partner
(2)
(3)
(9)
(14)
$
(98)
$
(139)
$
(445)
$
(684)
Basic and Diluted loss per LP unit
$
(0.19)
$
(0.33)
$
(0.94)
$
(1.75)
Basic and diluted weighted average LP units outstanding
505
412
466
382
Distributions declared per LP unit
$
0.50
$
1.00
$
3.50
$
6.00
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
December 31,
2024
2023
(in millions, except unit amounts)
ASSETS
Cash and cash equivalents
$
2,603
$
2,951
Cash held at consolidated affiliated partnerships and restricted cash
2,636
2,995
Investments
2,310
3,012
Due from brokers
1,624
4,367
Accounts receivable, net
479
485
Related party notes receivable, net
7
11
Inventories
897
1,047
Property, plant and equipment, net
3,843
3,969
Deferred tax asset
160
184
Derivative assets, net
22
64
Goodwill
288
288
Intangible assets, net
409
466
Assets held for sale
25
—
Other assets
976
1,019
Total Assets
$
16,279
$
20,858
LIABILITIES AND EQUITY
Accounts payable
$
802
$
830
Accrued expenses and other liabilities
1,547
1,596
Deferred tax liabilities
331
399
Derivative liabilities, net
756
979
Securities sold, not yet purchased, at fair value
1,373
3,473
Due to brokers
40
301
Debt
6,809
7,207
Total liabilities
11,658
14,785
Equity:
Limited partners: Depositary units: 522,736,315 units issued and outstanding at December 31, 2024 and 429,033,241 units issued and outstanding at December 31, 2023
3,241
3,969
General partner
(775)
(761)
Equity attributable to Icahn Enterprises
2,466
3,208
Equity attributable to non-controlling interests
2,155
2,865
Total equity
4,621
6,073
Total Liabilities and Equity
$
16,279
$
20,858
Use of Non-GAAP Financial Measures
The Company uses certain non-GAAP financial measures in evaluating its performance. These include non-GAAP EBITDA and Adjusted EBITDA. EBITDA represents earnings from continuing operations before net interest expense (excluding our Investment segment), income tax (benefit) expense and depreciation and amortization. We define Adjusted EBITDA as EBITDA excluding certain effects of impairment, restructuring costs, transformation costs, certain pension plan expenses, gains/losses on disposition of assets, gains/losses on extinguishment of debt and certain other non-operational charges. We present EBITDA and Adjusted EBITDA on a consolidated basis and on a basis attributable to Icahn Enterprises net of the effects of non-controlling interests. We conduct substantially all of our operations through subsidiaries. The operating results of our subsidiaries may not be sufficient to make distributions to us. In addition, our subsidiaries are not obligated to make funds available to us for payment of our indebtedness, payment of distributions on our depositary unit
