The earnings call presented a mixed picture with strong liquidity and positive returns in the investment fund, but faced significant challenges in the energy and auto segments and a reduction in quarterly distribution. The sentiment is balanced with both notable achievements and difficulties.

Company Guidance

During Icahn Enterprises LP's Q3 2024 earnings call, several key metrics and strategic decisions were discussed. The company's net asset value (NAV) decreased by $423 million from the previous quarter, with positive returns in the investment fund, up approximately 8%, being offset by declines in CVR Energy and the auto service sector. The company ended the quarter with $1.6 billion in cash and cash equivalents at the holding company and $800 million at the funds, highlighting a significant liquidity position. Energy segment EBITDA was negative $38 million, a sharp decline from $347 million in Q3 2023, largely due to external power outages affecting volumes and margins. The quarterly distribution was reduced from $1.00 to $0.50 per depositary unit to maintain liquidity while pursuing investment opportunities, including a proposed tender offer for additional CVR shares. The Auto Services division experienced revenue challenges, but management changes are expected to improve performance. Adjusted EBITDA in Real Estate, Food Packaging, and Home Fashions segments decreased, while the Pharma segment saw a $2 million improvement. The call emphasized maintaining liquidity to capitalize on future opportunities and indicated a continued focus on building asset value.

Positive Investment Fund Returns

The investment funds were up approximately 8% for the quarter, driven by healthcare investments and refining hedges, avoiding any significant single-name losses.

Strong Liquidity Position

The company ended the quarter with $1.6 billion of cash and cash equivalents at the holding company and an additional $800 million at the funds.

Pharma Segment Improvement

Pharma segment's adjusted EBITDA improved by $2 million compared to the prior year, driven by higher prescription growth and a significant milestone in developmental therapies.

Investment Opportunities

The company is exploring a sale of a 45-acre site in Nashville, potentially yielding proceeds far exceeding the current book value.

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Icahn Enterprises (IEP) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

IEP Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 27, 2025	2024 (Q4)	0.18 / -	-0.33	―	―	―
Nov 08, 2024	2024 (Q3)	0.21 / 0.05	-0.01	600.00% (+0.06)
Aug 07, 2024	2024 (Q2)	0.19 / -0.72	-0.72	0.00% (0.00)
May 08, 2024	2024 (Q1)	0.25 / -0.09	-0.75	88.00% (+0.66)
Feb 28, 2024	2023 (Q4)	0.21 / -0.33	-0.74	55.41% (+0.41)
Nov 03, 2023	2023 (Q3)	0.34 / -0.01	-0.37	97.30% (+0.36)
Aug 04, 2023	2023 (Q2)	0.25 / -0.72	-0.41	-75.61% (-0.31)
May 10, 2023	2023 (Q1)	0.19 / -0.75	1.06	-170.75% (-1.81)
Feb 24, 2023	2022 (Q4)	0.15 / -0.74	-1.72	56.98% (+0.98)
Nov 03, 2022	2022 (Q3)	0.22 / -0.37	-0.55	32.73% (+0.18)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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IEP Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 08, 2024	$12.37	$11.62	-6.06%
Aug 07, 2024	$15.12	$14.45	-4.43%
May 08, 2024	$14.66	$15.85	+8.12%
Feb 28, 2024	$15.66	$15.55	-0.70%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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