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    Icahn Enterprises L.P. (Nasdaq: IEP) Today Announced Its First Quarter 2025 Financial Results

    5/7/25 8:00:00 AM ET
    $IEP
    Auto Parts:O.E.M.
    Consumer Discretionary
    Get the next $IEP alert in real time by email

    SUNNY ISLES BEACH, Fla., May 7, 2025 /PRNewswire/ -- 

    • Q1 2025 net loss attributable to IEP was $422 million, compared to a loss of $38 million in Q1 2024
    • Q1 2025 Adjusted EBITDA loss attributable to IEP was $287 million, compared to Adjusted EBITDA attributable to IEP of $134 million in Q1 2024
    • Indicative Net Asset Value was approximately $3.0 billion as of March 31, 2025, a decrease of $336 million compared to December 31, 2024
    • IEP declares first quarter distribution of $0.50 per depositary unit 

    Financial Summary

    (Net loss and Adjusted EBITDA figures in commentary below are attributable to Icahn Enterprises, unless otherwise specified)

    For the three months ended March 31, 2025, revenues were $1.9 billion and net loss was $422 million, or $0.79 per depositary unit. For the three months ended March 31, 2024, revenues were $2.5 billion and net loss was $38 million, or a loss of $0.09 per depositary unit. Adjusted EBITDA loss was $287 million for the three months ended March 31, 2025, compared to an Adjusted EBITDA of $134 million for the three months ended March 31, 2024.

    As of March 31, 2025, indicative net asset value decreased $336 million compared to December 31, 2024. The decreases was primarily due to losses in the Investment segment of $224 million, driven primarily by losses in the healthcare sector.

    On May 5, 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 June 25, 2025 to depositary unitholders of record at the close of business on May 19, 2025. Depositary unitholders will have until June 12, 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 June 20, 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; volatile commodity pricing and higher industry utilization and oversupply 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; interest rate increases; 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 our 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 March 31, 



    2025



    2024



    (in millions, except per unit amounts)

    Revenues:











    Net sales

    $

    2,002



    $

    2,253

    Other revenues from operations



    168





    174

    Net loss from investment activities



    (394)





    (96)

    Interest and dividend income



    83





    143

    Loss on disposition of assets, net



    (3)





    (6)

    Other income, net



    11





    2





    1,867





    2,470

    Expenses:











    Cost of goods sold



    2,016





    1,991

    Other expenses from operations



    151





    149

    Selling, general and administrative



    201





    193

    Dividend expense



    8





    20

    Impairment



    10





    —

    Restructuring, net



    7





    —

    Interest expense



    128





    136





    2,521





    2,489

    Loss before income tax expense



    (654)





    (19)

    Income tax benefit (expense)



    74





    (7)

    Net loss



    (580)





    (26)

    Less: net (loss) income attributable to non-controlling interests



    (158)





    12

    Net loss attributable to Icahn Enterprises

    $

    (422)



    $

    (38)













    Net loss attributable to Icahn Enterprises allocated to:











    Limited partners

    $

    (414)



    $

    (37)

    General partner



    (8)





    (1)



    $

    (422)



    $

    (38)













    Basic and Diluted income loss per LP unit

    $

    (0.79)



    $

    (0.09)

    Basic and Diluted weighted average LP units outstanding



    523





    429

    Distributions declared per LP unit

    $

    0.50



    $

    1.00

     

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (UNAUDITED)







    March 31, 



    December 31, 





    2025



    2024





    (in millions, except unit amounts)

    ASSETS













    Cash and cash equivalents



    $

    2,183



    $

    2,603

    Cash held at consolidated affiliated partnerships and restricted cash





    2,692





    2,636

    Investments





    2,073





    2,310

    Due from brokers





    1,119





    1,624

    Accounts receivable, net





    503





    479

    Inventories, net





    1,000





    897

    Property, plant and equipment, net





    3,824





    3,843

    Deferred tax asset





    179





    160

    Derivative assets, net





    22





    22

    Goodwill





    288





    288

    Intangible assets, net





    395





    409

    Assets held for sale





    25





    25

    Other assets





    1,178





    983

    Total Assets



    $

    15,481



    $

    16,279

    LIABILITIES AND EQUITY













    Accounts payable



    $

    870



    $

    802

    Accrued expenses and other liabilities





    1,952





    1,547

    Deferred tax liabilities





    278





    331

    Derivative liabilities, net





    912





    756

    Securities sold, not yet purchased, at fair value





    896





    1,373

    Due to brokers





    37





    40

    Debt





    6,794





    6,809

    Total liabilities





    11,739





    11,658





























    Equity:













    Limited partners: Depositary units: 522,736,315 units issued and outstanding at March 31, 2025 and 522,736,315 units issued and outstanding at December 31, 2024





    2,563





    3,241

    General partner





    (789)





    (775)

    Equity attributable to Icahn Enterprises





    1,774





    2,466

    Equity attributable to non-controlling interests





    1,968





    2,155

    Total equity





    3,742





    4,621

    Total Liabilities and Equity



    $

    15,481



    $

    16,279

    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 units or otherwise, and distributions and intercompany transfers from our subsidiaries to us may be restricted by applicable law or covenants contained in debt agreements and other agreements to which these subsidiaries currently may be subject or into which they may enter into in the future. The terms of any borrowings of our subsidiaries or other entities in which we own equity may restrict dividends, distributions or loans to us. 

    We believe that providing EBITDA and Adjusted EBITDA to investors has economic substance as these measures provide important supplemental information of our performance to investors and permits investors and management to evaluate the core operating performance of our business without regard to interest (except with respect to our Investment segment), taxes and depreciation and amortization and certain effects of impairment, restructuring costs, certain pension plan expenses, gains/losses on disposition of assets, gains/losses on extinguishment of debt and certain other non-operational charges. Additionally, we believe this information is frequently used by securities analysts, investors and other interested parties in the evaluation of companies that have issued debt. Management uses, and believes that investors benefit from referring to, these non-GAAP financial measures in assessing our operating results, as well as in planning, forecasting and analyzing future periods. Adjusting earnings for these charges allows investors to evaluate our performance from period to period, as well as our peers, without the effects of certain items that may vary depending on accounting methods and the book value of assets. Additionally, EBITDA and Adjusted EBITDA present meaningful measures of performance exclusive of our capital structure and the method by which assets were acquired and financed. 

    EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis of our results as reported under generally accepted accounting principles in the United States, or U.S. GAAP. For example, EBITDA and Adjusted EBITDA: 

    • do not reflect our cash expenditures, or future requirements for capital expenditures, or contractual commitments; 
    • do not reflect changes in, or cash requirements for, our working capital needs; and 
    • do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments on our debt. 

    Although depreciation and amortization are non-cash charges, the assets being depreciated or amortized often will have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements. Other companies in the industries in which we operate may calculate EBITDA and Adjusted EBITDA  differently than we do, limiting their usefulness as comparative measures. In addition, EBITDA and Adjusted EBITDA  do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations. 

    EBITDA and Adjusted EBITDA are not measurements of our financial performance under U.S. GAAP and should not be considered as alternatives to net income or any other performance measures derived in accordance with U.S. GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity. Given these limitations, we rely primarily on our U.S. GAAP results and use EBITDA and Adjusted EBITDA only as a supplemental measure of our financial performance.  

    Use of Indicative Net Asset Value Data

    The Company uses indicative net asset value as an additional method for considering the value of the Company's assets, and we believe that this information can be helpful to investors. Please note, however, that the indicative net asset value does not represent the market price at which the depositary units trade. Accordingly, data regarding indicative net asset value is of limited use and should not be considered in isolation.

    The Company's depositary units are not redeemable, which means that investors have no right or ability to obtain from the Company the indicative net asset value of units that they own. Units may be bought and sold on The Nasdaq Global Select Market at prevailing market prices. Those prices may be higher or lower than the indicative net asset value of the depositary units as calculated by management. 

    See below for more information on how we calculate the Company's indicative net asset value. 











    March 31, 



    December 31,



    2025



    2024



    (in millions)(unaudited)

    Market-valued Subsidiaries and Investments:







       Holding Company interest in Investment Funds(1)

    $ 2,479



    $ 2,703

       CVR Energy(2)

    1,330



    1,250

       CVR Partners LP(2)

    16



    13

    Total market-valued subsidiaries and investments

    $ 3,825



    $ 3,966









    Other Subsidiaries:







       Viskase(3)

    $ 159



    $ 197

       Real Estate Segment(4)

    728



    743

       WestPoint Home(1)

    166



    162

       Vivus(1)

    215



    209









       Automotive Services(5)

    521



    482

       Automotive Parts(1)

    3



    9

       Automotive Owned Real Estate Assets(6)

    768



    768

       Icahn Automotive Group

    1,292



    1,259









    Operating Business Indicative Gross Asset Value

    $ 6,385



    $ 6,536

       Add: Other Net Assets(7)

    (3)



    103

    Indicative Gross Asset Value

    $ 6,382



    $ 6,639

       Add: Holding Company cash and cash equivalents(8)

    1,318



    1,397

       Less: Holding Company debt(8)

    (4,699)



    (4,699)

    Indicative Net Asset Value

    $ 3,001



    $ 3,337

    Indicative net asset value does not purport to reflect a valuation of IEP. The calculated indicative net asset value does not include any value for our Investment Segment other than the fair market value of our investment in the Investment Funds. A valuation is a subjective exercise and indicative net asset value does not necessarily consider all elements or consider in the adequate proportion the elements that could affect the valuation of IEP. Investors may reasonably differ on what such elements are and their impact on IEP. No representation or assurance, express or implied, is made as to the accuracy and correctness of indicative net asset value as of these dates or with respect to any future indicative or prospective results which may vary.  

    (1)

    Represents GAAP equity attributable to IEP as of each respective date.

    (2)

    Based on closing share price on each date (or if such date was not a trading day, the immediately preceding trading day) and the number of shares owned by us as of each respective date. 

    (3)

    Amounts based on market comparables due to lack of material trading volume, valued at 9.0x Adjusted EBITDA for the trailing twelve months ended as of each respective date.  

    (4)

    For all assets in the Real Estate segment, excluding a debt investment, management performed a valuation with the assistance of third-party consultants to estimate fair-market value, which utilized the results of discounted cashflow and sales comparison methodologies. Different judgments or assumptions would result in different estimates of the value of these holdings. The Real Estate segment's debt investment is fair valued in accordance with GAAP as it has been historically.

    (5)

    Management performed a valuation on the owned real-estate within the Automotive segment with the assistance of third-party consultants to estimate fair-market value. This analysis utilized property-level market rents, location level profitability, and utilized prevailing cap rates ranging from 7.0% to 9.25%. The valuation assumed that triple net leases are in place for all the locations at rents estimated by management based on market conditions, except for 15 properties management has identified they will exit in the near term, which have been downward adjusted for costs required to reach stabilized rent. There is no assurance we would be able to sell the assets on the timeline or at the prices and lease terms we estimate. Different judgments or assumptions would result in different estimates of the value of these real estate assets. Moreover, although we evaluate and provide our indicative net asset value on a regular basis, the estimated values may fluctuate in the interim, so that any actual transaction could result in a higher or lower valuation. 

    (6)

    Represents GAAP equity of the Holding Company Segment, excluding cash and cash equivalents, debt and non-cash deferred tax assets or liabilities. As of March 31, 2025 and December 31, 2024, Other Net Assets includes $10 million and $10 million respectively, of Automotive Segment liabilities assumed from the Auto Plus bankruptcy. Furthermore, with respect to March 31, 2025, the distribution payable was adjusted to $75 million, which represents the actual distribution paid subsequent to March 31, 2025.

    (7)

    Holding Company's balance as of each respective date.

     











    Three Months Ended March 31, 



    2025



    2024









    Adjusted EBITDA







    Net loss

    ($580)



    ($26)

    Interest expense, net

    94



    73

    Income tax (benefit) expense

    (74)



    7

    Depreciation and amortization

    118



    129

    EBITDA before non-controlling interests

    (442)



    183

    Impairment

    10



    -

    Restructuring costs

    7



    -

    Loss on disposition of assets, net

    2



    5

    Transformation costs

    8



    11

    Out of period adjustments

    -



    (2)

    Other

    4



    6

    Adjusted EBITDA before non-controlling interests

    ($411)



    $203









    Adjusted EBITDA attributable to IEP







    Net loss

    ($422)



    ($38)

    Interest expense, net

    83



    63

    Income tax (benefit) expense

    (56)



    3

    Depreciation and amortization

    79



    86

    EBITDA before non-controlling interests

    (316)



    114

    Impairment

    9



    -

    Restructuring costs

    6



    -

    Loss on disposition of assets, net

    2



    5

    Transformation costs

    8



    11

    Out of period adjustments

    -



    (2)

    Other

    4



    6

    Adjusted EBITDA attributable to IEP

    ($287)



    $134

     

    Investor Contact:

    Ted Papapostolou, Chief Financial Officer

    [email protected]

    (800) 255-2737   

     

    Cision View original content:https://www.prnewswire.com/news-releases/icahn-enterprises-lp-nasdaq-iep-today-announced-its-first-quarter-2025-financial-results-302448066.html

    SOURCE Icahn Enterprises L.P.

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      SUNNY ISLES BEACH, Fla., May 7, 2025 /PRNewswire/ --  Q1 2025 net loss attributable to IEP was $422 million, compared to a loss of $38 million in Q1 2024Q1 2025 Adjusted EBITDA loss attributable to IEP was $287 million, compared to Adjusted EBITDA attributable to IEP of $134 million in Q1 2024Indicative Net Asset Value was approximately $3.0 billion as of March 31, 2025, a decrease of $336 million compared to December 31, 2024IEP declares first quarter distribution of $0.50 per depositary unit Financial Summary(Net loss and Adjusted EBITDA figures in commentary below are attributable to Icahn Enterprises, unless otherwise specified) For the three months ended March 31, 2025, revenues were $

      5/7/25 8:00:00 AM ET
      $IEP
      Auto Parts:O.E.M.
      Consumer Discretionary
    • Icahn Enterprises L.P. Announces Q1 2025 Earnings Conference Call

      SUNNY ISLES BEACH, Fla., April 23, 2025 /PRNewswire/ -- Icahn Enterprises L.P. (NASDAQ:IEP) announced today that it will discuss its first quarter 2025 results on a webcast on Wednesday, May 7, 2025 - 10:00 a.m. Eastern Time. To access the webcast, viewers should go to this link (webcast). We encourage viewers to access the webcast 15 minutes ahead of the scheduled start time. A replay of the webcast will also be available for at least twelve months at Icahn events and presentations. Icahn Enterprises L.P., a master limited partnership, is a diversified holding company engaged in seven primary business segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and P

      4/23/25 6:03:00 PM ET
      $IEP
      Auto Parts:O.E.M.
      Consumer Discretionary
    • Icahn Enterprises L.P. (Nasdaq: IEP) Today Announced Its Fourth Quarter 2024 Financial Results

      SUNNY ISLES BEACH, Fla., Feb. 26, 2025 /PRNewswire/ -- Q4 2024 net loss attributable to IEP of $98 million, an improvement of $41 million over Q4 2023Q4 2024 quarter Adjusted EBITDA attributable to IEP of $12 million, compared to $9 million in Q4 2023 Indicative Net Asset Value was approximately $3.3 billion as of December 31, 2024, a decrease of $223 million compared to September 30, 2024IEP declares fourth quarter distribution of $0.50 per depositary unit 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 m

      2/26/25 8:00:00 AM ET
      $IEP
      Auto Parts:O.E.M.
      Consumer Discretionary

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    SEC Filings

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    • Icahn Enterprises L.P. filed SEC Form 8-K: Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - ICAHN ENTERPRISES L.P. (0000813762) (Filer)

      5/16/25 5:30:59 PM ET
      $IEP
      Auto Parts:O.E.M.
      Consumer Discretionary
    • SEC Form 10-Q filed by Icahn Enterprises L.P.

      10-Q - ICAHN ENTERPRISES L.P. (0000813762) (Filer)

      5/7/25 5:00:32 PM ET
      $IEP
      Auto Parts:O.E.M.
      Consumer Discretionary
    • Icahn Enterprises L.P. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - ICAHN ENTERPRISES L.P. (0000813762) (Filer)

      5/7/25 8:00:33 AM ET
      $IEP
      Auto Parts:O.E.M.
      Consumer Discretionary