On November 3, 2023, Icahn Enterprises LP (IEP, Financial) announced its financial results for the third quarter of 2023. The company reported revenues of $3.0 billion and net losses of $6 million, or a loss of $0.01 per depository unit. This compares to revenues of $3.4 billion and net losses of $123 million, or a loss of $0.37 per depository unit, for the same period in 2022. Adjusted EBITDA was $272 million for Q3 2023, compared to $70 million for Q3 2022.
Financial Performance
For the nine months ended September 30, 2023, IEP reported revenues of $8.2 billion and net losses of $545 million, or a loss of $1.47 per depositary unit. This is a decrease from the revenues of $11.0 billion and net income of $72 million, or $0.23 per depositary unit, for the same period in 2022. Adjusted EBITDA was $422 million for the nine months ended September 30, 2023, compared to $812 million for the same period in 2022.
Indicative Net Asset Value
As of September 30, 2023, the indicative net asset value increased by $147 million compared to June 30, 2023, but decreased by $474 million compared to December 31, 2022. The year-to-date figures include non-recurring losses in connection with the Auto Plus bankruptcy.
Quarterly Distribution
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.
Company Overview
Icahn Enterprises L.P., a master limited partnership, is a diversified holding company owning subsidiaries engaged in various operating businesses, including Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma.
Explore the complete 8-K earnings release (here) from Icahn Enterprises LP for further details.
