Icahn Enterprises L.P. (NASDAQ: IEP) has released its fourth-quarter and full-year 2023 financial results. The company reported a fourth-quarter net loss attributable to IEP of $139 million, representing an improvement of $116 million over the prior year quarter. Additionally, the fourth-quarter adjusted EBITDA attributable to IEP was $9 million, marking an increase of $84 million over the prior year quarter.
The indicative net asset value as of December 31, 2023, was $4.76 billion, reflecting a decrease of approximately $411 million compared to September 30, 2023. This decline was primarily driven by shorts in the investment funds, used for hedging, and distributions to unitholders. IEP declared a fourth-quarter distribution of $1.00 per depositary unit.
The company's cash position was reported at $2.7 billion across the holding company and investment segments as of year-end 2023. In December 2023, IEP defeased its 2024 notes, with the next note maturity of $750 million set for December 2025.
Chairman Carl C. Icahn highlighted the company's activist strategy, emphasizing that IEP began to expand its business beyond traditional real estate activities to fully embrace the activist strategy in 2000. The closing sale price of IEP's depositary units increased approximately 1,066% since January 1, 2000, outperforming major indices over the same period.
Additionally, Icahn noted that the company currently holds 25 board seats in its disclosed public company investments and shared the company's approach to pursuing spin-offs and asset sales to create value.
In terms of financial performance, for the three months ended December 31, 2023, revenues were $2.7 billion, with net losses of $139 million. This compares to revenues of $3.1 billion and net losses of $255 million for the same period in 2022. Adjusted EBITDA for the quarter was $9 million, a significant improvement over the adjusted EBITDA loss of $75 million for the three months ended December 31, 2022.
For the twelve months ended December 31, 2023, revenues totaled $10.8 billion, with net losses of $684 million. This contrasts with revenues of $14.1 billion and net losses of $183 million for the twelve months ended December 31, 2022. Adjusted EBITDA for the twelve months ended December 31, 2023, was $361 million, down from $679 million for the same period in 2022.
The company also declared a quarterly distribution of $1.00 per depositary unit, which will be paid on or about April 18, 2024, to depositary unitholders of record at the close of business on March 11, 2024.
Icahn Enterprises L.P. is a diversified holding company with subsidiaries engaged in investment, energy, automotive, food packaging, real estate, home fashion, and pharma.
