Icahn Enterprises L.P. has recently released its 10-Q report, detailing its diverse business operations in the investment, energy, automotive, food packaging, real estate, home fashion, and pharma sectors. The company's Investment segment invests proprietary capital through various private investment funds, while the Energy segment refines and markets transportation fuels and manufactures nitrogen fertilizers. The Automotive segment specializes in selling automotive parts and materials, offering repair and maintenance services, and leasing real estate properties. The Food Packaging segment produces and sells casings for processed meat products, and the Real Estate segment is involved in leasing land, retail, office, and industrial properties, among other activities. The Home Fashion segment manufactures and sells home fashion consumer products, while the Pharma segment offers pharmaceutical products and services.
The 10-Q report also provides insights into the company's recent developments, including the Wynnewood Refinery incident within the Energy segment, where a fire caused limited damages and additional expenses of approximately $6 million in the third quarter of 2024. Additionally, potential strategic transactions, including a proposal for a potential tender offer by one or more of the company's subsidiaries to acquire up to 15 million additional shares of CVR Energy, Inc.'s common stock, were discussed.
In terms of financial performance, the report reveals that for the three months ended September 30, 2024, Icahn Enterprises reported total revenues of $2.791 billion, with a net income attributable to the company of $80 million. For the same period in 2023, the company reported total revenues of $3.010 billion, with a net loss attributable to the company of $30 million. For the nine months ended September 30, 2024, the company reported total revenues of $7.462 billion, with a net loss attributable to the company of $432 million, compared to total revenues of $8.238 billion and a net loss of $807 million for the same period in 2023.
The report also provides a detailed breakdown of the Investment segment's performance, noting that the Investment Funds' returns were 7.6% for the three months ended September 30, 2024, and (4.4)% for the same period in 2023. For the nine months ended September 30, 2024, the Investment Funds' returns were (1.9)%, compared to (13.3)% for the same period in 2023. The report attributes the Investment segment's net income (loss) to the performance of long and short positions, as well as other investment and derivative position types.
Furthermore, the report discusses the factors impacting the Energy segment, including the relationship between refined product prices and crude oil prices, as well as geopolitical conditions such as the ongoing conflict in the Middle East and the Russia/Ukraine conflict, which may impact the demand for and inventory of refined products.
Following these announcements, the company's shares moved -6.1%, and are now trading at a price of $12.1. For more information, read the company's full 10-Q submission here.
