Welcome to our dedicated page for Icahn Enterprises L.P news (Ticker: IEP), a resource for investors and traders seeking the latest updates and insights on Icahn Enterprises L.P stock.
Icahn Enterprises L.P. (NASDAQ: IEP) is a diverse holding company based in the United States, operating across multiple industries. As a master limited partnership headquartered in Sunny Isles Beach, Florida, the company is involved in various sectors such as Investment, Automotive, Energy, Railcar, Mining, Food Packaging, Metals, Real Estate, and Home Fashion. Among these, the Energy segment is its largest revenue generator, predominantly serving the U.S. market.
Founded by renowned investor Carl C. Icahn, Icahn Enterprises leverages an activist investment philosophy. The company focuses on creating value through strategic investment and operational improvements. Its diverse portfolio enables it to mitigate risks while maximizing returns.
In recent achievements, Icahn Enterprises announced a strong financial performance for the three months ending September 30, 2023, with revenues of $3.0 billion and an adjusted EBITDA of $272 million. Despite a net loss of $6 million for the period, this was a substantial improvement compared to previous quarters. This growth was driven by gains in its energy and investment segments.
The company is also notable for its substantial involvement in the automotive industry, although it recently faced challenges with the Chapter 11 filing of its automotive parts subsidiary.
Icahn Enterprises is focused on maintaining strong liquidity and financial flexibility. As of September 30, 2023, the company reported an indicative net asset value increase of $147 million compared to the previous quarter. However, year-to-date figures showed a decrease mainly due to non-recurring losses linked to the bankruptcy of Auto Plus.
In partnership developments, Icahn Enterprises declared a quarterly distribution of $1.00 per depositary unit, payable on December 27, 2023. This decision highlights the company’s commitment to rewarding its unitholders regularly. The unitholders can choose to receive their distribution in either cash or additional depositary units.
Icahn Enterprises continues to pursue aggressive activist strategies, recently announcing new positions in American Electric Power Company and JetBlue Airways within its Investment segment. The company’s long-term focus remains on identifying undervalued assets and implementing strategic changes to unlock value.
IEP Utility Holdings LLC has extended its tender offer to purchase shares of Southwest Gas Holdings for $75.00 per share until February 23, 2022. The Offeror has amended the Offer to allow for closure prior to securing regulatory approvals by establishing independent Delaware statutory trusts to hold any shares exceeding 24.9% ownership. Additionally, the Offer includes a condition for the election of a majority of the Icahn slate to Southwest Gas's board of directors. As of January 26, 2022, approximately 9,443,158 shares had been tendered.
On December 24, 2021, IEP Utility Holdings LLC, an affiliate of Icahn Enterprises, announced an extension of its tender offer for Southwest Gas Holdings' common stock. The offer price remains at $75.00 per share, now set to expire on January 26, 2022. As of December 23, 2021, approximately 8,670,967 shares were validly tendered. The offer is subject to specific conditions outlined in the Offer to Purchase document, which can be accessed on the SEC's website. Stockholders are encouraged to review these materials as they contain vital information regarding the tender offer.
Icahn Enterprises (NASDAQ: IEP) announced the completion of its sale of 100% equity interest in PSC Metals, LLC to SA Recycling LLC for approximately $323 million. The asset was previously valued at $147 million on Icahn's balance sheet. The transaction includes the lease of strategic land in Nashville to SA Recycling. Chairman Carl C. Icahn highlighted the positive timing of this sale, emphasizing improved EBITDA under challenging market conditions since the acquisition in 2007.
Icahn Enterprises L.P. (NASDAQ: IEP) has promoted David Willetts to President and CEO, effective immediately. Willetts, previously the Chief Financial Officer since June 2021, succeeded Aris Kekedjian, who resigned for personal family reasons. Ted Papapostolou has been appointed as the new CFO, having been with the company since 2007. The management changes aim to strengthen leadership at Icahn Enterprises, a diversified holding company with operations in sectors including investment, energy, and automotive.
Icahn Enterprises L.P. (IEP) reported third quarter 2021 revenues of $2.6 billion with a net loss of $148 million, or $0.55 per depositary unit, an improvement from a net loss of $714 million in Q3 2020. Adjusted EBITDA increased to $88 million, up from $(550) million year-over-year. For the nine months ended September 30, 2021, revenues totaled $9.0 billion with a net loss of $122 million. The indicative net asset value rose to $5.4 billion, driven by improved real estate evaluations. The Board declared a $2.00 distribution on November 1, 2021, marking the 66th consecutive quarterly distribution.
Icahn Enterprises L.P. (NASDAQ: IEP) announced the sale of 100% equity in PSC Metals, LLC to SA Recycling LLC for approximately $290 million. This amount includes debt repayment and is subject to standard working capital adjustments. The company valued PSC Metals at $141 million on its balance sheet as of June 30, 2021. Icahn Enterprises retains a strategic land parcel previously owned by PSC Metals and plans to lease it to SA Recycling. The transaction is expected to close by the end of 2021, pending regulatory approvals.
Icahn Enterprises L.P. (Nasdaq:IEP) has rescheduled its third quarter 2021 earnings conference call to 3:00 p.m. ET on November 2, 2021. The call will be accessible via www.ielp.com and will include an archive for later viewing. Investors can join the call using the toll-free number (866) 393-0676 or the international number (253) 237-1149 with the passcode 8673748. Icahn Enterprises operates in diverse sectors including Investment, Energy, Automotive, Food Packaging, Metals, Real Estate, Home Fashion, and Pharma.
Icahn Enterprises L.P. (Nasdaq:IEP) will discuss its Q3 2021 results during a conference call on November 2, 2021, at 10:00 a.m. Eastern Time. Investors can access the webcast live on the company's website, with an archive available post-event. The toll-free dial-in number in the U.S. is (866) 393-0676.
Icahn Enterprises operates across eight segments: Investment, Energy, Automotive, Food Packaging, Metals, Real Estate, Home Fashion, and Pharma.
Icahn Enterprises L.P. (Nasdaq: IEP) reported a net loss of $136 million, or $0.53 per depositary unit, for Q2 2021, compared to a net income of $299 million in Q2 2020. Revenue increased to $3.0 billion, up from $2.7 billion in the same period last year. For the first half of 2021, revenues were $6.4 billion with a net income of $26 million, improving from a loss of $1.1 billion in H1 2020. The company declared a quarterly distribution of $2.00 per depositary unit set for payment on September 29, 2021.
Icahn Enterprises L.P. (Nasdaq:IEP) announced a conference call on August 6, 2021, at 10:00 a.m. ET to discuss its second quarter 2021 results. Interested parties can listen via the company's website, with an archive available afterwards. Icahn Enterprises is a diversified holding company with eight business segments, including Investment, Energy, and Pharma. The press release also includes forward-looking statements cautioning about various risks, including economic downturns and the impact of the COVID-19 pandemic on operations.
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