Icahn Enterprises (IEP) Q2 2024 earnings summary

Executive summary

• Net loss attributable to IEP was $331 million for Q2 2024, $62 million higher than Q2 2023, with revenues declining to $2.2 billion from $2.6 billion year-over-year.

• Adjusted EBITDA attributable to IEP was a loss of $155 million, down from a positive $14 million in Q2 2023.

• Indicative Net Asset Value as of June 30, 2024, was approximately $4 billion, down $969 million from March 31, 2024.

• Distribution of $1.00 per depositary unit declared for Q2 2024, with option for cash or additional units.

• Investment segment posted negative returns of 8.1% for Q2 2024, mainly due to losses in long positions, especially in healthcare and energy.

Financial highlights

• Q2 2024 net loss: $331 million ($0.72 per unit); Q2 2023 net loss: $269 million ($0.72 per unit).

• Q2 2024 Adjusted EBITDA: loss of $155 million; Q2 2023: positive $14 million.

• Indicative net asset value fell to $3.98 billion as of June 30, 2024, from $4.95 billion at March 31, 2024.

• Total liquidity as of June 30, 2024, was $5.48 billion, including $1.47 billion in holding company cash.

• Distributions of $1.00 per depositary unit were declared for each of the first two quarters of 2024.

Outlook and guidance

• Management expects continued volatility in the Investment segment due to market conditions and concentrated positions.

• Energy segment is focused on decarbonization and strategic options but faces regulatory and market risks.

• Forward-looking statements highlight risks from economic downturns, competition, operating costs, and geopolitical conflicts.