Icahn Enterprises (IEP) Q4 2024 earnings summary

Executive summary

• Q4 2024 net loss attributable to IEP was $98 million (loss of $0.19 per unit), improving from $139 million loss in Q4 2023, with Adjusted EBITDA rising to $12 million from $9 million.

• Indicative net asset value as of December 31, 2024, was $3.3 billion, down $223 million from September 30, 2024, mainly due to a $286 million decline in CVR Energy, partially offset by a $292 million increase in Real Estate segment value.

• Revenues for Q4 2024 were $2.6 billion, slightly down from $2.7 billion in Q4 2023.

• Quarterly distribution maintained at $0.50 per Depositary Unit, payable in cash or additional units.

• Real estate segment value increased due to property sales and updated fair value appraisals.

Financial highlights

• Q4 2024 consolidated net loss attributable to IEP was $98 million, compared to $139 million in Q4 2023.

• Q4 2024 Adjusted EBITDA attributable to IEP was $12 million, up from $9 million in Q4 2023.

• Q4 2024 refining margin per throughput barrel was $8.37, down from $15.01 year-over-year.

• Investment funds were down 1.6% for the quarter, with Caesars as the largest decliner and refinery hedges as the largest gainer.

• Total liquidity as of December 31, 2024, was $5.6 billion, including $4.1 billion at the holding company level.

Outlook and guidance

• Automotive segment expected to normalize by the second half of 2025 following new CEO initiatives, with Aftermarket Parts business winding down by end of Q1 2025.

• Real Estate segment signed agreement to sell certain properties, expected to close by end of Q1 2025.

• Opportunities identified for efficiency improvements in Food Packaging, with meaningful impact expected after capital plan execution.

• Activism strategy and liquidity position support ongoing value creation and opportunistic investments.