Icahn Enterprises L.P. Reports Fourth Quarter and Full Year Financial Results
March 09 2012 - 11:02AM
Icahn Enterprises L.P. (Nasdaq:IEP) is reporting revenues of
approximately $3.2 billion for the fourth quarter of 2011 as
compared to approximately $2.5 billion for the fourth quarter of
2010. Net income attributable to Icahn Enterprises for the fourth
quarter of 2011 was $260 million, or $2.87 per diluted LP unit,
compared to net income attributable to Icahn Enterprises of $82
million, or $0.93 per diluted LP unit, for the fourth quarter of
2010.
For the full year 2011, revenues were approximately $11.9
billion as compared to revenue of approximately $9.1 billion for
the full year 2010. Net income attributable to Icahn Enterprises
for the full year 2011 was $750 million, or $8.33 per diluted LP
unit, compared to net income attributable to Icahn Enterprises of
$199 million, or $2.32 per diluted LP unit, for the full year 2010.
Conference Call Information Icahn Enterprises L.P. will
discuss its fourth quarter and full year results on a conference
call and Webcast on Tuesday, March 13, 2012 at 10:00 EDT. The
Webcast can be viewed live on Icahn Enterprises L.P.'s website at
www.icahnenterprises.com. It will be archived and made available at
www.icahnenterprises.com under the Investor Relations section. The
toll-free dial-in number for the conference call in the United
States is (866) 393-0676. The international number is (253)
237-1149. Icahn Enterprises L.P. (Nasdaq:IEP), a master limited
partnership, is a diversified holding company engaged in eight
primary business segments: Investment, Automotive, Railcar, Food
Packaging, Metals, Real Estate, Gaming and Home Fashion.
Caution Concerning Forward-Looking Statements Results for
any interim period are not necessarily indicative of results for
any full fiscal period. This release contains certain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, many of which are beyond
our ability to control or predict. Forward-looking statements may
be identified by words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates," "will" or words of
similar meaning and include, but are not limited to, statements
about the expected future business and financial performance of
Icahn Enterprises L.P. and its subsidiaries. Among these risks and
uncertainties are risks related to economic downturns, substantial
competition and rising operating costs; risks related to our
investment activities, including the nature of the investments made
by the private funds in which we invest, losses in the private
funds and loss of key employees; risks related to our automotive
activities, including exposure to adverse conditions in the
automotive industry, and risks related to operations in foreign
countries; risk related to our gaming operations, including
reductions in discretionary spending due to a downturn in the
local, regional or national economy, intense competition in the
gaming industry from present and emerging internet online markets
and extensive regulation; risks related to our railcar activities,
including reliance upon a small number of customers that represent
a large percentage of revenues and backlog, the health of and
prospects for the overall railcar industry and the cyclical nature
of the railcar manufacturing business; risks related to our food
packaging activities, including competition from better capitalized
competitors, inability of its suppliers to timely deliver raw
materials, and the failure to effectively respond to industry
changes in casings technology; risks related to our scrap metals
activities, including potential environmental exposure; risks
related to our real estate activities, including the extent of any
tenant bankruptcies and insolvencies; risks related to our home
fashion operations, including changes in the availability and price
of raw materials, and changes in transportation costs and delivery
times; and other risks and uncertainties detailed from time to time
in our filings with the Securities and Exchange Commission. Past
performance in our Investment segment is not necessarily indicative
of future performance. We undertake no obligation to publicly
update or review any forward-looking information, whether as a
result of new information, future developments or otherwise.
APPENDIX
I |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(In millions, except
per unit data) |
|
|
|
|
|
|
|
|
|
Year Ended
December 31, |
|
2011 |
2010 |
2009 |
Revenues |
$ 11,855 |
$ 9,090 |
$ 8,543 |
Expenses |
10,057 |
8,337 |
7,363 |
|
|
|
|
Income before income tax (expense)
benefit |
1,798 |
753 |
1,180 |
Income tax (expense) benefit |
(34) |
(9) |
44 |
Income from continuing operations |
1,764 |
744 |
1,224 |
(Loss) income from discontinued
operations |
— |
(1) |
1 |
Net income |
1,764 |
743 |
1,225 |
Less: net income attributable to
non-controlling interests |
(1,014) |
(544) |
(972) |
Net income attributable to Icahn
Enterprises |
$ 750 |
$ 199 |
$ 253 |
|
|
|
|
Basic income per LP unit |
$ 8.55 |
$ 2.32 |
$ 3.01 |
Basic weighted average LP units
outstanding |
86 |
84 |
76 |
|
|
|
|
Diluted income per LP unit |
$ 8.33 |
$ 2.32 |
$ 2.94 |
Diluted weighted average LP units
outstanding |
91 |
85 |
80 |
|
|
|
APPENDIX
II |
CONSOLIDATED BALANCE
SHEETS |
(In millions, except
unit amounts) |
|
|
|
|
December
31, |
|
2011 |
2010 |
ASSETS |
|
|
Cash and cash equivalents |
$ 2,278 |
$ 2,963 |
Cash held at consolidated affiliated
partnerships and restricted cash |
4,979 |
2,174 |
Investments |
8,938 |
7,470 |
Accounts receivable, net |
1,424 |
1,285 |
Due from brokers |
30 |
50 |
Inventories, net |
1,344 |
1,163 |
Property, plant and equipment, net |
3,505 |
3,455 |
Goodwill |
1,127 |
1,129 |
Intangible assets, net |
899 |
999 |
Other assets |
612 |
650 |
Total Assets |
$ 25,136 |
$ 21,338 |
LIABILITIES AND
EQUITY |
|
|
Accounts payable |
$ 970 |
$ 844 |
Accrued expenses and other liabilities |
1,873 |
2,277 |
Securities sold, not yet purchased, at fair
value |
4,476 |
1,219 |
Due to brokers |
2,171 |
1,323 |
Post-employment benefit liability |
1,340 |
1,272 |
Debt |
6,473 |
6,509 |
Total liabilities |
17,303 |
13,444 |
|
|
|
Commitments and contingencies |
|
|
|
|
|
Equity: |
|
|
Limited partners: Depositary
units: issued 86,708,914 at December 31, 2011 and 85,865,619 at
December 31, 2010; outstanding 85,571,714 at December 31, 2011
(including 843,295 units issued as a unit distribution on May 31,
2011) and 84,728,419 at December 31, 2010 |
4,038 |
3,477 |
General partner |
(271) |
(282) |
Treasury units at cost:
1,137,200 depositary units |
(12) |
(12) |
Equity attributable to Icahn Enterprises |
3,755 |
3,183 |
Equity attributable to non-controlling
interests |
4,078 |
4,711 |
Total Equity |
7,833 |
7,894 |
Total Liabilities and
Equity |
$25,136 |
$ 21,338 |
CONTACT: Investor Contact:
Dominick Ragone
Chief Financial Officer
(212) 702-4300
Icahn Enterprises (NASDAQ:IEP)
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