Icahn Enterprises L.P. (NASDAQ:IEP) is reporting third quarter 2017
revenues of $5.7 billion and net income attributable to Icahn
Enterprises of $597 million, or $3.53 per depositary unit.
For the three months ended September 30, 2016 revenues were
$4.9 billion and net loss attributable to Icahn Enterprises was $16
million, or a loss of $0.12 per depositary unit. For the three
months ended September 30, 2017, Adjusted EBITDA attributable
to Icahn Enterprises was $567 million compared to $467 million for
the three months ended September 30, 2016. For the three
months ended September 30, 2017, Adjusted EBIT attributable to
Icahn Enterprises was $364 million compared to $276 million for the
three months ended September 30, 2016.
For the nine months ended September 30, 2017, revenues were
$17.0 billion and net income attributable to Icahn Enterprises was
$2.1 billion, or $13.23 per depositary unit. For the nine months
ended September 30, 2016 revenues were $12.4 billion and net
loss attributable to Icahn Enterprises was $922 million, or a loss
of $6.70 per depositary unit. For the nine months ended
September 30, 2017, Adjusted EBITDA attributable to Icahn
Enterprises was $1.5 billion compared to $693 million for the nine
months ended September 30, 2016. For the nine months
ended September 30, 2017, Adjusted EBIT attributable to Icahn
Enterprises was $895 million compared to $136 million for the nine
months ended September 30, 2016.
For the nine months ended September 30, 2017 indicative net
asset value increased by $1.5 billion to $7.1 billion compared to
$5.6 billion as of December 31, 2016.
On November 1, 2017, the Board of Directors of the general
partner of Icahn Enterprises declared a quarterly distribution in
the amount of $1.50 per depositary unit. The quarterly
distribution is payable in either cash or additional depositary
units, at the election of each depositary unit holder and will be
paid on or about December 20, 2017 to depositary unit holders of
record at the close of business on November 13, 2017. Depositary
unit holders have until December 8, 2017 to make an election to
receive either cash or additional depositary units; if a holder
does not make an election, it will automatically be deemed to have
elected to receive the distribution in cash. Depositary unit
holders who elect to receive additional depositary units will
receive units valued at the volume weighted average trading price
of the units on NASDAQ during the 5 consecutive trading days ending
December 15, 2017. No fractional depositary units will be issued
pursuant to the distribution payment. Icahn Enterprises will make a
cash payment in lieu of issuing fractional depositary units to any
holders electing to receive depositary units. Any holders that
would only be eligible to receive a fraction of a depositary unit
based on the above calculation will receive a cash payment.
Icahn Enterprises L.P., a master limited partnership, is a
diversified holding company engaged in ten primary business
segments: Investment, Automotive, Energy, Railcar, Gaming, Metals,
Mining, Food Packaging, Real Estate 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; risks related to our energy business, including the
volatility and availability of crude oil, other feed stocks and
refined products, unfavorable refining margin (crack spread),
interrupted access to pipelines, significant fluctuations in
nitrogen fertilizer demand in the agricultural industry and
seasonality of results; 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.
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(In millions, except per unit
amounts) |
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenues: |
(Unaudited) |
Net
sales |
$ |
4,292 |
|
|
$ |
3,904 |
|
|
$ |
12,893 |
|
|
$ |
11,546 |
|
Other
revenues from operations |
427 |
|
|
537 |
|
|
1,389 |
|
|
1,506 |
|
Net
income (loss) from investment activities |
420 |
|
|
418 |
|
|
604 |
|
|
(826 |
) |
Interest
and dividend income |
37 |
|
|
27 |
|
|
99 |
|
|
97 |
|
Gain
(loss) on disposition of assets, net |
446 |
|
|
(1 |
) |
|
1,966 |
|
|
10 |
|
Other
income, net |
58 |
|
|
14 |
|
|
60 |
|
|
43 |
|
|
5,680 |
|
|
4,899 |
|
|
17,011 |
|
|
12,376 |
|
Expenses: |
|
|
|
|
|
|
|
Cost of
goods sold |
3,679 |
|
|
3,378 |
|
|
11,094 |
|
|
9,949 |
|
Other
expenses from operations |
254 |
|
|
342 |
|
|
786 |
|
|
902 |
|
Selling,
general and administrative |
633 |
|
|
603 |
|
|
1,883 |
|
|
1,736 |
|
Restructuring |
5 |
|
|
8 |
|
|
14 |
|
|
29 |
|
Impairment |
5 |
|
|
93 |
|
|
82 |
|
|
670 |
|
Interest
expense |
207 |
|
|
222 |
|
|
648 |
|
|
665 |
|
|
4,783 |
|
|
4,646 |
|
|
14,507 |
|
|
13,951 |
|
Income (loss) before
income tax expense |
897 |
|
|
253 |
|
|
2,504 |
|
|
(1,575 |
) |
Income tax expense |
(68 |
) |
|
(15 |
) |
|
(110 |
) |
|
(81 |
) |
Net income (loss) |
829 |
|
|
238 |
|
|
2,394 |
|
|
(1,656 |
) |
Less: net income (loss)
attributable to non-controlling interests |
232 |
|
|
254 |
|
|
262 |
|
|
(734 |
) |
Net income (loss)
attributable to Icahn Enterprises |
$ |
597 |
|
|
$ |
(16 |
) |
|
$ |
2,132 |
|
|
$ |
(922 |
) |
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Icahn Enterprises allocable to: |
|
|
|
|
|
|
|
Limited
partners |
$ |
586 |
|
|
$ |
(16 |
) |
|
$ |
2,090 |
|
|
$ |
(904 |
) |
General
partner |
11 |
|
|
— |
|
|
42 |
|
|
(18 |
) |
|
$ |
597 |
|
|
$ |
(16 |
) |
|
$ |
2,132 |
|
|
$ |
(922 |
) |
|
|
|
|
|
|
|
|
Basic and diluted
income (loss) per LP unit |
$ |
3.53 |
|
|
$ |
(0.12 |
) |
|
$ |
13.23 |
|
|
$ |
(6.70 |
) |
Basic and diluted
weighted average LP units outstanding |
166 |
|
|
139 |
|
|
158 |
|
|
135 |
|
Cash distributions
declared per LP unit |
$ |
1.50 |
|
|
$ |
1.50 |
|
|
$ |
4.50 |
|
|
$ |
4.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS(In millions) |
|
|
|
|
|
September 30, 2017 |
|
December 31, 2016 |
ASSETS |
(Unaudited) |
|
|
Cash and cash
equivalents |
$ |
2,038 |
|
|
$ |
1,833 |
|
Cash held at
consolidated affiliated partnerships and restricted cash |
999 |
|
|
804 |
|
Investments |
9,748 |
|
|
9,881 |
|
Due from brokers |
1,006 |
|
|
1,482 |
|
Accounts receivable,
net |
1,853 |
|
|
1,609 |
|
Inventories, net |
3,256 |
|
|
2,983 |
|
Property, plant and
equipment, net |
9,631 |
|
|
10,122 |
|
Goodwill |
1,199 |
|
|
1,136 |
|
Intangible assets,
net |
1,072 |
|
|
1,116 |
|
Assets held for
sale |
410 |
|
|
1,366 |
|
Other assets |
1,605 |
|
|
1,039 |
|
Total
Assets |
$ |
32,817 |
|
|
$ |
33,371 |
|
LIABILITIES AND EQUITY |
|
|
|
Accounts payable |
$ |
2,093 |
|
|
$ |
1,765 |
|
Accrued expenses and
other liabilities |
3,566 |
|
|
3,034 |
|
Deferred tax
liability |
1,678 |
|
|
1,613 |
|
Securities sold, not
yet purchased, at fair value |
1,258 |
|
|
1,139 |
|
Due to brokers |
603 |
|
|
3,725 |
|
Post-retirement benefit
liability |
1,210 |
|
|
1,180 |
|
Liabilities held for
sale |
13 |
|
|
1,779 |
|
Debt |
11,198 |
|
|
11,119 |
|
Total liabilities |
21,619 |
|
|
25,354 |
|
|
|
|
|
Equity: |
|
|
|
Limited
partners |
5,026 |
|
|
2,448 |
|
General
partner |
(242 |
) |
|
(294 |
) |
Equity attributable to
Icahn Enterprises |
4,784 |
|
|
2,154 |
|
Equity attributable to
non-controlling interests |
6,414 |
|
|
5,863 |
|
Total equity |
11,198 |
|
|
8,017 |
|
Total
Liabilities and Equity |
$ |
32,817 |
|
|
$ |
33,371 |
|
|
|
|
|
|
|
|
|
Use of Non-GAAP Financial Measures
The Company uses certain non-GAAP financial measures in
evaluating its performance. These include non-GAAP EBITDA, Adjusted
EBITDA, EBIT and Adjusted EBIT. EBITDA represents earnings
before interest expense, income tax (benefit) expense and
depreciation and amortization. EBIT represents earnings
before interest expense and income tax (benefit) expense. We
define Adjusted EBITDA and Adjusted EBIT as EBITDA and EBIT,
respectively, excluding the effects of impairment, restructuring
costs, certain pension plan expenses, OPEB curtailment gains,
purchase accounting inventory adjustments, certain share-based
compensation, discontinued operations, gains/losses on
extinguishment of debt, major scheduled turnaround expenses, FIFO
adjustments and unrealized gains/losses on energy segment
derivatives and certain other non-operational charges. We
present EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT on a
consolidated basis and attributable to Icahn Enterprises net of the
effect of non-controlling interests. We conduct substantially
all of our operations through subsidiaries. The operating
results of our subsidiaries may not be sufficient to make
distributions to us. In addition, our subsidiaries are not
obligated to make funds available to us for payment of our
indebtedness, payment of distributions on our depositary units or
otherwise, and distributions and intercompany transfers from our
subsidiaries to us may be restricted by applicable law or covenants
contained in debt agreements and other agreements to which these
subsidiaries currently may be subject or into which they may enter
into in the future. The terms of any borrowings of our
subsidiaries or other entities in which we own equity may restrict
dividends, distributions or loans to us.
We believe that providing EBITDA, Adjusted EBITDA, EBIT and
Adjusted EBIT to investors has economic substance as these measures
provide important supplemental information of our performance to
investors and permits investors and management to evaluate the core
operating performance of our business without regard to interest,
taxes and depreciation and amortization and the effects of
impairment, restructuring costs, certain pension plan expenses,
OPEB curtailment gains, purchase accounting inventory adjustments,
certain share-based compensation, discontinued operations,
gains/losses on extinguishment of debt, major scheduled turnaround
expenses, FIFO adjustments and unrealized gains/losses on energy
segment derivatives and certain other non-operational
charges. Additionally, we believe this information is
frequently used by securities analysts, investors and other
interested parties in the evaluation of companies that have issued
debt. Management uses, and believes that investors benefit
from referring to these non-GAAP financial measures in assessing
our operating results, as well as in planning, forecasting and
analyzing future periods. Adjusting earnings for these
charges allows investors to evaluate our performance from period to
period, as well as our peers, without the effects of certain items
that may vary depending on accounting methods and the book value of
assets. Additionally, EBITDA, Adjusted EBITDA, EBIT and
Adjusted EBIT present meaningful measures of performance exclusive
of our capital structure and the method by which assets were
acquired and financed.
EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT have limitations
as analytical tools, and you should not consider them in isolation,
or as substitutes for analysis of our results as reported under
generally accepted accounting principles in the United States, or
U.S. GAAP. For example, EBITDA, Adjusted EBITDA, EBIT and
Adjusted EBIT:
- do not reflect our cash expenditures, or future requirements
for capital expenditures, or contractual commitments;
- do not reflect changes in, or cash requirements for, our
working capital needs; and
- do not reflect the significant interest expense, or the cash
requirements necessary to service interest or principal
payments on our debt.
Although depreciation and amortization are non-cash charges, the
assets being depreciated or amortized often will have to be
replaced in the future, and EBITDA and Adjusted EBITDA do not
reflect any cash requirements for such replacements. Other
companies in the industries in which we operate may calculate
EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT differently than we
do, limiting their usefulness as comparative measures. In
addition, EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT do not
reflect the impact of earnings or charges resulting from matters we
consider not to be indicative of our ongoing operations.
EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT are not
measurements of our financial performance under U.S. GAAP and
should not be considered as alternatives to net income or any other
performance measures derived in accordance with U.S. GAAP or as
alternatives to cash flow from operating activities as a measure of
our liquidity. Given these limitations, we rely primarily on
our U.S. GAAP results and use EBITDA, Adjusted EBITDA, EBIT and
Adjusted EBIT only as a supplemental measure of our financial
performance.
Use of Indicative Net Asset Value Data
The Company uses indicative net asset value as an additional
method for considering the value of the Company’s assets, and we
believe that this information can be helpful to investors.
Please note, however, that the indicative net asset value does not
represent the market price at which the units trade.
Accordingly, data regarding indicative net asset value is of
limited use and should not be considered in isolation.
The Company's depositary units are not redeemable, which means
that investors have no right or ability to obtain from the Company
the indicative net asset value of units that they own. Units
may be bought and sold on The NASDAQ Global Select Market at
prevailing market prices. Those prices may be higher or lower
than the indicative net asset value of the units as calculated by
management.
See below for more information on how we calculate the Company’s
indicative net asset value.
|
|
|
|
($ in millions) |
September 30, 2017 |
|
December 31, 2016 |
Market-valued
Subsidiaries: |
(Unaudited) |
Holding Company
interest in Funds (1) |
$ |
2,882 |
|
|
$ |
1,669 |
|
CVR Energy (2) |
1,844 |
|
|
1,808 |
|
CVR Refining - direct
holding (2) |
57 |
|
|
60 |
|
American Railcar
Industries (2) |
458 |
|
|
538 |
|
Total
market-valued subsidiaries |
$ |
5,241 |
|
|
$ |
4,074 |
|
|
|
|
|
Other
Subsidiaries: |
|
|
|
Tropicana (3) |
$ |
1,429 |
|
|
$ |
862 |
|
Viskase (3) |
179 |
|
|
154 |
|
Federal-Mogul (4) |
1,690 |
|
|
1,429 |
|
Real Estate Holdings
(1) |
851 |
|
|
642 |
|
PSC Metals (1) |
169 |
|
|
155 |
|
WestPoint Home (1) |
153 |
|
|
164 |
|
ARL/RemainCo (5) |
537 |
|
|
1,689 |
|
Ferrous Resources
(1) |
123 |
|
|
104 |
|
Icahn Automotive Group
(1) |
1,487 |
|
|
1,319 |
|
Trump Entertainment
(1) |
64 |
|
|
86 |
|
Total - other
subsidiaries |
$ |
6,683 |
|
|
$ |
6,605 |
|
Add:
Holding Company cash and cash equivalents (6) |
484 |
|
|
225 |
|
Less:
Holding Company debt (6) |
(5,508 |
) |
|
(5,490 |
) |
Add: Other
Holding Company net assets (6) |
175 |
|
|
171 |
|
Indicative Net
Asset Value |
$ |
7,075 |
|
|
$ |
5,585 |
|
|
|
|
|
|
|
|
|
Indicative net asset value does not purport to reflect a
valuation of IEP. The calculated Indicative net asset value
does not include any value for our Investment Segment other than
the fair market value of our investment in the Investment
Funds. A valuation is a subjective exercise and Indicative
net asset value does not necessarily consider all elements or
consider in the adequate proportion the elements that could affect
the valuation of IEP. Investors may reasonably differ on what
such elements are and their impact on IEP. No representation
or assurance, express or implied is made as to the accuracy and
correctness of indicative net asset value as of these dates or with
respect to any future indicative or prospective results which may
vary.
- Represents equity attributable to us as of each respective
date.
- Based on closing share price on each date (or if such date was
not a trading day, the immediately preceding trading day) and the
number of shares owned by the Holding Company as of each respective
date.
- Amounts based on market comparables due to lack of material
trading volume. Tropicana valued at 9.0x Adjusted EBITDA for
the twelve months ended September 30, 2017 and 8.5x Adjusted EBITDA
for the twelve months ended December 31, 2016. Viskase valued at
9.0x Adjusted EBITDA for the twelve months ended September 30, 2017
and December 31, 2016.
- September 30, 2017 represents the value of the company based on
IEP's tender offer during Q1 2017. December 31, 2016
represents the closing share price (or if such date was not a
trading day, the immediately preceding trading day) and the number
of shares owned by the Holding Company as of December 31,
2016.
- September 30, 2017 represents the option purchase price of the
remaining cars not sold in the initial ARL sale, plus working
capital as of that date. December 31, 2016 reflects the initial
sale of ARL to SMBC Rail and assumes that the ARL cars not being
sold to SMBC Rail during the initial closing are valued at the
purchase price option set forth in the ARL sales agreement less
liabilities.
- Holding Company's balance as of each respective date.
|
|
|
|
($ in millions) |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Consolidated
Adjusted EBITDA: |
(Unaudited) |
Net
income (loss) |
$ |
829 |
|
|
$ |
238 |
|
|
$ |
2,394 |
|
|
$ |
(1,656 |
) |
Interest
expense, net |
199 |
|
|
221 |
|
|
635 |
|
|
659 |
|
Income
tax expense |
68 |
|
|
15 |
|
|
110 |
|
|
81 |
|
Depreciation and amortization |
251 |
|
|
258 |
|
|
746 |
|
|
739 |
|
Consolidated
EBITDA |
$ |
1,347 |
|
|
$ |
732 |
|
|
$ |
3,885 |
|
|
$ |
(177 |
) |
Impairment of assets |
5 |
|
|
93 |
|
|
82 |
|
|
670 |
|
Restructuring costs |
5 |
|
|
8 |
|
|
14 |
|
|
29 |
|
Non-Service cost US based pensions |
4 |
|
|
5 |
|
|
11 |
|
|
13 |
|
FIFO
impact (favorable) unfavorable |
(15 |
) |
|
7 |
|
|
— |
|
|
(30 |
) |
Major
scheduled turnaround expense |
24 |
|
|
— |
|
|
40 |
|
|
38 |
|
(Gain)
loss on disposition of assets |
(446 |
) |
|
1 |
|
|
(1,966 |
) |
|
(10 |
) |
Tax
settlements |
(61 |
) |
|
— |
|
|
(61 |
) |
|
— |
|
Unrealized loss on certain derivatives |
17 |
|
|
8 |
|
|
6 |
|
|
40 |
|
Other |
24 |
|
|
12 |
|
|
71 |
|
|
60 |
|
Consolidated
Adjusted EBITDA |
$ |
904 |
|
|
$ |
866 |
|
|
$ |
2,082 |
|
|
$ |
633 |
|
|
|
|
|
|
|
|
|
IEP Adjusted
EBITDA: |
|
|
|
|
|
|
|
Net
income (loss) attributable to IEP |
$ |
597 |
|
|
$ |
(16 |
) |
|
$ |
2,132 |
|
|
$ |
(922 |
) |
Interest
expense, net |
154 |
|
|
157 |
|
|
485 |
|
|
468 |
|
Income
tax expense |
63 |
|
|
8 |
|
|
97 |
|
|
60 |
|
Depreciation and amortization |
203 |
|
|
191 |
|
|
601 |
|
|
557 |
|
EBITDA
attributable to IEP |
$ |
1,017 |
|
|
$ |
340 |
|
|
$ |
3,315 |
|
|
$ |
163 |
|
Impairment of assets |
5 |
|
|
93 |
|
|
82 |
|
|
429 |
|
Restructuring costs |
5 |
|
|
7 |
|
|
13 |
|
|
24 |
|
Non-Service cost US based pensions |
4 |
|
|
4 |
|
|
10 |
|
|
10 |
|
FIFO
impact (favorable) unfavorable |
(9 |
) |
|
4 |
|
|
— |
|
|
(18 |
) |
Major
scheduled turnaround expense |
14 |
|
|
— |
|
|
24 |
|
|
20 |
|
(Gain)
loss on disposition of assets |
(446 |
) |
|
1 |
|
|
(1,966 |
) |
|
(8 |
) |
Tax
settlements |
(57 |
) |
|
— |
|
|
(57 |
) |
|
— |
|
Unrealized loss on certain derivatives |
10 |
|
|
5 |
|
|
4 |
|
|
23 |
|
Other |
24 |
|
|
13 |
|
|
71 |
|
|
50 |
|
Adjusted EBITDA
attributable to IEP |
$ |
567 |
|
|
$ |
467 |
|
|
$ |
1,496 |
|
|
$ |
693 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions) |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Consolidated
Adjusted EBIT: |
(Unaudited) |
Net
income (loss) |
$ |
829 |
|
|
$ |
238 |
|
|
$ |
2,394 |
|
|
$ |
(1,656 |
) |
Interest
expense, net |
199 |
|
|
221 |
|
|
635 |
|
|
659 |
|
Income
tax expense |
68 |
|
|
15 |
|
|
110 |
|
|
81 |
|
Consolidated
EBIT |
$ |
1,096 |
|
|
$ |
474 |
|
|
$ |
3,139 |
|
|
$ |
(916 |
) |
Impairment of assets |
5 |
|
|
93 |
|
|
82 |
|
|
670 |
|
Restructuring costs |
5 |
|
|
8 |
|
|
14 |
|
|
29 |
|
Non-Service cost US based pensions |
4 |
|
|
5 |
|
|
11 |
|
|
13 |
|
FIFO
impact (favorable) unfavorable |
(15 |
) |
|
7 |
|
|
— |
|
|
(30 |
) |
Major
scheduled turnaround expense |
24 |
|
|
— |
|
|
40 |
|
|
38 |
|
(Gain)
loss on disposition of assets |
(446 |
) |
|
1 |
|
|
(1,966 |
) |
|
(10 |
) |
Tax
settlements |
(61 |
) |
|
— |
|
|
(61 |
) |
|
— |
|
Unrealized loss on certain derivatives |
17 |
|
|
8 |
|
|
6 |
|
|
40 |
|
Other |
24 |
|
|
12 |
|
|
71 |
|
|
60 |
|
Consolidated
Adjusted EBIT |
$ |
653 |
|
|
$ |
608 |
|
|
$ |
1,336 |
|
|
$ |
(106 |
) |
|
|
|
|
|
|
|
|
IEP Adjusted
EBIT: |
|
|
|
|
|
|
|
Net
income (loss) attributable to IEP |
$ |
597 |
|
|
$ |
(16 |
) |
|
$ |
2,132 |
|
|
$ |
(922 |
) |
Interest
expense, net |
154 |
|
|
157 |
|
|
485 |
|
|
468 |
|
Income
tax expense |
63 |
|
|
8 |
|
|
97 |
|
|
60 |
|
EBIT
attributable to IEP |
$ |
814 |
|
|
$ |
149 |
|
|
$ |
2,714 |
|
|
$ |
(394 |
) |
Impairment of assets |
5 |
|
|
93 |
|
|
82 |
|
|
429 |
|
Restructuring costs |
5 |
|
|
7 |
|
|
13 |
|
|
24 |
|
Non-Service cost US based pensions |
4 |
|
|
4 |
|
|
10 |
|
|
10 |
|
FIFO
impact (favorable) unfavorable |
(9 |
) |
|
4 |
|
|
— |
|
|
(18 |
) |
Major
scheduled turnaround expense |
14 |
|
|
— |
|
|
24 |
|
|
20 |
|
(Gain)
loss on disposition of assets |
(446 |
) |
|
1 |
|
|
(1,966 |
) |
|
(8 |
) |
Tax
settlements |
(57 |
) |
|
— |
|
|
(57 |
) |
|
— |
|
Unrealized loss on certain derivatives |
10 |
|
|
5 |
|
|
4 |
|
|
23 |
|
Other |
24 |
|
|
13 |
|
|
71 |
|
|
50 |
|
Adjusted EBIT
attributable to IEP |
$ |
364 |
|
|
$ |
276 |
|
|
$ |
895 |
|
|
$ |
136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Contacts:SungHwan Cho, Chief Financial OfficerPeter
Reck, Chief Accounting Officer(212) 702-4300
Icahn Enterprises (NASDAQ:IEP)
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