Icahn Enterprises L.P. (NASDAQ:IEP) is reporting for the year ended
December 31, 2018, revenues of $11.8 billion and net income
attributable to Icahn Enterprises of $1.5 billion, or $11.46 per
depositary unit, including a loss of $213 million from continuing
operations, or $1.16 per depositary unit. For the year ended
December 31, 2017, revenues were $12.6 billion and net income
attributable to Icahn Enterprises was $2.4 billion, or $14.80 per
depositary unit, including $2.3 billion from continuing operations,
or $13.84 per depositary unit. For the year ended December 31,
2018, Adjusted EBITDA attributable to Icahn Enterprises was $561
million compared to $642 million for the year ended
December 31, 2017. For the year ended December 31, 2018,
Adjusted EBIT attributable to Icahn Enterprises was $264 million
compared to $323 million for the year ended December 31, 2017.
For the fourth quarter of 2018, revenues were $2.8 billion and
net income attributable to Icahn Enterprises was $935 million, or
$8.03 per depositary unit, including a loss of $434 million from
continuing operations, or $2.28 per depositary unit. For the three
months ended December 31, 2017, revenues were $2.5 billion and
net income attributable to Icahn Enterprises was $298 million, or
$1.76 per depositary unit, including $279 million from continuing
operations, or $1.65 per depositary unit. For the three months
ended December 31, 2018, Adjusted EBITDA attributable to Icahn
Enterprises was a loss of $104 million compared to a loss of $96
million for the three months ended December 31, 2017. For the
three months ended December 31, 2018, Adjusted EBIT
attributable to Icahn Enterprises was a loss of $176 million
compared to a loss of $177 million for the three months ended
December 31, 2017.
For the year ended December 31, 2018, indicative net asset
value increased to $8.2 billion compared to $7.9 billion as of
December 31, 2017.
Statement by Carl Icahn
Carl Icahn, the Chairman of the Board of Icahn Enterprises
stated:
“Both 2018 and 2017 were banner years for Icahn Enterprises. The
major contribution to our success resulted from the sale of a
number of our companies with combined values in excess of $13
billion. These transactions exemplify our general modus operandi
at Icahn Enterprises, by which we seek to acquire undervalued
assets, nurture, guide and improve their condition and operations,
and ultimately develop them into more valuable businesses, which
greatly enhances value for all shareholders. A summary of the 2018
transactions is below.
"In April, we entered into an agreement to sell our indirect
wholly owned subsidiary Federal-Mogul LLC to Tenneco Inc.
for $5.4 billion, comprised of $800 million in cash
and 29.5 million shares of Tenneco common stock. This
transaction closed in October. In connection with the
sale, Tenneco announced its intention to separate the
combined businesses into two independent, publicly traded companies
through a tax-free spin-off to its stockholders that will establish
an aftermarket & ride performance company and a powertrain
technology company. We acquired majority control of
Federal-Mogul in 2008 when we saw an out-of-favor market
opportunity for a great company. During that time, we built one of
the leading global suppliers of automotive products. I am very
proud of the business we built at Federal-Mogul and see tremendous
value in the business combination and separation into two
companies.
"Also in April, our majority-owned
subsidiary, Tropicana Entertainment Inc. entered into an
agreement to sell its real estate to Gaming and Leisure
Properties, Inc. and to merge its gaming and hotel operations
into Eldorado Resorts, Inc., for aggregate consideration of
approximately $1.85 billion. This transaction also closed in
October. We first acquired an interest in Tropicana in
2008. Tropicana was bankrupt and desperately needed new
leadership. At that time, we identified this undervalued asset as
being a perfect situation to deploy our modus operandi. By hiring a
great CEO and a great management team, and by reinvesting every
single penny of profits back into the company, we
turned Tropicana into a great casino company.
"In October, our majority-owned subsidiary, American
Railcar Industries, Inc. entered into an agreement to merge
with a wholly-owned subsidiary of ITE Rail Fund L.P. in a
transaction valued at approximately $1.75 billion (including
ARI’s net indebtedness). This transaction closed in December.
We first acquired an interest in American Railcar
Industries in 2010. Following that time, we deployed our activist
modus operandi and guided the company towards growth and increased
profitability, enhancing value for all IEP unitholders.”
Distribution
Icahn Enterprises has a long history of endeavoring to return
capital to its unitholders by declaring and paying significant and
consistent annual distributions. As a reminder –
Icahn Enterprises estimated annual distribution
of $8.00 per depositary unit for fiscal year 2019
Icahn Enterprises declared annual distributions
of $7.00 per depositary unit for fiscal year 2018
Icahn Enterprises declared annual distributions
of $6.00 per depositary unit for fiscal year 2017
Icahn Enterprises declared annual distributions
of $6.00 per depositary unit for fiscal year 2016
Icahn Enterprises declared annual distributions
of $6.00 per depositary unit for fiscal year 2015
Icahn Enterprises declared annual distributions
of $6.00 per depositary unit for fiscal year 2014
Most recently, on February 26, 2019, the Board of Directors
of the general partner of Icahn Enterprises declared a quarterly
distribution in the amount of $2.00 per depositary unit ($8.00 per
unit annualized) which will be paid on or about April 17, 2019 to
depositary unitholders of record at the close of business on March
11, 2019. Depositary unitholders will have until April 8, 2019 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 dividend in cash.
Depositary unitholders 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 April 15, 2019. 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 eight
primary business segments: Investment, Energy, Automotive, Food
Packaging, Metals, Real Estate, Home Fashion and Mining.
Caution Concerning Forward-Looking Statements
Results for any interim period are not necessarily indicative of
results for any full fiscal period. This release may contain
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. Actual events, results and outcomes may differ
materially from our expectations due to a variety of known and
unknown risks, uncertainties and other factors, including 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 ability to continue to conduct our
activities in a manner so as to not be deemed an investment company
under the Investment Company Act of 1940, as amended; 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; risks related to
our automotive activities, including exposure to adverse conditions
in the automotive industry; 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 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 December 31, |
|
Year Ended December 31, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Revenues: |
(Unaudited) |
Net sales |
$ |
2,578 |
|
|
$ |
2,385 |
|
|
$ |
10,576 |
|
|
$ |
9,306 |
|
Other
revenues from operations |
156 |
|
|
183 |
|
|
647 |
|
|
743 |
|
Net gain
from investment activities |
(6 |
) |
|
(300 |
) |
|
322 |
|
|
302 |
|
Interest
and dividend income |
50 |
|
|
34 |
|
|
148 |
|
|
127 |
|
Gain on
disposition of assets, net |
19 |
|
|
194 |
|
|
84 |
|
|
2,163 |
|
Other
income (loss), net |
5 |
|
|
(14 |
) |
|
— |
|
|
(22 |
) |
|
2,802 |
|
|
2,482 |
|
|
11,777 |
|
|
12,619 |
|
Expenses: |
|
|
|
|
|
|
|
Cost of
goods sold |
2,202 |
|
|
2,250 |
|
|
8,947 |
|
|
8,258 |
|
Other
expenses from operations |
132 |
|
|
119 |
|
|
529 |
|
|
518 |
|
Selling,
general and administrative |
374 |
|
|
351 |
|
|
1,386 |
|
|
1,269 |
|
Restructuring |
1 |
|
|
1 |
|
|
21 |
|
|
4 |
|
Impairment |
89 |
|
|
11 |
|
|
92 |
|
|
87 |
|
Interest
expense |
133 |
|
|
146 |
|
|
524 |
|
|
655 |
|
|
2,931 |
|
|
2,878 |
|
|
11,499 |
|
|
10,791 |
|
(Loss) income from
continuing operations beforeincome tax (expense) benefit |
(129 |
) |
|
(396 |
) |
|
278 |
|
|
1,828 |
|
Income tax (expense)
benefit |
(65 |
) |
|
534 |
|
|
4 |
|
|
529 |
|
(Loss) income from
continuing operations |
(194 |
) |
|
138 |
|
|
282 |
|
|
2,357 |
|
Income from
discontinued operations |
1,376 |
|
|
59 |
|
|
1,764 |
|
|
234 |
|
Net income |
1,182 |
|
|
197 |
|
|
2,046 |
|
|
2,591 |
|
Less: net income (loss)
attributable to non-controlling interests |
247 |
|
|
(101 |
) |
|
539 |
|
|
161 |
|
Net income attributable
to Icahn Enterprises |
$ |
935 |
|
|
$ |
298 |
|
|
$ |
1,507 |
|
|
$ |
2,430 |
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Icahn Enterprisesfrom: |
|
|
|
|
|
|
|
Continuing
operations |
$ |
(434 |
) |
|
$ |
279 |
|
|
$ |
(213 |
) |
|
$ |
2,273 |
|
Discontinued
operations |
1,369 |
|
|
19 |
|
|
1,720 |
|
|
157 |
|
|
$ |
935 |
|
|
$ |
298 |
|
|
$ |
1,507 |
|
|
$ |
2,430 |
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Icahn Enterprisesallocable to: |
|
|
|
|
|
|
|
Limited
partners |
$ |
1,502 |
|
|
$ |
292 |
|
|
$ |
2,063 |
|
|
$ |
2,382 |
|
General
partner |
(567 |
) |
|
6 |
|
|
(556 |
) |
|
48 |
|
|
$ |
935 |
|
|
$ |
298 |
|
|
$ |
1,507 |
|
|
$ |
2,430 |
|
|
|
|
|
|
|
|
|
Basic and diluted
income (loss) per LP unit: |
|
|
|
|
|
|
|
Continuing operations |
$ |
(2.28 |
) |
|
$ |
1.65 |
|
|
$ |
(1.16 |
) |
|
$ |
13.84 |
|
Discontinued operations |
10.31 |
|
|
0.11 |
|
|
12.62 |
|
|
0.96 |
|
|
$ |
8.03 |
|
|
$ |
1.76 |
|
|
$ |
11.46 |
|
|
$ |
14.80 |
|
Basic and diluted
weighted average LP unitsoutstanding |
187 |
|
|
166 |
|
|
180 |
|
|
161 |
|
Cash distributions
declared per LP unit |
$ |
1.75 |
|
|
$ |
1.50 |
|
|
$ |
7.00 |
|
|
$ |
6.00 |
|
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS(In millions)
|
|
December 31, |
|
2018 |
|
2017 |
ASSETS |
(Unaudited) |
Cash and cash
equivalents |
$ |
2,656 |
|
|
$ |
1,164 |
|
Cash held at
consolidated affiliated partnerships and restricted cash |
2,682 |
|
|
747 |
|
Investments |
8,337 |
|
|
10,015 |
|
Due from brokers |
664 |
|
|
506 |
|
Accounts receivable,
net |
474 |
|
|
473 |
|
Inventories, net |
1,779 |
|
|
1,730 |
|
Property, plant and
equipment, net |
4,703 |
|
|
5,186 |
|
Goodwill |
247 |
|
|
327 |
|
Intangible assets,
net |
501 |
|
|
544 |
|
Assets held for
sale |
333 |
|
|
10,263 |
|
Other assets |
1,020 |
|
|
846 |
|
Total
Assets |
$ |
23,396 |
|
|
$ |
31,801 |
|
LIABILITIES AND EQUITY |
|
|
|
Accounts payable |
$ |
832 |
|
|
$ |
980 |
|
Accrued expenses and
other liabilities |
900 |
|
|
984 |
|
Deferred tax
liability |
676 |
|
|
732 |
|
Unrealized loss on
derivative contracts |
36 |
|
|
1,275 |
|
Securities sold, not
yet purchased, at fair value |
468 |
|
|
1,023 |
|
Due to brokers |
141 |
|
|
1,057 |
|
Liabilities held for
sale |
112 |
|
|
7,010 |
|
Debt |
7,326 |
|
|
7,372 |
|
Total liabilities |
10,491 |
|
|
20,433 |
|
|
|
|
|
Equity: |
|
|
|
Limited
partners |
7,319 |
|
|
5,341 |
|
General
partner |
(790 |
) |
|
(235 |
) |
Equity attributable to
Icahn Enterprises |
6,529 |
|
|
5,106 |
|
Equity attributable to
non-controlling interests |
6,376 |
|
|
6,262 |
|
Total equity |
12,905 |
|
|
11,368 |
|
Total
Liabilities and Equity |
$ |
23,396 |
|
|
$ |
31,801 |
|
|
|
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 from
continuing operations before interest expense, income tax (benefit)
expense and depreciation and amortization. EBIT represents earnings
from continuing operations 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 and Adjusted EBITDA 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, certain
gains/losses on disposition of assets, certain share based
compensation, discontinued operations, gains/losses on
extinguishment of debt, major scheduled turnaround expenses 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) |
December 31, |
|
2018 |
|
2017 |
Market-valued
Subsidiaries: |
(Unaudited) |
Holding Company interest
in Funds (1) |
$ |
5,066 |
|
|
$ |
3,052 |
|
CVR Energy (2) |
2,455 |
|
|
2,651 |
|
CVR Refining - direct
holding (2) |
60 |
|
|
95 |
|
American Railcar
Industries (2) |
— |
|
|
494 |
|
Tenneco Inc.(2) |
806 |
|
|
— |
|
Total
market-valued subsidiaries |
$ |
8,387 |
|
|
$ |
6,293 |
|
|
|
|
|
Other
Subsidiaries: |
|
|
|
Tropicana (3) |
$ |
— |
|
|
$ |
1,439 |
|
Viskase (4) |
147 |
|
|
173 |
|
Federal-Mogul (5) |
— |
|
|
1,690 |
|
Real Estate Holdings
(1) |
465 |
|
|
846 |
|
PSC Metals (1) |
177 |
|
|
182 |
|
WestPoint Home (1) |
133 |
|
|
144 |
|
ARL (6) |
— |
|
|
18 |
|
Ferrous Resources
(7) |
423 |
|
|
138 |
|
Icahn Automotive Group
(1) |
1,747 |
|
|
1,728 |
|
Total - other
subsidiaries |
$ |
3,092 |
|
|
$ |
6,359 |
|
Add:
Holding Company cash and cash equivalents (8) |
1,834 |
|
|
526 |
|
Less:
Holding Company debt (8) |
(5,505 |
) |
|
(5,507 |
) |
Add: Other
Holding Company net assets (8) |
344 |
|
|
189 |
|
Indicative Net
Asset Value |
$ |
8,152 |
|
|
$ |
7,860 |
|
|
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, expressed 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.
(1) Represents equity attributable to us as of each respective
date.(2) 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.(3) December 31, 2017 based on market comparables
due to lack of material trading volume, valued at 9.0x Adjusted
EBITDA for the twelve months ended December 31, 2017.(4) Amounts
based on market comparables due to lack of material trading volume,
valued at 9.0x Adjusted EBITDA for the twelve months ended December
31, 2018 and 2017.(5) December 31, 2017 represents the value of the
company based on IEP's tender offer during Q1 2017.(6) December 31,
2017 represents the option purchase price of the remaining cars not
sold in the initial ARL sale, plus working capital as of that
date.(7) December 31, 2018 represents the estimated proceeds based
on the sale agreement signed during December 2018. December 31,
2017 represents equity attributable to us as of that date.(8)
Holding Company's balance as of each respective date.
|
($ in millions) |
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Consolidated
Adjusted EBITDA: |
(Unaudited) |
Net (loss) income from
continuing operations |
$ |
(194 |
) |
|
$ |
138 |
|
|
$ |
282 |
|
|
$ |
2,357 |
|
Interest
expense, net |
124 |
|
|
146 |
|
|
511 |
|
|
650 |
|
Income
tax expense (benefit) |
65 |
|
|
(534 |
) |
|
(4 |
) |
|
(529 |
) |
Depreciation and amortization |
111 |
|
|
120 |
|
|
447 |
|
|
474 |
|
Consolidated
EBITDA |
$ |
106 |
|
|
$ |
(130 |
) |
|
$ |
1,236 |
|
|
$ |
2,952 |
|
Impairment of assets |
89 |
|
|
11 |
|
|
92 |
|
|
87 |
|
Restructuring costs |
— |
|
|
1 |
|
|
16 |
|
|
4 |
|
Non-Service cost U.S. based pensions |
— |
|
|
1 |
|
|
6 |
|
|
4 |
|
Major
scheduled turnaround expense |
2 |
|
|
43 |
|
|
10 |
|
|
83 |
|
Gain on
disposition of assets |
(20 |
) |
|
(195 |
) |
|
(90 |
) |
|
(2,166 |
) |
Net loss
on extinguishment of debt |
— |
|
|
12 |
|
|
— |
|
|
12 |
|
Tax
settlements |
— |
|
|
— |
|
|
— |
|
|
(38 |
) |
Other |
22 |
|
|
23 |
|
|
53 |
|
|
62 |
|
Consolidated
Adjusted EBITDA |
$ |
199 |
|
|
$ |
(234 |
) |
|
$ |
1,323 |
|
|
$ |
1,000 |
|
|
|
|
|
|
|
|
|
IEP Adjusted
EBITDA: |
|
|
|
|
|
|
|
Net
(loss) income from continuing operationsattributable to Icahn
Enterprises |
$ |
(434 |
) |
|
$ |
279 |
|
|
$ |
(213 |
) |
|
$ |
2,273 |
|
Interest
expense, net |
102 |
|
|
110 |
|
|
419 |
|
|
472 |
|
Income
tax expense (benefit) |
67 |
|
|
(444 |
) |
|
(14 |
) |
|
(435 |
) |
Depreciation and amortization |
72 |
|
|
81 |
|
|
297 |
|
|
319 |
|
EBITDA
attributable to IEP |
$ |
(193 |
) |
|
$ |
26 |
|
|
$ |
489 |
|
|
$ |
2,629 |
|
Impairment of assets |
89 |
|
|
11 |
|
|
92 |
|
|
87 |
|
Restructuring costs |
— |
|
|
1 |
|
|
14 |
|
|
3 |
|
Non-Service cost U.S. based pensions |
— |
|
|
1 |
|
|
4 |
|
|
3 |
|
Major
scheduled turnaround expense |
1 |
|
|
25 |
|
|
5 |
|
|
49 |
|
Gain on
disposition of assets |
(20 |
) |
|
(195 |
) |
|
(91 |
) |
|
(2,166 |
) |
Net loss
on extinguishment of debt |
— |
|
|
12 |
|
|
— |
|
|
12 |
|
Tax
settlements |
— |
|
|
— |
|
|
— |
|
|
(38 |
) |
Other |
19 |
|
|
23 |
|
|
48 |
|
|
63 |
|
Adjusted EBITDA
attributable to IEP |
$ |
(104 |
) |
|
$ |
(96 |
) |
|
$ |
561 |
|
|
$ |
642 |
|
|
|
($ in millions) |
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Consolidated
Adjusted EBIT: |
(Unaudited) |
Net (loss) income from
continuing operations |
$ |
(194 |
) |
|
$ |
138 |
|
|
$ |
282 |
|
|
$ |
2,357 |
|
Interest
expense, net |
124 |
|
|
146 |
|
|
511 |
|
|
650 |
|
Income
tax expense (benefit) |
65 |
|
|
(534 |
) |
|
(4 |
) |
|
(529 |
) |
Consolidated
EBIT |
$ |
(5 |
) |
|
$ |
(250 |
) |
|
$ |
789 |
|
|
$ |
2,478 |
|
Impairment of assets |
89 |
|
|
11 |
|
|
92 |
|
|
87 |
|
Restructuring costs |
— |
|
|
1 |
|
|
16 |
|
|
4 |
|
Non-Service cost U.S. based pensions |
— |
|
|
1 |
|
|
6 |
|
|
4 |
|
Major
scheduled turnaround expense |
2 |
|
|
43 |
|
|
10 |
|
|
83 |
|
Gain on
disposition of assets |
(20 |
) |
|
(195 |
) |
|
(90 |
) |
|
(2,166 |
) |
Net loss
on extinguishment of debt |
— |
|
|
12 |
|
|
— |
|
|
12 |
|
Tax
settlements |
— |
|
|
— |
|
|
— |
|
|
(38 |
) |
Other |
22 |
|
|
23 |
|
|
53 |
|
|
62 |
|
Consolidated
Adjusted EBIT |
$ |
88 |
|
|
$ |
(354 |
) |
|
$ |
876 |
|
|
$ |
526 |
|
|
|
|
|
|
|
|
|
IEP Adjusted
EBIT: |
|
|
|
|
|
|
|
Net
(loss) income from continuing operationsattributable to Icahn
Enterprises |
$ |
(434 |
) |
|
$ |
279 |
|
|
$ |
(213 |
) |
|
$ |
2,273 |
|
Interest
expense, net |
102 |
|
|
110 |
|
|
419 |
|
|
472 |
|
Income
tax expense (benefit) |
67 |
|
|
(444 |
) |
|
(14 |
) |
|
(435 |
) |
EBIT
attributable to IEP |
$ |
(265 |
) |
|
$ |
(55 |
) |
|
$ |
192 |
|
|
$ |
2,310 |
|
Impairment of assets |
89 |
|
|
11 |
|
|
92 |
|
|
87 |
|
Restructuring costs |
— |
|
|
1 |
|
|
14 |
|
|
3 |
|
Non-Service cost U.S. based pensions |
— |
|
|
1 |
|
|
4 |
|
|
3 |
|
Major
scheduled turnaround expense |
1 |
|
|
25 |
|
|
5 |
|
|
49 |
|
Gain on
disposition of assets |
(20 |
) |
|
(195 |
) |
|
(91 |
) |
|
(2,166 |
) |
Net loss
on extinguishment of debt |
— |
|
|
12 |
|
|
— |
|
|
12 |
|
Tax
settlements |
— |
|
|
— |
|
|
— |
|
|
(38 |
) |
Other |
19 |
|
|
23 |
|
|
48 |
|
|
63 |
|
Adjusted EBIT
attributable to IEP |
$ |
(176 |
) |
|
$ |
(177 |
) |
|
$ |
264 |
|
|
$ |
323 |
|
|
Investor Contacts:SungHwan Cho, Chief Financial OfficerPeter
Reck, Chief Accounting Officer(212) 702-4300
Icahn Enterprises (NASDAQ:IEP)
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