Icahn Enterprises (NASDAQ:IEP) stock tumbled 10% in Friday premarket trading after the company slashed its quarterly distribution in half to provide liquidity for a tender offer for CVR Energy (CVI) shares.

Meanwhile, the company posted Q3 net income, compared with losses in the previous and year-ago quarters, reflecting a net gain from investments in Q3 2024.

Q3 net income attributable to IEP of $22M, or $0.05 per share, vs. -$331M, or -$0.72 per share, in Q2 and -$8M, or -$0.01 per share, in last year's Q3.

Q3 total revenue of $2.79B, beating the sole analyst estimate of $2.32B consensus, rose from $2.20B in the previous quarter and fell from $3.01B a year ago.

Q3 net gain from investment activities totaled $257M, compared with -$479M in Q2 and -$332M in Q3 2023.

Total expenses of $2.72B increased from $2.68B in the prior quarter and declined from $2.94B a year ago.

Adjusted EBITDA attributable to IEP (NASDAQ:IEP) was $183M, vs. -$155M in Q2 and $243M in last year's Q3.

Indicative net asset value dipped to $3.56B at Sept. 30, 2024 from $3.98B at June 30. In that calculation, the net asset value of CVR Energy (CVI) decreased to $1.54B from $1.79B.