Icahn Enterprises L.P. (NASDAQ:IEP) shares are trading lower on Friday.
The company reported third-quarter earnings per unit of 5 cents, missing the street view of 21 cents. Quarterly sales of $2.22 billion missed the analyst consensus estimate of $2.32 billion.
As of October 31, the firm had approximately $2.3 billion between cash and equivalents at the holding company and the investment funds.
In the third quarter, net income attributable to IEP was $22 million, which is an improvement of $28 million compared to the same quarter last year. Adjusted EBITDA for the third quarter was $183 million, down from $243 million in the prior year’s quarter.
Also Read: Taiwan Semiconductor US Expansion Plans Unfazed by Trump Win: Report
IEP has proposed that its subsidiary, IEH, initiate a tender offer to buy up to 15 million additional shares of CVR Energy Inc. (NYSE:CVI) common stock at $17.50 per share.
This offer price represents a 6% premium over CVR Energy’s closing price on November 7, 2024, and a 5% premium over the average price of CVR Energy stock over the last 7 trading days.
IEP said CVR Energy’s shares are undervalued and sees this as a good investment opportunity. IEP currently beneficially owns, directly and indirectly, 66.3% of the outstanding shares of CVR Energy’s common stock. If the proposed tender offer were to be fully or over-subscribed, IEP would beneficially own 81.3% of CVR Energy’s common stock.
As of September 30, Icahn Enterprises’ indicative net asset value decreased by $423 million compared to June 30. This drop was mainly due to a $249 million decline in CVR, a $193 million decrease in Automotive Services, and a $113 million distribution to unitholders, despite a $192 million gain in the investment funds.
Reduces Distribution: On November 6, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $0.50 per depositary unit, which will be paid on or about December 26. The company decreased the quarterly distribution from $1.00 per depositary unit.
Price Action: IEP shares are trading lower by 7.10% to $11.98 at last check Friday.
Image from Shutterstock
Also Read:
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。