Icahn Enterprises' stock slides 4% as majority-owned CVR Energy suspends its dividend

Dow Jones

2024-10-29

MW Icahn Enterprises' stock slides 4% as majority-owned CVR Energy suspends its dividend

Icahn Enterprises LP's stock $(IEP)$ fell 4% early Tuesday, after CVR Energy Inc. $(CVI)$, in which it owns a 66% stake, said it would suspend its third-quarter dividend. CVR's stock was down almost 25%. The company, which specializes in renewable fuels and petroleum refining, as well as nitrogen fertilizer, posted a net loss of $124 million, or $1.24 a share, for the quarter, after earnings of $353 million, or $3.51 a share, in the year-earlier period. Adjusted for one-time items, the company's loss per share came to 50 cents, wider than the 9-cent loss consensus of FactSet analysts. Sales fell to $1.833 billion from $2.522 billion a year ago, also below the $1.910 billion FactSet consensus. Earnings for the refining business were hurt by "reduced refining throughputs attributable to unplanned downtime at both facilities partially caused by external power supply outages during the quarter," CEO Dave Lamp said in prepared remarks. "The board's decision to suspend the quarterly dividend reflects its concerns on just how long the current margin environment will persist in light of the company's large, planned turnaround at its Coffeyville refinery in the first quarter of 2025."

-Ciara Linnane

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

October 29, 2024 07:35 ET (11:35 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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CVR's stock was down almost 25%. The company, which specializes in renewable fuels and petroleum refining, as well as nitrogen fertilizer, posted a net loss of $124 million, or $1.24 a share, for the quarter, after earnings of $353 million, or $3.51 a share, in the year-earlier period. Adjusted for one-time items, the company's loss per share came to 50 cents, wider than the 9-cent loss consensus of FactSet analysts. Sales fell to $1.833 billion from $2.522 billion a year ago, also below the $1.910 billion FactSet consensus. Earnings for the refining business were hurt by \"reduced refining throughputs attributable to unplanned downtime at both facilities partially caused by external power supply outages during the quarter,\" CEO Dave Lamp said in prepared remarks. \"The board's decision to suspend the quarterly dividend reflects its concerns on just how long the current margin environment will persist in light of the company's large, planned turnaround at its Coffeyville refinery in the first quarter of 2025.\" \n</p>\n<p>\n     -Ciara Linnane \n</p>\n<p>\n     This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  October 29, 2024 07:35 ET (11:35 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Icahn Enterprises' stock slides 4% as majority-owned CVR Energy suspends its dividend</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIcahn Enterprises' stock slides 4% as majority-owned CVR Energy suspends its dividend\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time smaller\">2024-10-29 19:35</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW Icahn Enterprises' stock slides 4% as majority-owned CVR Energy suspends its dividend\n</p>\n<p>\n     Icahn Enterprises LP's stock <a href=\"https://laohu8.com/S/IEP\">$(IEP)$</a> fell 4% early Tuesday,  after CVR Energy Inc. <a href=\"https://laohu8.com/S/CVI\">$(CVI)$</a>, in which it owns a 66% stake, said it would suspend its third-quarter dividend. CVR's stock was down almost 25%. The company, which specializes in renewable fuels and petroleum refining, as well as nitrogen fertilizer, posted a net loss of $124 million, or $1.24 a share, for the quarter, after earnings of $353 million, or $3.51 a share, in the year-earlier period. Adjusted for one-time items, the company's loss per share came to 50 cents, wider than the 9-cent loss consensus of FactSet analysts. Sales fell to $1.833 billion from $2.522 billion a year ago, also below the $1.910 billion FactSet consensus. Earnings for the refining business were hurt by \"reduced refining throughputs attributable to unplanned downtime at both facilities partially caused by external power supply outages during the quarter,\" CEO Dave Lamp said in prepared remarks. \"The board's decision to suspend the quarterly dividend reflects its concerns on just how long the current margin environment will persist in light of the company's large, planned turnaround at its Coffeyville refinery in the first quarter of 2025.\" \n</p>\n<p>\n     -Ciara Linnane \n</p>\n<p>\n     This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  October 29, 2024 07:35 ET (11:35 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4590","symbol_name":"PTP","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2479403656","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2479403656","pubTimestamp":1730201700,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Icahn Enterprises LP's stock  fell 4% early Tuesday,  after CVR Energy Inc. , in which it owns a 66% stake, said it would suspend its third-quarter dividend. 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CVR's stock was down almost 25%. The company, which specializes in renewable fuels and petroleum refining, as well as nitrogen fertilizer, posted a net loss of $124 million, or $1.24 a share, for the quarter, after earnings of $353 million, or $3.51 a share, in the year-earlier period. Adjusted for one-time items, the company's loss per share came to 50 cents, wider than the 9-cent loss consensus of FactSet analysts. Sales fell to $1.833 billion from $2.522 billion a year ago, also below the $1.910 billion FactSet consensus. Earnings for the refining business were hurt by \"reduced refining throughputs attributable to unplanned downtime at both facilities partially caused by external power supply outages during the quarter,\" CEO Dave Lamp said in prepared remarks. \"The board's decision to suspend the quarterly dividend reflects its concerns on just how long the current margin environment will persist in light of the company's large, planned turnaround at its Coffeyville refinery in the first quarter of 2025.\" \n\n\n     -Ciara Linnane \n\n\n     This content was created by MarketWatch, which is operated by Dow Jones & Co. 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