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:
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。