Icahn Enterprises Swings to 3Q Profit Despite Drop in Revenue

Dow Jones

08 Nov 2024

By Ben Glickman

Icahn Enterprises reported a profit in the third quarter despite lagging performance by some of the firm's largest holdings.

The activist investment firm controlled by Carl Icahn reported a profit of $22 million, or 5 cents a share, in the quarter, compared with a loss of $6 million, or 1 cent a share, a year earlier.

Revenue fell 7.3% from a year ago to $2.79 billion. Net asset value as of September 30 fell $432 million, which was largely attributable to declines in CVR Energy and automotive services.

Icahn Enterprises also Friday morning announced it would boost its stake in CVR Energy, its top holding, and would cut its dividend by half.

Icahn said that the market presented major opportunities, with some "unjustifiable premiums" on stocks and other companies being undervalued.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

November 08, 2024 07:18 ET (12:18 GMT)

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

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Net asset value as of September 30 fell $432 million, which was largely attributable to declines in CVR Energy and automotive services. \n\n\n  Icahn Enterprises also Friday morning announced it would boost its stake in CVR Energy, its top holding, and would cut its dividend by half. \n\n\n  Icahn said that the market presented major opportunities, with some \"unjustifiable premiums\" on stocks and other companies being undervalued. \n\n\n \n\n\n  Write to Ben Glickman at ben.glickman@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 08, 2024 07:18 ET (12:18 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"code":"91000000","status":"200"}}}