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Icahn Enterprises L.P. (NASDAQ:IEP) on Monday reported a second-quarter net loss of $165 million, or 30 cents per depositary unit.
It missed analyst expectations of a 14-cent profit and narrowed from a loss of $331 million, or 72 cents per unit, in the year-ago quarter.
Net sales for the quarter totaled $2.143 billion, beating the consensus estimate of $2.030 billion but down from $2.371 billion in the year-ago quarter.
Adjusted EBITDA loss attributable to IEP narrowed to $43 million from $155 million in the prior-year quarter. The indicative net asset value as of June 30, stood at approximately $3.3 billion, an increase of $252 million compared to March 31.
By segment, the Investment segment posted a net loss of $16 million and a return of negative 0.5% for the quarter. IEP's holding in the investment funds was valued at approximately $2.5 billion.
The energy segment, which includes CVR Energy and CVR Partners, reported a net loss attributable to IEP of $84 million. That’s down from an $8 million profit in Q2, driven by lower refining margins and a turnaround at the Coffeyville refinery.
Petroleum refining margin fell to $2.21 per barrel of throughput from $10.94 a year ago. Renewable diesel throughput averaged 155,000 gallons per day, with margins slightly down to $0.38 per gallon.
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The Automotive segment reported a net loss of $25 million and adjusted EBITDA of $7 million, compared to $34 million a year earlier. Revenue declined $20 million year over year, affected by store closures and the exit from the Aftermarket Parts business in Q1 2025.
All other operating segments — Food Packaging, Real Estate, Home Fashion, and Pharma — contributed $17 million in adjusted EBITDA, down from $28 million in Q2 2024.
Cash and cash equivalents as of June 30 totaled $1.8 billion, down from $2.6 billion at year-end 2024.
Holding company liquidity, including cash and investments in the funds, was reported at $3.5 billion, with total liquidity across IEP at $4.6 billion. Total debt stood at $6.7 billion.
Dividend: On Aug. 1, the board declared a quarterly distribution of 50 cents per depositary unit. The dividend will be payable on or about Sept. 24 to unitholders of record as of August 18.
Price Action: IEP shares are trading higher by 0.98% at $9.06 on Monday’s last check.
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Posted In: IEP
