Business
Icahn Enterprises L.P. Reports Third Quarter 2021 Financial Results
- Our Estimate of Indicative net asset value increased $1.8 billion since December 31, 2020 and has increased $699 million in Q3 2021 - Board approves
About this update from Icahn Enterprises L.p.
[{"type":"text","content":"- Our Estimate of Indicative net asset value increased $1.8 billion since December 31, 2020 and has increased $699 million in Q3 2021\n - Board approves quarterly distribution of $2.00 per depositary unit (the 66th consecutive quarterly distribution since 2005); IEP has increased the quarterly distribution over time and has not missed a quarterly distribution\n - Activist positions have recently come to fruition; Navistar position realized during Q3 2021 for aggregate gains of $231 million and Cloudera during Q4 2021 for aggregate gains of $522 million; announced the sale of the Metals segment subsequent to quarter end with estimated gain of $154 million (all gains also include those attributable to non-controlling interests)¹\n\n\nSUNNY ISLES BEACH, Fla., Nov. 2, 2021 /PRNewswire/ -- Icahn Enterprises L.P. (Nasdaq: IEP) is reporting third quarter 2021 revenues of $2.6 billion and net loss attributable to Icahn Enterprises of $148 million, or a loss of $0.55 per depositary unit. For the three months ended September 30, 2020, revenues were $723 million and net loss attributable to Icahn Enterprises was $714 million, or a loss of $3.14 per depositary unit. Adjusted EBITDA attributable to Icahn Enterprises was $88 million for the three months ended September 30, 2021, compared to $(550) million for the three months ended September 30, 2020. \nFor the nine months ended September 30, 2021, revenues were $9.0 billion and net loss attributable to Icahn Enterprises was $122 million, or a loss of $0.47 per depositary unit. For the nine months ended September 30, 2020, revenues were $3.4 billion and net loss attributable to Icahn Enterprises was $1.8 billion, or a loss of $8.12 per depositary unit. Adjusted EBITDA attributable to Icahn Enterprises was $715 million for the nine months ended September 30, 2021, compared to $(1.2) billion for the nine months ended September 30, 2020. \nAs of September 30, 2021, our estimate of indicative net asset value was $5.4 billion, compared to $3.6 billion as of December 31, 2020, an increase of $1.8 billion. This was due in part to a change in how we estimate the fair value of our Automotive segment's owned real estate value to reflect the improvement of its real estate leasing operations. We believe this better reflects the estimated fair value of this segment's assets. Additionally, the change in ou...