Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Q2 2018 Earnings Presentation
23 slides from Icahn Enterprises L.p's earnings presentation, Aug 2, 2018
Slide 1: Icahn Enterprises L.P. Q2 2018 Earnings Presentation
Icahn Enterprises L.P. Q2 2018 Earnings Presentation August 2, 2018
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements and Non-GAAP Financial Measures The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward- looking statements we make in this presentation, including statements regarding our future performance and plans for our busines
Slide 3: Q2 2018 Highlights and Recent Developments
Q2 2018 Highlights and Recent Developments Board declared $1.75 quarterly dividend payable in either cash or additional units Net income attributable to Icahn Enterprises for Q2 2018 was $309 million, or $1.70 per depositary unit, including $164 million from continuing operations, or $0.90 per d
Slide 4: Consolidated Results
Consolidated Results Three Months Ended Six Months Ended Consolidated Results June 30, June 30, ($ millions) 2018 2017 2018 2017 Select Income Statement Data: Revenues $3,578 $4,465 $6,733 $6,964 Expenses 3,157 2,795 5,898 5,506 Income from continuing operations before income tax benefit (expense) 4
Slide 5: Financial Performance
Financial Performance Net Income from Continuing Operations Attributable to Adjusted EBITDA Attributable to Icahn Enterprises Icahn Enterprises $1,502 $1,450 $664 $468 $272 $356 $288 $164 (1) (2) (1) (2) Q2 2018 Q2 2017 YTD 2018 YTD 2017 Q2 2018 Q2 2017 YTD 2018 YTD 2017 Three Months Ended June 30,
Slide 6: Segment: Investment
Segment: Investment Company Description Highlights and Recent Developments IEP invests its proprietary capital through various Returns of 4.9% for Q2 2018 private investment funds (the “Funds”) managed From inception in November 2004, the Funds' gross return is approximately by the Investment
Slide 7: Segment: Energy
Segment: Energy Company Description Highlights and Recent Developments CVR Energy, Inc. (NYSE:CVI) operates as a holding In June, 2018, CVR Energy commenced an exchange offer to acquire company that owns majority interests in two additional common units of CVR Refining in exchange for shares of
Slide 8: Segment: Automotive
Segment: Automotive Company Description Highlights and Recent Developments We conduct our Automotive segment through our Icahn Automotive is in the process of implementing a multi-year transformation wholly owned subsidiary Icahn Automotive Group plan. Key priorities include: LLC ("Icahn Automot
Slide 9: Segment: Railcar
Segment: Railcar Segment Description Highlights and Recent Developments American Railcar Industries, Inc. (NASDAQ:ARII) operates in three business segments: manufacturing Railcar manufacturing operations, railcar services and leasing ─ Railcar shipments for the three months ended June 30, 2018 o
Slide 10: Segment: Food Packaging
Segment: Food Packaging Company Description Highlights and Recent Developments Viskase Companies, Inc (OTCPK:VKSC) is a Q2 net sales increased by $5 million as compared to the corresponding prior worldwide leader in the production and sale of year period. cellulosic, fibrous and plastic casings
Slide 11: Segment: Metals
Segment: Metals Company Description Highlights and Recent Developments PSC Metals, Inc. is one of the largest independent Q2 net sales increased by $30 million compared to the comparable prior year metal recycling companies in the U.S. period primarily due to higher shipment volumes of ferrous a
Slide 12: Segment: Real Estate
Segment: Real Estate Company Description Highlights and Recent Developments Consists of rental real estate, property development Business strategy is based on long-term investment outlook and operational expertise and club operations Rental real estate consists primarily of retail, office Rent
Slide 13: Segment: Mining
Segment: Mining Company Description Highlights and Recent Developments Ferrous Resources has certain rights to iron ore Mining segment has been concentrating on sales in Brazil, where the best mineral resources in Brazil and develops mining margins are being captured operations and related infra
Slide 14: Segment: Home Fashion
Segment: Home Fashion Company Description Highlights and Recent Developments WestPoint Home LLC is engaged in Q2 2018 net sales for our Home Fashion segment were flat compared to Q2 manufacturing, sourcing, marketing, distributing 2017 and selling home fashion consumer products Adjusted EBITDA
Slide 15: Financial Performance
Financial Performance 15
Slide 16: Liquidity Serves as a Competitive Advantage
Liquidity Serves as a Competitive Advantage ($Millions) The Company and its subsidiaries maintain ample liquidity to take advantage of attractive opportunities for their respective businesses Liquidity As of 6/30/2018 Liquid Assets: Hold Co. Cash & Cash Equivalents $79 IEP Interest in Investment F
Slide 17: IEP Summary Financial Information
IEP Summary Financial Information Significant Valuation demonstrated by market value of IEP’s public subsidiaries and Holding Company interest in Funds and book value or market comparables of other assets As of ($ Millions) Sept 30 Dec 31 March 31 June 30 2017 2017 2018 2018 Market-valued Subsidia
Slide 18: Appendix: Adjusted EBITDA
Appendix Adjusted EBITDA 18
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company uses certain non-GAAP financial measures in evaluating its performance. These include non-GAAP EBITDA and Adjusted EBITDA. EBITDA represents earnings from continuing operations before interest expense, income tax (benefit) expense and depreciation and amortiza
Slide 20: Adjusted EBITDA Reconciliation by Segment – Three Months Ended June 30, 2018
Adjusted EBITDA Reconciliation by Segment – Three Months Ended June 30, 2018 ($Millions) Food Real Home Holding Investment Automotive Energy Metals Railcar Mining Packaging Estate Fashion Company Consolidated Adjusted EBITDA: Net income (loss) $397 ($18) $68 $3 $7 $5 ($1) $8 ($3) ($33) $433 Interest
Slide 21: Adjusted EBITDA Reconciliation by Segment – Three Months Ended June 30, 2017
Adjusted EBITDA Reconciliation by Segment – Three Months Ended June 30, 2017 ($Millions) Food Real Home Holding Investment Automotive Energy Metals Railcar Mining Packaging Estate Fashion Company Consolidated Adjusted EBITDA: Net income (loss) $273 ($2) ($29) $1 $1,007 $6 $0 $2 ($4) $413 $1,667 Inte
Slide 22: Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2018
Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2018 ($Millions) Food Real Home Holding Investment Automotive Energy Metals Railcar Mining Packaging Estate Fashion Company Consolidated Adjusted EBITDA: Net income (loss) $798 ($52) $160 $7 $23 ($1) ($4) $14 ($8) ($116) $821 Inte
Slide 23: Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2017
Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2017 ($Millions) Food Real Home Holding Investment Automotive Energy Metals Railcar Mining Packaging Estate Fashion Company Consolidated Adjusted EBITDA: Net income (loss) $81 ($20) ($1) $3 $1,059 $12 $2 $2 ($7) $332 $1,463 Intere