Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Q1 2015 Earnings Presentation
22 slides from Icahn Enterprises L.p's earnings presentation, May 7, 2015
Slide 1: Icahn Enterprises L.P. Q1 2015 Earnings Presentation
Icahn Enterprises L.P. Q1 2015 Earnings Presentation May 7, 2015
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: 2015 Highlights and Recent Developments
2015 Highlights and Recent Developments Board declared $1.50 quarterly dividend payable in either cash or additional units Adjusted net income attributable to Icahn Enterprises for Q1 2015 was $162 million, compared to $92 million for Q1 2014 Investment segment had a return of 4.3% in Q1 2015,
Slide 4: Consolidated Results
Consolidated Results Three Months Ended Consolidated Results March 31, ($ millions) 2015 2014 Select Income Statement Data: Revenues $ 4,511 $ 4,990 Expenses 4,040 4,810 Income before income tax expense 471 180 Income tax expense (49) (103) Net income 422 77 Less: net income attributable to non cont
Slide 5: Financial Performance
Financial Performance Adjusted EBITDA Attributable to Icahn Enterprises Adjusted Net Income Attributable to Icahn Enterprises $575 $359 $162 $92 Q1 2015 Q1 2014 Q1 2015 Q1 2014 Three Months Ended March 31, Three Months Ended March 31, ($ in millions) 2015 2014 ($ in millions) 2015 2014 Adjusted EBIT
Slide 6: Segment: Investment
Segment: Investment Company Description Highlights and Recent Developments IEP invests its proprietary capital through various Returns of 4.3% for Q1 2015 compared to returns of -0.4% in Q1 2014 private investment funds (the “Funds”) managed Since inception in November 2004, the Funds' gross r
Slide 7: Segment: Energy
Segment: Energy Company Description Highlights and Recent Developments CVR Energy, Inc. (NYSE:CVI) operates as a holding CVR Energy Q1 2015 Highlights company that owns majority interests in two ─ Announced a first quarter 2015 cash dividend of $0.50 per share separate operating subsidiaries: CV
Slide 8: Segment: Automotive
Segment: Automotive Company Description Corporate Highlights and Recent Developments Federal Mogul Holdings Corporation Adjusted EBITDA of $140 million in Q1 2015 (NasdaqGS:FDML) operates in two business Successfully completed a shareholder common stock rights offering of $250 segments: Powert
Slide 9: Segment: Railcar
Segment: Railcar Segment Description Highlights and Recent Developments American Railcar Industries, Inc. (NASDAQ:ARII) Railcar manufacturing operates in three business segments: manufacturing operations, railcar services and ─ 10,471 railcar backlog as of March 31, 2015 leasing ─ Record quarter
Slide 10: Segment: Gaming
Segment: Gaming Company Description Highlights and Recent Developments Tropicana Entertainment Inc. (OTCPK:TPCA) Revenues for Q1 2015 improved from the prior year period due to an increase operates eight casino facilities featuring in consolidated gaming volumes. approximately 391,000 square fee
Slide 11: Segment: Food Packaging
Segment: Food Packaging Company Description Highlights and Recent Developments Viskase Companies, Inc (OTCPK:VKSC) is a Net sales were impacted unfavorable foreign currency translation and worldwide leader in the production and sale of unfavorable price and product mix cellulosic, fibrous and pl
Slide 12: Segment: Metals
Segment: Metals Company Description Highlights and Recent Developments PSC Metals, Inc. is one of the largest independent Net sales for Q1 2015 decreased by $83 million compared to the prior year metal recycling companies in the U.S. period primarily driven by lower shipment volumes and lower pr
Slide 13: Segment: Real Estate
Segment: Real Estate Company Description Highlights and Recent Developments Consists of rental real estate, property Business strategy is based on long-term investment outlook and operational development and associated resort activities expertise Rental real estate consists primarily of retail
Slide 14: Segment: Home Fashion
Segment: Home Fashion Company Description Highlights and Recent Developments WestPoint Home LLC is engaged in Adjusted EBITDA was $2 million in Q1 2015 manufacturing, sourcing, marketing, distributing and selling home fashion consumer products Streamlined merchandising, sales and customer serv
Slide 15: Financial Performance
Financial Performance 15
Slide 16: Liquidity Serves as a Competitive Advantage
Liquidity Serves as a Competitive Advantage ($Millions) The Company and its subsidiaries maintain ample liquidity to take advantage of attractive opportunities for their respective businesses Liquidity As of 3/31/2015 Liquid Assets: Hold Co. Cash & Cash Equivalents (1) $ 827 IEP Interest in Invest
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 ($ Millions) As of March 31 June 30 Sept 30 Dec 31 March 31 2014 2014 2014 2014 2015 Market-v
Slide 18: Appendix: Adjusted EBITDA & Adjusted net income attributable to Icahn Enterprises
Appendix Adjusted EBITDA & Adjusted net income attributable to Icahn Enterprises 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, Adjusted EBITDA and Adjusted Net Income. EBITDA represents earnings before interest expense, income tax (benefit) expense and depreciation and amortization.
Slide 20: Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2015
Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2015 ($Millions) Food Real Home Holding Investment Automotive Energy Metals Railcar Gaming Packaging Estate Fashion Company Consolidated Adjusted EBITDA: Net (loss) income $ 396 $ (20) $ 75 $ (9) $ 44 $ 7 $ - $ 23 $ (1) $ (93)
Slide 21: Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2014
Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2014 ($Millions) Food Real Home Holding Investment Automotive Energy Metals Railcar Gaming Packaging Estate Fashion Company Consolidated Adjusted EBITDA: Net income (loss) $ (15) $ 40 $ 204 $ (5) $ 36 $ 33 $ (6) $ 7 $ (1) $ (21
Slide 22: Adjusted net income attributable to Icahn Enterprises reconciliation
Adjusted net income attributable to Icahn Enterprises reconciliation The following is a reconciliation of net income attributable to Icahn Enterprises, presented and reported in accordance with U.S. generally accepted accounting principles, to adjusted net income attributable to Icahn Enterprises, a