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Icahn Enterprises L.P. (IEP+0.11%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $2.791 billion from $3.010 billion in the same quarter the previous year. This decrease is primarily attributed to reduced sales in the Energy and Automotive segments.
The Energy segment reported net sales of $1.834 billion, down from $2.522 billion in the previous year, due to lower refined product prices and reduced demand.
The Automotive segment's net sales and other revenues decreased to $374 million from $444 million, influenced by reduced consumer spending and operational challenges.
The Investment segment recorded a net gain of $296 million, compared to a net loss of $297 million in the previous year, driven by gains in long positions within the healthcare and utilities sectors.
Cost of goods sold for the quarter was $2.223 billion, compared to $2.377 billion in the previous year, reflecting lower sales volumes.
Net income for the quarter was $80 million, up from a net loss of $30 million in the previous year. After adjustments, net income attributable to Icahn Enterprises was $22 million, compared to a net loss of $6 million in the previous year.
Cash provided by operating activities was $588 million, while cash used in investing and financing activities was $226 million and $1.573 billion, respectively.
As of September 30, 2024, Icahn Enterprises had cash and cash equivalents of $2.294 billion and total debt of $6.447 billion.
The filing also details various financial agreements, including the issuance of $750 million in senior unsecured notes due 2030 and the redemption of $600 million in senior unsecured notes due 2025.
Icahn Enterprises declared a quarterly distribution of $1.00 per depositary unit during the quarter, with options for unitholders to receive cash or additional units.
The company is considering potential strategic transactions involving its Energy segment and CVR Partners, LP (UAN+0.35%), including acquisitions and strategic options.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Icahn Enterprises L.P. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.