Q1 2024 Icahn Enterprises LP Earnings Call Transcript
Key Points
- First-quarter net loss improved by $232 million compared to Q1 2023, indicating a significant reduction in losses.
- Adjusted EBITDA increased by $39 million in Q1 2024 compared to the same period last year, showing improved operational efficiency.
- Indicative net asset value rose by $194 million from the previous quarter, reflecting an increase in the overall value of the company's assets.
- The automotive service division is implementing key initiatives aimed at driving earnings and cash flow, including product sourcing and inventory reduction.
- The Board approved a consistent quarterly distribution of $1.00 per depositary unit, maintaining a steady return to shareholders.
- The company reported a net loss of $38 million in the first quarter of 2024, indicating ongoing challenges in achieving profitability.
- The Investment Funds experienced a negative return of 0.8% for the quarter, primarily due to poor performance in the energy sector and broad market shorts.
- In the Energy segment, EBITDA decreased significantly from $229 million in Q1 2023 to $118 million in Q1 2024, largely due to lower refining margins.
- Net sales and other revenues in the Automotive segment decreased by $73 million compared to Q1 2023, driven by the deconsolidation of Auto Plus and reduced car count.
- Real Estate segment's adjusted EBITDA decreased by $2 million compared to the prior year quarter, primarily due to reduced sales of single-family homes.
Good morning, and welcome to the Icahn Enterprises L.P.'s first-quarter 2024 earnings conference call with Andrew Teno, President and Chief Executive Officer; Ted Papapostolou, Chief Financial Officer; and Robert Flint, Chief Accounting Officer.
I would now like to hand the call over to Robert Flint, who will read the opening statement.
Thank you, operator.
The Private Securities Litigation Reform Act of 1995 provides a Safe Harbor for forward-looking statements that we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. Forward-looking statements may be identified by words such as expects, anticipates, intends, plans, believes, seeks, estimates, will, or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises L.P., and its subsidiaries.
Actual events, results, and outcomes may differ
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