Q2 2024 Icahn Enterprises LP Earnings Call Transcript
Key Points
- Icahn Enterprises LP (IEP) maintains a strong liquidity position with $1.5 billion of cash at the holding company and $1.6 billion at the funds.
- The company successfully refinanced its 2025 notes, pushing the next maturity to May 2026.
- Automotive segment EBITDA improved slightly due to cost-cutting efforts despite reduced consumer spending.
- The company continues to make progress in its transformation plan, with 25 signed leases that are expected to contribute to future revenue.
- Pharma segment's adjusted EBITDA improved by $3 million compared to the prior year, driven by higher prescription growth.
- Net Asset Value (NAV) declined by $969 million from the prior quarter, primarily due to underperformance in the Investment segment.
- Energy segment's EBITDA dropped significantly to $46 million in Q2 2024 from $173 million in Q2 2023, mainly due to lower refining margins and a fire at the Wynnewood refinery.
- Automotive segment net sales and other revenues decreased by $42 million compared to the prior year quarter.
- Food Packaging's adjusted EBITDA decreased by $5 million year-over-year, driven by a weaker mix of business and lower margins.
- Real Estate segment's adjusted EBITDA decreased by $1 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., second-quarter 2024 earnings call with Andrew Teno President and CEO; 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 statements. Please go ahead.
Thank you, operator. 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 businesses and potential acquisitions forward looking statements may be identified by words such as expects, anticipates, intends, plans, believes, seeks, estimates, will 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 materially from our expectations due to a
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