Icahn Enterprises L.P. Reports Third Quarter Financial Results

NEW YORK, Nov. 5, 2010 /PRNewswire-FirstCall/ -- Icahn Enterprises L.P. (NYSE: IEP) reported revenues of $2,825 million for the three months ended September 30, 2010 as compared to $2,343 million for the three months ended September 30, 2009.  Net income attributable to Icahn Enterprises was $298 million for the three months ended September 30, 2010, or $3.48 per LP unit, compared to net income of $116 million or $1.44 per LP unit in the prior year period. Net income for the quarter was primarily driven by the strong performance of our investment management segment, which had gross returns of 13.9%.

For the nine months ended September 30, 2010, revenues were $6,631 million as compared to $6,742 million for the nine months ended September 30, 2009.  Net income attributable to Icahn Enterprises was $117 million for the nine months ended September 30, 2010, or $1.39 per LP unit, compared to net income of $254 million or $3.15 per LP unit in the prior year period. Gross returns for our Investment Management segment were 11.2% for the nine months ended September 30, 2010.

Conference Call Information

Icahn Enterprises L.P. will discuss its third quarter results on a conference call and Webcast on Friday, November 5, 2010 at 10:00 a.m. EDT.  The Webcast can be viewed live on Icahn Enterprises L.P.'s website at www.icahnenterprises.com.   It will also be archived and made available at www.icahnenterprises.com under the Investor Relations section.  The toll-free dial-in number for the conference call in the United States is (800) 938-1410.  The international number is (702) 6964768.  The access code for both is 19394378.  

Icahn Enterprises L.P. (NYSE: IEP), a master limited partnership, is a diversified holding company engaged in seven primary business segments: Investment Management, Automotive, Railcar, Food Packaging, Metals, Real Estate and Home Fashion.

Caution Concerning Interim Results and Forward-Looking Statements

Results for any interim period are not necessarily indicative of results for any full fiscal period.  This release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, many of which are beyond our ability to control or predict. 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. Among these risks and uncertainties are risks related to economic downturns, substantial competition and rising operating costs; risks related to our investment management activities, including the nature of the investments made by the private funds we manage, losses in the private funds and loss of key employees; risks related to our automotive activities, including exposure to adverse conditions in the automotive industry, and risks related to operations in foreign countries; risks related to our railcar activities, including reliance upon a small number of customers that represent a large percentage of  revenues and backlog, the health of and prospects for the overall railcar industry and the cyclical nature of the railcar manufacturing business; risks related to our food packaging activities, including competition from better capitalized competitors, inability of its suppliers to timely deliver raw materials, and the failure to effectively respond to industry changes in casings technology;  risks related to our scrap metals activities, including potential environmental exposure; risks related to our real estate activities, including the extent of any tenant bankruptcies and insolvencies; risks related to our home fashion operations, including changes in the availability and price of raw materials, and changes in transportation costs and delivery times; and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission. Past performance in our Investment Management segment is not necessarily indicative of future performance. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise.

APPENDIX I

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

In millions except per unit data







Three Months Ended


September 30,


2010


2009


(Unaudited)





Revenues

$ 2,825


$ 2,343

Expenses

2,053


1,875

Income from continuing operations
 before income tax (expense) benefit

772


468

Income tax (expense) benefit

(7)


4

Income from continuing operations

765


472

Loss from discontinued operations

-


(1)





Net income

765


471





Less: net income attributable to non-controlling interests

(467)


(355)

Net income attributable to Icahn Enterprises

$    298


$    116





Net income attributable to Icahn Enterprises from:




   Continuing operations

$    298


$    117

   Discontinued operations

-


(1)


$    298


$    116





Basic income (loss) per LP unit:




    Income from continuing operations

$   3.48


$   1.45

    Income (loss) from discontinued operations

0.00


(0.01)


$   3.48


$   1.44

Basic weighted average LP units outstanding

84


75





Diluted income (loss) per LP unit:




    Income from continuing operations

$   3.35


$   1.40

    Income (loss) from discontinued operations

0.00


(0.01)


$   3.35


$   1.39

Diluted weighted average LP units outstanding

89


84



APPENDIX II

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

In millions except per unit data







Nine Months Ended


September  30,


2010


2009


(Unaudited)





Revenues

$ 6,631


$ 6,742

Expenses

6,119


5,521

Income from continuing operations
  before income tax (expense) benefit

512


1,221

Income tax (expense) benefit

(19)


20

Income from continuing operations

493


1,241

Income from discontinued operations

-


1





Net income

493


1,242





Less: net loss attributable to non-controlling interests

(376)


(988)

Net income attributable to Icahn Enterprises

$    117


$    254





Net income attributable to Icahn Enterprises from:




   Continuing operations

$    117


$    253

   Discontinued operations

-


1


$    117


$    254





Basic income per LP unit:




    Income from continuing operations

$   1.39


$   3.13

    Income from discontinued operations

0.00


0.02


$   1.39


$   3.15

Basic weighted average LP units outstanding

83


75





Diluted income per LP unit:




    Income from continuing operations

$   1.39


$   3.04

    Income from discontinued operations

0.00


0.01


$   1.39


$   3.05

Diluted weighted average LP units outstanding

83


79



APPENDIX III

CONSOLIDATED BALANCE SHEETS

In millions except unit amounts








September 30,


December 31,


2010


2009

ASSETS

(Unaudited)










Cash and cash equivalents

$

2,261


$

2,256

Cash held at consolidated affiliated partnerships and restricted cash


1,943



3,336

Investments


6,882



5,405

Accounts receivable, net


1,384



1,139

Due from brokers


35



56

Inventories, net


1,175



1,091

Property, plant and equipment, net


3,015



2,958

Goodwill


1,095



1,083

Intangible assets, net


979



1,007

Other assets


554



555

Total Assets

$

19,323


$

18,886







LIABILITIES AND EQUITY






Accounts payable

$

764


$

628

Accrued expenses and other liabilities


1,922



1,993

Securities sold, not yet purchased, at fair value


887



2,035

Due to brokers


803



376

Post-employment benefit liability


1,228



1,413

Debt


5,966



5,186

Preferred limited partner units


-



136

Total liabilities


11,570



11,767













Equity:






  Limited partners:






Depositary units: 92,400,000 authorized;  issued  85,865,619
       and 75,912,797 at September 30, 2010 and
       December 31, 2009; outstanding 84,728,419 and  
       74,775,597 at September 30, 2010 and December 31, 2009,  
       respectively      


3,443



2,828

General partner


(282)



18

Treasury units at cost: 1,137,200 depositary units


(12)



(12)

Equity attributable to Icahn Enterprises


3,149



2,834

Equity attributable to non-controlling interests


4,604



4,285

Total equity


7,753



7,119

Total Liabilities and Equity

$

19,323


$

18,886



SOURCE Icahn Enterprises L.P.



RELATED LINKS
http://www.icahnenterprises.com

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.