Icahn Enterprises Reports $445 Million Net Loss for Fiscal Year 2024, Revenue Declines to $10.02 Billion

Icahn Enterprises L.P. reported a net loss of $445 million for the fiscal year ending December 31, 2024, a significant improvement from a loss of $684 million in 2023. The company's total revenues decreased to $10.02 billion from $10.93 billion in the previous year, primarily driven by a decline in the performance of its Investment segment, which recorded a net loss of $421 million. The Energy segment, however, generated $7.68 billion in revenue, although this was down from $9.30 billion in 2023, reflecting lower refined product prices and reduced demand.

The company experienced notable changes in its financial performance compared to the previous fiscal period. Revenues from the Automotive segment fell to $1.54 billion, down from $1.75 billion, largely due to the deconsolidation of Auto Plus following its bankruptcy filing in January 2023. The Food Packaging segment also saw a decrease in net sales, which dropped to $393 million from $435 million, attributed to lower volume and pricing conditions. In contrast, the Pharma segment reported a 13% increase in net sales to $111 million, driven by higher prescription growth.

Strategically, Icahn Enterprises has been active in pursuing acquisitions and restructuring its operations. The company completed a tender offer to acquire additional shares of CVR Energy, increasing its ownership to approximately 67%. Additionally, the company is considering potential strategic transactions involving CVR Energy and its subsidiaries, which may include acquiring additional refining assets. The Automotive segment is undergoing a transformation plan, focusing on optimizing its service offerings and real estate assets, although it has faced challenges due to reduced consumer spending.

Operationally, the company reported a total employee headcount of approximately 15,000, with the majority employed in the Automotive segment. The Energy segment's performance was impacted by geopolitical factors, including the ongoing conflicts in the Middle East and Ukraine, which have contributed to volatility in commodity prices. The company anticipates that its activist investment strategy will continue to yield opportunities for growth, despite the challenges faced in the current economic environment.

Looking ahead, Icahn Enterprises remains focused on maintaining a strong balance sheet and ample liquidity, with cash and cash equivalents totaling approximately $2.6 billion as of December 31, 2024. The company plans to continue its strategic investments and operational improvements, while also navigating the complexities of market conditions and regulatory environments. The board of directors has declared a quarterly distribution of $0.50 per depositary unit, reflecting the company's ongoing commitment to returning value to its unitholders.