Neilson Barnard
Icahn Enterprises (NASDAQ:IEP) stock climbed 2.1% in Wednesday morning trading after its Q1 net loss narrowed and adjusted EBITDA climbed, compared with the prior quarter and a year ago. Its indicative net asset value rose 4.1% during the quarter as the value of IEP’s holdings in CVR Energy (CVI) climbed 18% during the same period.
Q1 net loss of $38M, or $0.09 per share, narrowed from $139M, or $0.33 per share, in Q4 2023 and $270M, or $0.75 per share, in Q1 2023.
Q1 total revenue of $2.47B, trailing the $2.79B consensus, fell from $2.68B in the prior quarter and $2.67B a year ago.
Q1 net loss from investment activities totaled $96M, compared with $300M in Q4 2023 and $440M in Q1 2023.
Total expenses of $2.49B declined from $2.87B in the previous quarter and $3.05B a year ago.
Adjusted EBITDA attributable to IEP (IEP) was $134M, up from $9M in Q4 and $95M in Q1 2023.
Indicative net asset value rose to $4.95B at March 31, 2024, from $4.76B at Dec. 31, 2023, primarily driven by the increase in value of CVR Energy (CVI), offset in part by hedging activity in the IEP’s funds.
In that calculation, the net asset value of CVR Energy increased to $2.38B from $2.02B.
