Icahn Enterprises L.P. (IEP) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

August 4, 2023 10:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning and welcome to the Icahn Enterprises L.P. Second Quarter 2023 Earnings Call with Jesse Lynn, General Counsel; David Willetts, President and CEO; and Ted Papapostolou, Chief Financial Officer.

I would now like to hand the conference over to Jesse Lynn, who will read their opening statement.

Jesse Lynn

Thank you, operator. The Private Securities Litigation Reform Act of 1995 provides a Safe Harbor for forward-looking statement we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions.

Forward-looking statement 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 materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors that are discussed in our filings with the Securities and Exchange Commission, including economic competitive, legal and other factors. Accordingly, there is no assurance that our expectations will be realized. We assume no obligation to update or revise any forward-looking statement, should circumstances change except as otherwise required by law.

This presentation also includes certain non-GAAP financial measures. A reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the back of this presentation.

I'll now turn it over to David Willetts, our Chief Executive Officer.

David Willetts

Thank you, Jesse. Good morning and welcome to the second quarter 2023 Icahn Enterprises earnings conference call. Joining me on today's call is Ted Papapostolou, our Chief Financial Officer. I'll provide a brief overview of the second quarter results and then Ted and I will be available for questions. All net income and EBITDA amounts we'll discuss are attributable to Icahn Enterprises, unless we otherwise specify.

For Q2 2023, we had a net loss of $269 million and an adjusted EBITDA of $34 million, compared to a net loss of $128 million and an adjusted EBITDA of $126 million for Q2 2022. The loss was attributable to the performance of the investment segment and additional losses related to the bankruptcy of Auto Plus, which is nearing completion. On a positive note, we see continued EBITDA improvements in our automotive segment and Food Packaging segments.