Accordingly, there is no assurance that our expectations will be realized. See Icahn Automotive's revenue, employees, and funding info on Owler, the world’s largest community-based business insights platform. We closed the quarter with holding company cash and investments in the funds of over $5.7 billion. Yeah, sure. Q3 2019, net sales and service revenue for Icahn Automotive Group were $744 million, up 1% from the prior year period. We assume no obligation to update or revise any forward-looking statements should circumstances change, except as otherwise required by law. Quarterly income was primarily driven by investment gains at both the investment and holding company segment. According to GuruFocus Real-Time Picks, a Premium feature, Icahn sold 350,949 shares of the Lake Forest, Illinois-based automotive components original equipment manufacturer on … Demand for Viskase casing products remained strong with increased global volume related to the COVID-19 pandemic. Good day, ladies and gentlemen, and thank you for standing by. And now to our energy segment. All content is posted anonymously by employees working at Icahn Automotive Group. OK. And then on the automotive segment obviously, you pivoted pretty quickly and you were able to cut costs. Revenue from our real estate operations for both Q2 2020 and Q2 2019 were substantially derived from income from the sale of residential units and club and rental operations. Sales for Icahn Automotive — primarily the results of the Pep Boys auto service chain — fell to $2.48 billion. Now, I will discuss our liquidity position. This is actually James Steele filling in for Dan. Since inception in November 2004 through the end of Q2 2020, the investment funds gross return is 86% or 4% annualized. Our petroleum segment within CVR energy was negatively impacted by narrow crack spreads and tight crude differentials that resulted from the COVID-19 demand disruption and global crude oil price wars. Icahn obtained his original stake in Tenneco when it purchased auto parts maker Federal-Mogul, which he controlled, in 2018. I will begin by briefly reviewing our consolidated results and then highlight the performance of our operating segments and comment on the strength of our balance sheet. Our businesses have a singular focus: provide premium automotive parts and … Icahn Automotive is a Southfield-based company founded in 1998. Icahn Enterprises revenue for the twelve months ending September 30, 2020 was $5.992B, a 34.68% decline year-over-year. Thanks Keith. Their businesses currently include investment management, metals, real estate and home fashion. We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. If you use our chart images on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. Revenue: Less than $1 million (USD) Competitors: ... Glassdoor gives you an inside look at what it's like to work at Icahn Automotive Group, including salaries, reviews, office photos, and more. Net sales increased due to an increase in volumes and an increase due to price and product mix, offset in part by unfavorable effects of foreign exchange. I think we're -- we have a really large cash balance down at our investment segment. Welcome to the Icahn Enterprises second-quarter 2020 earnings webcast. Early in the COVID-19 crisis, WestPoint started producing and donated nonmedical face masks to frontline personnel and continues to see strong medical -- the strong demand for this new product line. So first, I just wanted to sort of start off high level and just talk about how you're seeing the landscape for investment opportunities in M&A. (Source: “Investor Presentation: March 2021,” Icahn Enterprises LP, last accessed March 9, 2021.) Cumulative Growth of a $10,000 Investment in Stock Advisor, Icahn Enterprises (IEP) Q2 2020 Earnings Call Transcript @themotleyfool #stocks $IEP, Icahn Enterprises (IEP) Q4 2020 Earnings Call Transcript, Icahn Enterprises (IEP) Q3 2020 Earnings Call Transcript, Icahn Enterprises L.P. (IEP) Q1 2020 Earnings Call Transcript, Icahn Enterprises L.P. (IEP) Q4 2019 Earnings Call Transcript, Icahn Enterprises L.P. (IEP) Q2 2019 Earnings Call Transcript, Copyright, Trademark and Patent Information. So I just wanted to see how you're assessing the landscape and which of your segments might be more opportunistic for M&A? We look forward to discussing third-quarter results with you in -- later this year. We have made significant progress separating our automotive service business from our aftermarket parts business and are on track to substantially complete the separation by the end of this year. Long positions had a positive performance attribution of 22.7% for the current quarter, while short positions had a negative performance attribution of 11%. 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. Icahn Automotive Group LLC, which owns and operates leading auto repair and maintenance providers Pep Boys, AAMCO and Precision Tune Auto Care, announced today that it has completed its acquisition of RPM Automotive. Net sales for our energy segment decreased by $1 billion for Q2 2020 compared to the prior year period. And so we're redesigning and repurposing it for multi-tenanting and are making pretty good progress with a number of potential lessees to fill the building up for -- with longer-term leases. Please check your download folder. Your line is open. Adjusted EBITDA attributable to Icahn Enterprises for Q2 2020 was $695 million compared to a loss of $257 million in Q2 of 2019. The Automotive segment holds ownership in Icahn Automotive Group LLC. We’re motley! Icahn Enterprises L.P., a master limited partnership, is a diversified holding company engaged in seven primary business segments: Investment, Energy, Automotive, Food Packaging, Metals, Real Estate and Home Fashion. Icahn Enterprises' auto sector reported third quarter pre-tax operating and net losses of $62 million and $48 million, respectively, on 2.2% greater sales of $749 million. And then lastly for me, on the real estate segment. Q2 2020 net sales decreased by $61 million and adjusted EBITDA decreased by $4 million compared to the prior year. Market data powered by FactSet and Web Financial Group. Operator, can you please open the call for questions. Icahn Automotive Group LLC has 22000 total employees across all of its locations and generates $1.38 million in sales (USD). I think -- I don't anticipate any material onetime costs in ramping back up. Q2 2020 net sales decreased by $7 million compared to the prior year period primarily due to decrease in existing WestPoint Home sales, offset in part by increases attributable to face mask sales and the VSS acquisition. Thanks for taking our questions. And now to our metals segment. Our investment in the funds was $4.6 billion as of June 30, 2020. The Energy segment holds ownership in CVR Energy, Inc., which owns majority interests in … The real estate segment generated $10 million of adjusted EBITDA compared to $5 million in the prior year period. 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. Now turning to our automotive segment. [Operator instructions] At this time, I would like to turn the conference over to Mr. Jesse Lynn. Thank you, operator. The company is controlled by Carl Icahn, who owns 95% of it. We have provided a few examples below that you can copy and paste to your site: Your image export is now complete. Icahn automotive continues to push forward with a multiyear transformational plan to restructure the operations and improve profitability. Our Brands. 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 including related to the severity, magnitude and duration of the COVID-19 pandemic. I'll now turn it over to Keith Cozza, our chief executive officer. February Revenue Collections Total $1.874 Billion 3/03/2021 Massachusetts Department of Revenue Monthly collections up $359 million or 23.7% vs. February 2020 actual; $372 million above benchmark So that's something that's changed at the investment segment level. The net result was a loss of $198 million, essentially unchanged versus fiscal 2019. For Q2 2020, our energy segment reported net sales of $675 million and consolidated adjusted EBITDA of $109 million compared to net sales of $1.7 billion and consolidated adjusted EBITDA of $273 million for the prior year period. Now turning to our Food Packaging segment. So I'm just curious on what your thoughts are there and how you view your capacity in your commercial real estate portfolio. Nevin has a wealth of experience in financial analysis and strategy. Adjusted EBITDA for the quarter increased by $5 million compared to the prior year period. Basically, we have -- the most material asset we have is a 30-story building in Atlanta. Icahn auto accelerated closures of certain parts stores, adjusted store hours and staffing to match reduced demand, implemented significant cost-savings measures and reduced capital spending to minimum levels. For the January-September period, Icahn Automotive was $42 million in the red on an operating basis, up slightly from a $49 million loss in 2019. I think this is an area where a lot of people think there could be some more permanent evolutions resulting from the pandemic. Icahn Automotive Group LLC 112 Townpark Drive Suite 300 Kennesaw, GA 30144 info@icahnautomotive.com . The refining margin was significantly impacted by narrow crack spreads and tight crude differentials as demand for gasoline and diesel were reduced due to COVID shutdowns. Over the years, the company has diversified its portfolio to eight primary operating segments, adding up to assets of approximately $25.0 billion. Our fertilizer segment had strong utilization rates at both facilities, offset by weaker price environment as agriculture markets continue to be hampered. View Icahn Automotive (www.icahnautomotive.com) location in Pennsylvania, United States , revenue, industry and description. Refining margin per throughput barrel was $10.43 in the second quarter of 2020 compared to $15.66 during the same period in 2019. Q2 2020 net sales and service revenue for Icahn automotive group was $587 million, down $157 million from the … At the end of Q2 2020, the funds were net short 48% compared to net short 73% at the end of Q1 2020. Now turning to our automotive segment. Our investment segment had income attributable to Icahn Enterprises of $479 million for Q2 2020. ICAHN ENTERPRISES L.P., formerly American Real Estate Partners, L.P., is a diversified holding company engaged in a variety of businesses. We continue to look for investment opportunities that align with our activist philosophy. Icahn Automotive Group LLC, an Icahn Enterprises L.P. company, which owns and operates leading auto repair and maintenance providers Pep Boys, AAMCO and Precision Tune Auto Care, today announced a new program designed to invest in and support promising future automotive technicians, as they make their way from the classroom to the service bay. Revenue can be defined as the amount of money a company receives from its customers in exchange for the sales of goods or services. Q2 2020 net operating revenues decreased by $2 million compared to the prior year. OK. Thanks, Jesse. On Friday, Icahn Automotive Group LLC agreed to buy car-service chain Precision Auto Care Inc. for about $35 million. ... Revenue increased 1.6% to $2.19 billion. Icahn Enterprises annual/quarterly revenue history and growth rate from 2006 to 2020. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. All these initiatives helped Icahn auto offset the impact of significant sales decline and position the company for profitability as sales return. The net loss grew to $149 million from $128 million. Contact Information. Learn More. A free inside look at Icahn Automotive Group salary trends based on 186 salaries wages for 45 jobs at Icahn Automotive Group. We will then be available to address your questions. Q3 2018 net sales and service revenue for Icahn Automotive Group were $735 million, up 5% from the prior year period. Salaries posted anonymously by Icahn Automotive … Q3 2020 net sales and service revenues for Icahn Automotive Group were $660 million, down $84 million from … [Operator instructions] Our first question or comment comes from the line of Dan Fannon from Jefferies. For a detailed definition, formula and example for. We maintain ample liquidity at the holding company and at each of our operating subsidiaries to take advantage of attractive opportunities. But yes, look, no doubt that the pandemic has certainly put -- or certainly at least has people -- corporations thinking about their real estate footprint and do they need all of their employees and offices, and that puts pressure on it. Icahn automotive group continues to push forward with the multiyear transformational plan to restructure the operations and improve profitability. So I actually, not only do I not see sort of onetime charges, I sort of see better operating leverage going forward. Icahn Enterprises L.P. is an American conglomerate headquartered at the General Motors Building in New York City.The company has investments in various industries including auto parts, energy, metals, rail cars, casinos, food packaging, real estate, and home fashion. The COVID-19 pandemic and the impacts of the actions taken by governments and others have significantly contributed to the decline in revenues, and particularly the automotive services revenue and commercial sales revenue which, until recently, were experiencing growth on an organic basis. Icahn Automotive, an Icahn Enterprises L.P. company, which owns and operates leading service provider Pep Boys, has completed its acquisition of Tecni. And I think they're seeing as business volumes improve, the cost structure doesn't need to nearly improve at the same percentage as it once was. OK, thanks. Icahn Enterprises annual revenue for 2019 was $8.992B, a 23.65% decline from 2018. Icahn Enterprises L.P. is a Delaware master limited partnership. Q2 2020 net sales increased by $6 million or 6%, and consolidated adjusted EBITDA was flat at $16 million compared to the prior year period. There are a number of retail and service brands under the Icahn Automotive umbrella. This is the Icahn Automotive Group company profile. I'd like to turn the conference back over to management for any closing remarks. As far as our other segments, I think each -- I mean, we sort of laid them out on the call. Icahn Enterprises annual revenue for 2018 was $11.777B, a 6.67% decline from 2017. So I'd say those are really the two areas where we're seeing the most opportunities. So they've been pretty vocal about this, but we're seeing a couple -- a number of potential high-return projects, whether it be an acquisition of another refinery in another pad to diversify our regional exposure or even where exploring some renewable diesel plant conversion projects that again pay extraordinarily high returns with quick paybacks. The investment funds continue to be hedged. Net sales and service revenues for our automotive segment were $587 million for Q2 of 2020. Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer. Joining me on today's call is SungHwan Cho, our chief financial officer. This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. Just curious on how quickly you can ramp back up there and what you might tell. Revenue is the top line item on an income statement from which all costs and expenses are subtracted to arrive at net income. CVR energy did not declare a dividend this quarter as it evaluates various high-return investment opportunities including renewable diesel. The investment funds had a positive return of 11.7% in Q2 2020 compared to a negative return of 3.1% for Q2 2019. Obviously, things are different from the plans that you had when you started the year. [Operator instructions] I am showing no additional questions in the queue at this time. Thank you operator, and thank you everybody for your interest in IEP. If you use our datasets on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. Icahn Automotive Group LLC (Icahn Automotive) was formed by its parent, Icahn Enterprises L.P. (NASDAQ: IEP), to invest in and operate businesses involved in aftermarket parts distribution and service. Icahn Enterprises (NASDAQ:IEP)Q2 2020 Earnings CallAug 07, 2020, 10:00 a.m. Icahn Automotive … Icahn Enterprises revenue breakdown by geographic segment: 8.8% from Germany, 68.6% from United States and 22.5% from Other 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. Backlinks from other websites are the lifeblood of our site and a primary source of new traffic. Yeah. Company profile for Icahn Enterprises L.P. including key executives, insider trading, ownership, revenue and average growth rates. I think we're seeing particularly in energy with CVR energy, and they held their earnings call yesterday. Led by investing legend Carl Icahn, Icahn Enterprises began as American Real Estate Partners in 1987. In summary, we continue to focus on building asset value and maintaining ample liquidity to enable us to capitalize on opportunities within and outside of our existing operating segments. I will begin by providing some brief highlights. Michael Nevin is CFO of Icahn Automotive Group, overseeing all corporate Finance functions including accounting, tax and treasury. The businesses of Icahn Automotive total over 22,000 employees, over 2,000 company-owned and franchise locations and 25 distribution centers throughout the US, Canada, and Puerto Rico. Icahn Enterprises Revenue 2006-2020 | IEP, Icahn Enterprises revenue for the quarter ending December 31, 2020 was, Icahn Enterprises revenue for the twelve months ending December 31, 2020 was, Icahn Enterprises annual revenue for 2020 was, Icahn Enterprises annual revenue for 2019 was, Icahn Enterprises annual revenue for 2018 was. The operating and net losses were 158.3% and 269.2% deeper than in 2018. Sales revenue fell 13.7% to $1.88 million. ET. Icahn Enterprises L.P. is a Delaware master limited partnership. And now to our real estate segment. I think frankly, the unfortunate pandemic has really forced companies to operate on a more lean basis and increase productivity. View detailed IEP description & address. CVR Partners reported Q2 2020 EBITDA of negative $2 million which included a noncash goodwill impairment of $41 million. Icahn Automotive Group Team Member Charitable Fund is a Philanthropy, Voluntarism and Grantmaking Foundations organization that provides assistance in the form of Charitable Organization. In 1Q16, Icahn Enterprises’ (IEP) automotive segment was the largest contributor to the company’s overall revenue. Our investment funds earned a positive return of 11.7% in Q2 2020 compared to a negative return of 3.1% for Q2 of 2019. Icahn Automotive Group LLC was formed by its parent, Icahn Enterprises L.P., to invest in and operate businesses involved in aftermarket parts distribution and service. The increase was attributable to … This presentation also includes certain non-GAAP financial measures. For Q2 2020, we had net income attributable to Icahn Enterprises of $299 million or $1.36 per LP unit compared to a net loss of $498 million or $2.49 per LP unit in the prior year period. And so as a result of some recently closed M&A transactions that have us on the lookout for potential new activist investments. The positive performance was primarily driven by certain large long equity position and a significant short credit position partially offset by negative performance from our short index market hedges. The Investor Relations website contains information about Icahn Enterprises's business for stockholders, potential investors, and financial analysts. Yes, so I think -- well, I'll start in our investment segment. At last check, Tenneco shares traded at $2.79, up 20.26%. Have a good day. Stock Advisor launched in February of 2002. Now to the Automotive segment. Good morning, and welcome to the second-quarter 2020 Icahn Enterprises earnings conference call. And we're also finding some stuff at the investment segment level in the distressed credit space that's interesting and prior to the pandemic, I would say that we weren't seeing very many interesting opportunities in the credit space. Find related and similar companies as well as employees by title and much more. Thank you. We ended Q2 2020 cash, cash equivalents, our investment in the investment funds and revolver availability totaling approximately $7 billion. Q2 2020 net sales and service revenue for Icahn automotive group was $587 million, down $157 million from the prior year period with $43 million of the decline related to store closures and the remainder primarily related to the sales slowdown due to COVID-19. So I mean, our commercial real estate portfolio at this point is pretty small. But I think we still feel OK about this particular building in the demographics in Downtown Atlanta and being able to ultimately lease it up. But I'm just curious when the environment improves, will there be any onetime costs or just kind of any ramifications from what you've done in the past couple of months to limit costs? August 15, 2018—Icahn Enterprises L.P.'s automotive segment reported $18 million and $52 million losses from continuing operations for the three- and six-month periods ended June 30, respectively, despite higher sales in both periods, reported Tire Business. Refinery volumes were lower in Q2, running an average of 156,000 barrels per day compared to 216,000 barrels per day in the prior year period. There are 1641 companies in the Icahn Automotive Group LLC corporate family. Icahn Automotive Group LLC (Icahn Automotive) announced today that it has purchased four independently-owned service center locations in Michigan's Metro Detroit area: Belanger Tire & Auto Service in Westland, Novi Motive Goodyear in Novi, and Fix N Go Auto Centers in Troy and Oxford. This was due to the turnaround at Coffeyville which was completed in April as well as operating at reduced rates until mid-June due to the weak environment. Adjusting for this impairment, adjusted EBITDA was $39 million positive compared to $60 million positive in Q2 2019. Net sales were impacted by lower shipping volumes and market selling prices for most grades of metal due to unfavorable market conditions. Returns as of 03/12/2021. That is -- the tenant who has left, but their leases continues to pay until 2021. Now turning to our Automotive segment. Sung will then provide an in-depth review of our financial results and the performance of our business segments. That's really the most material -- that's the only corporate exposure in our triple-net lease portfolio. CVR management indicated volumes in the range of 190,000 to 210,000 barrels per day in Q3. Adjusted EBITDA attributable to Icahn Enterprises for Q2 2020 was $695 million compared to a loss of $257 million in the prior year period. Please check your download folder. For Q2 2020, net income attributable to Icahn Enterprises was $299 million as compared to a net loss of $498 million in the prior year period. Our subsidiaries have approximately $727 million of cash and $582 million of undrawn credit facilities to enable them to take advantage of attractive opportunities. Icahn Enterprises revenue breakdown by business segment: 48.4% from Automotive , 27.2% from Energy, 10.6% from Railcar and 13.8% from Other. The Q2 decline in EBITDA was primarily due to lower-priced ammonia and UAN which are weak due to strong supply and low natural gas prices. Company Description Icahn Automotive Group LLC is located in Southfield, MI, United States and is part of the Wholesale Sector Industry. Now turning to our home fashion segment. Icahn Automotive Group Team Member Charitable Fund is located in KENNESAW, GA and has an annual revenue of $147,141. The deal would add 250 locations to … SOUTHFIELD, Mich.-(BUSINESS WIRE)-Feb. 27, 2018. Q2 2020 adjusted EBITDA which excludes the losses associated with closed stores, was a loss of $7 million compared to a loss of $3 million in the prior year period. We are currently redesigning that -- that was a single-tenant building. As you can see on Slide 5, in Q2 2020, the performance of our investment funds was a significant driver of our net income for the quarter. And our management team at Icahn automotive group on both sides of the business, but particularly the service side of the business, really made some drastic moves to preserve the value of the business. As previously disclosed, the VSS acquisition strengthens WestPoint's focus in the institutional and hospitality businesses and extends its addressable market to international markets outside the U.S. WestPoint achieved adjusted EBITDA of $1 million in Q2 compared to losing $1 million in the prior year period. In the fourth quarter, Icahn Automotive cut its operating loss … 22,000+ TEAM I will now provide more detail regarding the performance of our individual segments.