Billionaire Carl Icahn Led Icahn Enterprises' Stock Is Surging - What's Going On?

Icahn Enterprises LP IEP, the company controlled by activist investor Carl Icahn, traded higher by around 15% after it reported Q3 FY23 results and maintained its quarterly distribution.

Revenue of $2.99 billion, beating the consensus of $2.71 billion. EPS loss of $(0.01) missed the consensus of $0.34.

The adjusted EBITDA was $272 million compared to $70 million the prior year. The company's third-quarter loss declined to $(6) million from $(123) million a year ago.

As of September 30, 2023, IEP's indicative net asset value increased $147 million vs. June 30, 2023, to $5.2 billion.

Also Read: Billionaire Investor Carl Icahn's Wealth In Free-Fall As His Company's Stock Nosedives

Cash and cash equivalents stood at $2.89 billion as of Q3-end.

On November 1, 2023, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution of $1.00 per depositary unit, payable on or about December 27, 2023, to depositary unitholders of record as of November 17, 2023.

Also Read: Jim Cramer's Blunt Take On Icahn Enterprises: 'What A Mess'

Price Action: IEP shares are up 15.47% at $19.86 on the last check Friday.

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