Icahn Enterprises L.P. (NYSE:IEP) on Friday reported its fourth quarter and full year 2014 results.
The fund, managed by activist investor Carl Icahn saw its revenues dip to $3.4 billion from $4.9 billion in the same quarter a year ago while its net loss attributable to the firm was $478 million compared to a net income of $222 million a year ago. For the full year 2014, Icahn Enterprises reported revenue of $19.2 billion and adjusted net loss attributable to Icahn Enterprises of $221 million.
Icahn Enterprise is a master limited partnership and holds a diversified portfolio of investments in nine business segments including Investment, Automotive, Energy, Metals, Railcar, Gaming, Food Packaging, Real Estate and Home Fashion.
In prepared remarks, Icahn said that the 2014 results were “obviously disappointing” due to the “precipitous” decline in oil prices that negatively impacted the profitability of many segments. The legendary investor also added that while he believes energy companies will reward investors in the long-term, oil prices are likely to continue declining in the near term.
Icahn singled out Apple Inc.’s (NASDAQ:AAPL) strong performance in 2014 that “softened the impact” of the decline in oil prices and hopefully will continue doing so.
Icahn concluded by stating that he “hopes and believes” that his fund will be “strongly profitable” in 2015 and beyond and that he looks forward to wearing an Apple Watch in the very near future and possibly driving an Apple manufactured car in the more distant future.
Shares of the fund have seen upwards buying momentum since January but declining oil prices and a weak outlook have prevent shares from testing its 52-week highs of $118.81.
Source: Rightedgesystems + Yahoo Data + OctaFinance Interpretations.
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