Icahn Enterprises 3rd-quarter Profit Quintuples
Stock quotes in this article:
IEP
NEW YORK (AP) Billionaire Carl Icahn's investing vehicle Icahn Enterprises LP on Thursday said its third-quarter profit nearly quintupled as revenue shot higher and expenses declined.
The company reported profit for the three months ended Sept. 30 of $110 million, or $1.39 per unit, up from $23 million, or 32 cents per unit, in the year-ago period. Revenue rose 21 percent to $2.18 billion from $1.8 billion. Expenses declined 25 percent to $1.72 billion from $2.3 billion in the year-ago quarter. Icahn Enterprises operates in five primary business segments: Investment management, automotive, metals, real estate and home fashion. Among its holdings are auto supplier Federal Mogul, metal recycler PSC Metals and bedding manufacturer WestPoint International. Shares added $1.50, or 4 percent, to $39.29 in morning trading.- Loading Comments...
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