Icahn Enterprises ( NASDAQ: IEP ) Q2 revenue topped Wall Street expectations after the investment firm run by Carl Icahn recorded a net loss from investment activities during a quarter marked by market volatility.
Q2 total revenue of $3.50B, topping the $2.65B consensus, slipped from $4.08B in Q1 and increased from $2.99B in the year-ago quarter. Net sales of $3.80B increased from $2.97B in the prior quarter and from $2.61B in the year-ago period.
Net loss from investment activities was $442M compared with net gain of $939M in Q1 and net gain of $206M in the the same quarter a year ago.
Q2 expenses of $3.79B climbed from $3.10B in Q1 and $2.99B in Q2 2021; costs of goods sold increased to $3.17B from $2.54B in the prior quarter and from $2.40B a year earlier.
Q2 adjusted EBITDA attributable to IEP fell to $126M from $616M in the prior quarter and $192M in the year-ago quarter.
Indicative net asset value of $6.58B at June 30, 2022 compares with $6.23B at March 31.
Earlier, Icahn Enterprises GAAP EPS of -$0.41, revenue of $3.5B beats by $850M
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Icahn Enterprises scores a revenue beat in Q2 even with investment losses