SUNNY ISLES BEACH - Icahn Enterprises L.P. (Nasdaq: IEP) is reporting second quarter 2021 revenues of $3.0 billion and net loss attributable to Icahn Enterprises of $136 million, or a loss of $0.53 per depositary unit.
For the three months ended June 30, 2020, revenues were $2.7 billion and net income attributable to Icahn Enterprises was $299 million, or $1.36 per depositary unit. For the three months ended June 30, 2021, Adjusted EBITDA attributable to Icahn Enterprises was $192 million compared to $696 million for the three months ended June 30, 2020.
For the six months ended June 30, 2021, revenues were $6.4 billion and net income attributable to Icahn Enterprises was $26 million, or $0.10 per depositary unit. For the six months ended June 30, 2020, revenues were $2.6 billion and net loss attributable to Icahn Enterprises was $1.1 billion, or a loss of $4.97 per depositary unit. For the six months ended June 30, 2021, Adjusted EBITDA attributable to Icahn Enterprises was $627 million compared to $(608) million for the six months ended June 30, 2020.
For the six months ended June 30, 2021, indicative net asset value increased by $956 million to $4.50 billion compared to $3.55 billion as of December 31, 2020. The change in indicative net asset value includes, among other things, changes in the fair value of certain subsidiaries which are not included in our GAAP earnings reported above.
On August 4, 2021, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $2.00 per depositary unit, which will be paid on or about September 29, 2021 to depositary unitholders of record at the close of business on August 20, 2021. Depositary unitholders will have until September 17, 2021 to make a timely election to receive either cash or additional depositary units. If a unitholder does not make a timely election, it will automatically be deemed to have elected to receive the distribution in additional depositary units. Depositary unitholders who elect to receive (or who are deemed to have elected to receive) additional depositary units will receive units valued at the volume weighted average trading price of the units during the 5 consecutive trading days ending September 24, 2021. Icahn Enterprises will make a cash payment in lieu of issuing fractional depositary units to any unitholders electing to receive (or who are deemed to have elected to receive) depositary units.
Caution Concerning Forward-Looking Statements
Results for any interim period are not necessarily indicative of results for any full fiscal period. This release may contain certain 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, many of which are beyond our ability to control or predict. 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. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors, including risks related to economic downturns, substantial competition and rising operating costs; risks related to the severity, magnitude and duration of the COVID-19 pandemic and its impact on the global economy, financial markets and industries in which our subsidiaries operate; risks related to our investment activities, including the nature of the investments made by the private funds in which we invest, declines in the fair value of our investments as a result of the COVID-19 pandemic, losses in the private funds and loss of key employees; risks related to our ability to continue to conduct our activities in a manner so as to not be deemed an investment company under the Investment Company Act of 1940, as amended; risks related to our energy business, including the volatility and availability of crude oil, declines in global demand for crude oil, refined products and liquid transportation fuels as a result of the COVID-19 pandemic, other feed stocks and refined products, unfavorable refining margin (crack spread), interrupted access to pipelines, significant fluctuations in nitrogen fertilizer demand in the agricultural industry and seasonality of results; risks related to our automotive activities and exposure to adverse conditions in the automotive industry, including as a result of the COVID-19 pandemic; risks related to our food packaging activities, including competition from better capitalized competitors, inability of suppliers to timely deliver raw materials, and the failure to effectively respond to industry changes in casings technology; risks related to our scrap metals activities, including potential environmental exposure; risks related to our real estate activities, including the extent of any tenant bankruptcies and insolvencies; risks related to our home fashion operations, including changes in the availability and price of raw materials, and changes in transportation costs and delivery times and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission. Past performance in our Investment segment is not indicative of future performance. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise.
Contact:
David Willetts
Tel: (305) 422-4000
ICAHN ENTERPRISES L.P. 
