Icahn Enterprises L.P. reported significant financial changes in its third quarter and year-to-date results for 2024, reflecting a challenging operating environment. For the three months ended September 30, 2024, the company recorded net sales of $2,221 million, a decrease of 25.8% from $2,991 million in the same period of 2023. For the nine months ended September 30, 2024, net sales totaled $6,827 million, down from $8,433 million in the prior year, marking a decline of 19.1%. The decrease in revenue was primarily attributed to lower refined product prices, reduced demand, and operational issues at its refineries.

The Energy segment, which is a significant contributor to the company's revenue, reported net sales of $1,709 million for Q3 2024, down from $2,392 million in Q3 2023. For the nine-month period, Energy segment revenue was $5,663 million, compared to $7,045 million in the same period last year. The Automotive segment also faced challenges, with net sales decreasing to $359 million in Q3 2024 from $430 million in Q3 2023.

Despite the revenue decline, Icahn Enterprises reported a net income of $80 million for Q3 2024, a turnaround from a net loss of $30 million in Q3 2023. The net income attributable to Icahn Enterprises was $22 million, compared to a loss of $6 million in the prior year. For the nine months ended September 30, 2024, the company posted a net loss of $432 million, an improvement from a loss of $807 million in the same period of 2023.

The company’s total assets decreased to $17,443 million as of September 30, 2024, down from $20,858 million at the end of 2023. Total equity also fell to $4,827 million from $6,073 million during the same period. However, total debt was reduced to $6,447 million from $7,207 million, indicating a strategic focus on deleveraging.

In terms of strategic developments, Icahn Enterprises faced operational challenges in its Automotive segment, particularly following the bankruptcy of Auto Plus in January 2023, which led to its deconsolidation. The company is currently focused on enhancing its Automotive Services offerings and optimizing its operations.

The Investment segment saw a decline in the fair value of interests in Investment Funds, which was approximately $2.7 billion as of September 30, 2024, down from $3.2 billion at the end of 2023. The company also reported a net gain from investment activities of $257 million for Q3 2024, a significant recovery from a loss of $332 million in the same quarter of the previous year.

Overall, while Icahn Enterprises faced revenue declines across several segments, it demonstrated improved profitability and a commitment to reducing debt, positioning itself for potential recovery in the future.