Sunny Isles Beach, Fla., May 8, 2024 /PRNewswire/ -- First quarter net loss attributable to IEP of $38 million, an improvement of $232 million over prior year quarter First quarter Adjusted EBITDA attributable to IEP of $134 million, an increase of $39 million over prior year quarter Indicative Net Asset Value was approximately $5 billion as of March 31, 2024, an increase of $194 million compared to December 31, 2023 IEP declares first quarter distribution of $1.00 per depositary unit Financial Summary(Net loss and Adjusted EBITDA figures in commentary below are attributable to Icahn Enterprises, unless otherwise specified) For the three months ended March 31, 2024, revenues were $2.5 billion and net loss was $38 million, or a loss of $0.09 per depositary unit. For the three months ended March 31, 2023, revenues were $2.7 billion and net loss was $270 million, or a loss of $0.75 per depositary unit. Adjusted EBITDA was $134 million for the three months ended March 31, 2024, compared to an Adjusted EBITDA of $95 million for the three months ended March 31, 2023. As of March 31, 2024, indicative net asset value increased $194 million compared to December 31, 2023, primarily driven by the increase in value of CVR Energy, offset in part by hedging activity in the Funds.   On May 6, 2024, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $1.00 per depositary unit, which will be paid on or about June 25, 2024, to depositary unitholders of record at the close of business on May 20, 2024. Depositary unitholders will have until June 12, 2024, 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 five consecutive trading days ending June 20, 2024. 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. *** Icahn Enterprises L.P., a master limited partnership, is a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma. Caution Concerning Forward-Looking Statements 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 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; the impacts from the Russia/Ukraine conflict and conflict in the Middle East, including economic volatility and the impacts of export controls and other economic sanctions, 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, 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, or to be taxed as a corporation; risks related to short sellers and associated litigation and regulatory inquiries; risks related to our general partner and controlling unitholder; pledges of our units by our controlling unitholder; risks related to our energy business, including the volatility and availability of crude oil, other feed stocks and refined products, declines in global demand for crude oil, refined products and liquid transportation fuels, 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 potential strategic transactions involving our Energy segment; risks related to our automotive activities and exposure to adverse conditions in the automotive industry, including as a result of the COVID-19 pandemic and the Chapter 11 filing of our automotive parts subsidiary; risks related to our food packaging activities, including competition from better capitalized competitors, inability of our suppliers to timely deliver raw materials, and the failure to effectively respond to industry changes in casings technology; supply chain issues; inflation, including increased costs of raw materials and shipping, including as a result of the Russia/Ukraine conflict and conflict in the Middle East; interest rate increases; labor shortages and workforce availability; 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, manufacturing disruptions, 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 including out Annual Report on Form 10-K and our quarterly reports on Form 10-Q under the caption "Risk Factors". Additionally, there may be other factors not presently known to us or which we currently consider to be immaterial that may cause our actual results to differ materially from the forward-looking statements. 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.   CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended March 31,  2024 2023 Revenues: Net sales $ 2,244 $ 2,758 Other revenues from operations 183 187 Net loss from investment activities (96) (443) Interest and dividend income 143 171 Loss on disposition of assets, net (6) — 2,468 2,673 Expenses: Cost of goods sold 1,987 2,260 Other expenses from operations 153 158 Selling, general and administrative 193 229 Loss on deconsolidation of subsidiary — 226 Interest expense 136 142 Other loss, net 18 32 2,487 3,047 Loss before income tax (expense) benefit (19) (374) Income tax (expense) benefit (7) 16 Net loss (26) (358) Less: net income (loss) attributable to non-controlling interests 12 (88) Net loss attributable to Icahn Enterprises $ (38) $ (270) Net loss attributable to Icahn Enterprises allocated to: Limited partners $ (37) $ (265) General ...