Short answer

Icahn Enterprises L.p (IEP) filed its fiscal 2018 10-K annual report with the SEC on Mar 1, 2019. It reported revenue of $11.8B (−45.8% year over year) and net income of $1.5B.

Top risk flagged: EPA Renewable Fuel Standard mandates, RIN shortages or price spikes threatening Coffeyville and Wynnewood refinery earnings

FY2018 key financial metrics · XBRL

Revenue: $11.8B; −45.8% YoY
Net income: $1.5B; −38.0% YoY
Gross margin: 3.2%; +0.9 pp YoY
ROE: 23.1%; −24.5 pp YoY
Operating cash flow: $915M; +163.7% YoY

Source: XBRL data from the Icahn Enterprises L.p (IEP) FY2018 10-K on SEC EDGAR. USD.

Icahn Enterprises L.p FY2018 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

Diversified holding company monetizing undervalued investments through activism, control acquisitions and operational restructuring
Portfolio reduced to eight reporting segments after Railcar exited and Gaming businesses were sold
2018 divestitures: Federal-Mogul, Tropicana and American Railcar Industries, all closed during the year
Energy contributed 67% of consolidated net sales, up from 64% in 2017
Approximately 29,000 operating-segment employees, with 72% in Automotive and 17% internationally

Management Discussion & Analysis

Continuing-operations revenue $11.777B, down from $12.619B, while attributable net income $2.273B vs $(1.127B)
Energy best-performing segment: revenue $7.135B, gross margin 9% vs 3%
Food Packaging weakest margin: gross margin 20% vs 24%, with revenue up $3M
Cash flow: $3.187B business-sale proceeds, $272M segment capex, $95M cash distributions
Outlook and risks: Ferrous sale for $550M expected in 2019, market volatility, RIN costs and Automotive goodwill impairment of $87M

Risk Factors

EPA Renewable Fuel Standard mandates, RIN shortages or price spikes threatening Coffeyville and Wynnewood refinery earnings
Crude feedstock exposure: CVR Refining purchases all crude before sales, risking margin losses from price and differential volatility
Investment concentration: top five holdings $4.3B, or 43% of Investment Segment assets under management
Herbalife exposure: $1.7B holding, 16% of Investment Segment assets, amid SEC and DOJ FCPA investigation
Control concentration: Mr. Icahn owns approximately 91.7% of depositary units and 100% of the general partner

Generated from the filing text; verify against the original. How to read a 10-K

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