Icahn Enterprises L.p (IEP) Q1 2016 10-Q Quarterly Earnings

Short answer

Icahn Enterprises L.p (IEP) filed its Q1 2016 10-Q quarterly report on May 6, 2016 for the quarter ended Mar 31, 2016.

AI summary of MD&A and risk factor updates

Revenue $3.127B, down from $4.511B YoY, reflecting Investment losses and Energy weakness
Net loss $1.609B vs $837M YoY, including $574M Energy goodwill impairment
Automotive best performer: net sales $2.321B, up 26% YoY; gross margin 18% vs 14%
Energy worst performer: refining margin per barrel $6.67 vs $13.68; adjusted margin $7.19 vs $15.03
Cash $1.876B consolidated; investing used $1.178B, including Pep Boys acquisition; 2016 outlook challenged by weak steel demand, oil prices and volatile RIN costs

Newly added risk: Pep Boys acquisition, $1.2 billion transaction created integration and operating execution exposure
Most materially updated risk: Energy goodwill impairment, $574 million charge triggered by worsening Petroleum sales trends
Regulatory risk: Renewable Fuel Standard compliance, RIN costs increased to $43 million from $37 million
Operational risk: Energy segment exposure to depressed petroleum and fertilizer markets, including worsening sales trends
Financial risk: Senior unsecured debt covenants prohibit additional indebtedness as of March 31, 2016

Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K

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