The holding company of billionaire investor Carl Icahn posted a $355 million loss on revenues of $4.4 billion in its third-quarter earnings report.
Icahn Enterprises took in a net income of $472 million on revenue of $5.8 billion at the same time last year.
Icahn said in the release that $270 million of those losses were on the investing side of his business.
More specifically, Icahn got clobbered on some energy investments.
Now you may be saying to yourself: Apple, eBay, Hertz, Herbalife — these well-known Icahn investments are certainly not energy companies.
That is because the unsexy segments of Icahn's portfolio are often overlooked. Let's go over them.
Icahn tweeted that he had a 6% stake, about 61 million shares of the $300 million company, over a year ago, on Oct. 7, 2013. In that time the stock has fallen by more than 50%.
This Icahn subsidiary posted dismal third-quarter earnings — down to 9 cents a share from 51 cents a share — due in part to a fire in one of its refineries. In the period from April 30 to Sept. 30, the stock whipsawed down 9%.
This is not an energy company (auto supply), but Icahn owns 80% of it, and it posted a third-quarter loss of $18 million.
Seventy Seven Energy
Icahn reported a 10% stake in the Oklahoma-based oil field services company this summer. In its third-quarter earnings the company reported a $1.8 million loss. The stock also fell about 7% between the time Icahn acquired it and Sept. 30.
Icahn is the largest shareholder in Chesapeake with 66.45 million shares, and the stock fell more than 15% in the third quarter.
According to recent filings, Transocean makes up 2.5% of the Icahn portfolio. In the third quarter the stock lost 25% of its value.
This, of course, is just one quarter, as Icahn points out in his note to investors.
"As I've said in the past, while I am extremely proud of our long-term record, there have always been sporadic speed bumps along the road. However, I believe over the long term, our model continues to be one of the best in the world," he said.
So that's that.
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