KFDA - NewsChannel 10 / Amarillo, TX: newschannel10.comIcahn Enterprises 3rd-quarter profit quintuples
Member Center:
 |
 |
NEW YORK (AP) - Billionaire Carl Icahn's investing vehicle Icahn Enterprises LP on Thursday said its third-quarter profit nearly quintupled as revenue shot higher and expenses declined.
The company reported profit for the three months ended Sept. 30 of $110 million, or $1.39 per unit, up from $23 million, or 32 cents per unit, in the year-ago period.
Revenue rose 21 percent to $2.18 billion from $1.8 billion.
Expenses declined 25 percent to $1.72 billion from $2.3 billion in the year-ago quarter.
Icahn Enterprises operates in five primary business segments: Investment management, automotive, metals, real estate and home fashion. Among its holdings are auto supplier Federal Mogul, metal recycler PSC Metals and bedding manufacturer WestPoint International.
Shares added $1.50, or 4 percent, to $39.29 in morning trading.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Click here to find daily tax tips, forms, rules, and FAQ's. Brought to you by Jackson-Hewitt.
