<p>艾坎企业 LP (Icahn Enterprises LP) 已召开第三季度财报电话会议。以下是会议的主要亮点。</p>
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<p>艾坎企业 LP 最近的财报电话会议描绘了胜利与挑战的画面。公司报告了净资产价值和能源部门表现的显著增长，同时在关键投资方面也有积极进展。然而，房地产、食品包装、家居时尚和制药部门的下滑使这些成果有所减弱。尽管面临这些挑战，公司强劲的流动性和战略投资提供了有力的对冲。</p>
<h2>净资产价值的增加</h2>
<p>财报电话会议强调了艾坎企业净资产价值的显著增加，增长了 5.67 亿美元。这一增长主要得益于 CVI 净的精炼对冲，贡献了 5.47 亿美元，排除精炼对冲的资金增长约为 5%。</p>
<h2>能源部门表现</h2>
<p>能源部门出现了显著的好转，报告显示 2025 年第三季度的合并 EBITDA 达到 6.25 亿美元。这一数据较 2024 年第三季度的 3500 万美元亏损有了显著改善，展示了该部门的复苏和增长。</p>
<h2>汽车部门收入增长</h2>
<p>汽车部门也显示出良好的结果，2025 年第三季度的服务收入较去年增加了 1100 万美元。同店销售增长了 6%，额外贡献了 2100 万美元。</p>
<h2>关键投资的积极进展</h2>
<p>对 EchoStar 的投资取得了丰硕成果，股价从 6 月的十几美元攀升至季度末的约 75 美元，反映出显著的收益和战略成功。</p>
<h2>强劲的流动性状况</h2>
<p>艾坎企业保持了强劲的流动性，控股公司层面拥有 34 亿美元的现金和投资，子公司拥有 12 亿美元的现金和循环信贷额度，确保了财务灵活性和稳定性。</p>
<h2>房地产部门的下滑</h2>
<p>房地产部门面临挑战，调整后的 EBITDA 较去年减少了 1200 万美元。这一下滑归因于年初出售的一家乡村俱乐部。</p>
<h2>食品包装部门的挑战</h2>
<p>食品包装部门在 2025 年第三季度的调整后 EBITDA 减少了 800 万美元。这主要是由于销量下降、制造效率低下和重组阻力。</p>
<h2>家居时尚和制药 EBITDA 的下降</h2>
<p>家居时尚和制药部门的调整后 EBITDA 分别下降了 400 万美元和 700 万美元，原因是需求减弱和仿制药竞争。</p>
<h2>前瞻性指导</h2>
<p>展望未来，艾坎企业预计净资产价值将继续增长，主要得益于战略投资和强劲的能源部门表现。然而，公司仍然对房地产、食品包装和其他部门的挑战保持警惕，旨在战略性地解决这些问题。</p>
<p>总之，艾坎企业 LP 的财报电话会议反映了增长与挑战的平衡叙述。尽管公司庆祝了净资产价值和能源部门表现的显著增长，但也承认其他领域的困难。强劲的流动性状况和战略投资预计将支持公司应对未来挑战并抓住增长机会。</p>

<p>Icahn Enterprises LP 第三季度的财报电话会议显示出业绩参差不齐。公司在净资产价值和能源部门表现上取得了显著增长，能源 EBITDA 也出现了显著的好转。然而，房地产、食品包装、家居时尚和制药部门则出现了下滑。尽管面临这些挑战，Icahn 仍然保持强劲的流动性和战略投资。展望未来，公司预计净资产价值将继续增长，这得益于战略投资和能源表现，同时也将应对其他部门的挑战</p>

<p>Icahn Enterprises LP ((IEP)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>艾坎企业 LP (Icahn Enterprises LP) 已召开第三季度财报电话会议。以下是会议的主要亮点。</p>
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</div><p>Icahn Enterprises LP’s recent earnings call painted a picture of both triumphs and trials. The company reported significant gains in net asset value and energy segment performance, alongside positive developments in key investments. However, these were tempered by declines in the real estate, food packaging, home fashions, and pharma segments. Despite these challenges, the company’s robust liquidity and strategic investments provided a strong counterbalance.</p>
<div class="lb-trans"><p>艾坎企业 LP 最近的财报电话会议描绘了胜利与挑战的画面。公司报告了净资产价值和能源部门表现的显著增长，同时在关键投资方面也有积极进展。然而，房地产、食品包装、家居时尚和制药部门的下滑使这些成果有所减弱。尽管面临这些挑战，公司强劲的流动性和战略投资提供了有力的对冲。</p>
</div><h2>Increase in Net Asset Value</h2>
<div class="lb-trans"><h2>净资产价值的增加</h2>
</div><p>The earnings call highlighted a substantial increase in Icahn Enterprises’ net asset value, which rose by $567 million. This growth was primarily driven by CVI net of refining hedges, contributing $547 million, with the funds, excluding refining hedges, up by approximately 5%.</p>
<div class="lb-trans"><p>财报电话会议强调了艾坎企业净资产价值的显著增加，增长了 5.67 亿美元。这一增长主要得益于 CVI 净的精炼对冲，贡献了 5.47 亿美元，排除精炼对冲的资金增长约为 5%。</p>
</div><h2>Energy Segment Performance</h2>
<div class="lb-trans"><h2>能源部门表现</h2>
</div><p>A notable turnaround was seen in the energy segment, which reported a consolidated EBITDA of $625 million for Q3 ’25. This marks a significant improvement from a loss of $35 million in Q3 ’24, showcasing the segment’s recovery and growth.</p>
<div class="lb-trans"><p>能源部门出现了显著的好转，报告显示 2025 年第三季度的合并 EBITDA 达到 6.25 亿美元。这一数据较 2024 年第三季度的 3500 万美元亏损有了显著改善，展示了该部门的复苏和增长。</p>
</div><h2>Automotive Segment Revenue Growth</h2>
<div class="lb-trans"><h2>汽车部门收入增长</h2>
</div><p>The automotive segment also showed promising results, with service revenues increasing by $11 million in Q3 ’25 compared to the previous year. Same-store sales saw a 6% rise, contributing an additional $21 million.</p>
<div class="lb-trans"><p>汽车部门也显示出良好的结果，2025 年第三季度的服务收入较去年增加了 1100 万美元。同店销售增长了 6%，额外贡献了 2100 万美元。</p>
</div><h2>Positive Developments in Key Investments</h2>
<div class="lb-trans"><h2>关键投资的积极进展</h2>
</div><p>Investments in EchoStar proved fruitful, with stock prices climbing from the teens in June to approximately $75 per share by the end of the quarter, reflecting significant gains and strategic success.</p>
<div class="lb-trans"><p>对 EchoStar 的投资取得了丰硕成果，股价从 6 月的十几美元攀升至季度末的约 75 美元，反映出显著的收益和战略成功。</p>
</div><h2>Strong Liquidity Position</h2>
<div class="lb-trans"><h2>强劲的流动性状况</h2>
</div><p>Icahn Enterprises maintained a strong liquidity position, with $3.4 billion in cash and investments at the holding company level and $1.2 billion in cash and revolver availability at its subsidiaries, ensuring financial flexibility and stability.</p>
<div class="lb-trans"><p>艾坎企业保持了强劲的流动性，控股公司层面拥有 34 亿美元的现金和投资，子公司拥有 12 亿美元的现金和循环信贷额度，确保了财务灵活性和稳定性。</p>
</div><h2>Decline in Real Estate Segment</h2>
<div class="lb-trans"><h2>房地产部门的下滑</h2>
</div><p>The real estate segment faced challenges, with adjusted EBITDA decreasing by $12 million compared to the prior year. This decline was attributed to the sale of a Country Club earlier in the year.</p>
<div class="lb-trans"><p>房地产部门面临挑战，调整后的 EBITDA 较去年减少了 1200 万美元。这一下滑归因于年初出售的一家乡村俱乐部。</p>
</div><h2>Challenges in Food Packaging Segment</h2>
<div class="lb-trans"><h2>食品包装部门的挑战</h2>
</div><p>The food packaging segment struggled with a decrease in adjusted EBITDA by $8 million for Q3 ’25. This was primarily due to lower volume, higher manufacturing inefficiencies, and restructuring headwinds.</p>
<div class="lb-trans"><p>食品包装部门在 2025 年第三季度的调整后 EBITDA 减少了 800 万美元。这主要是由于销量下降、制造效率低下和重组阻力。</p>
</div><h2>Decrease in Home Fashions and Pharma EBITDA</h2>
<div class="lb-trans"><h2>家居时尚和制药 EBITDA 的下降</h2>
</div><p>Both the home fashions and pharma segments experienced declines in adjusted EBITDA, by $4 million and $7 million respectively, due to softening demand and generic competition.</p>
<div class="lb-trans"><p>家居时尚和制药部门的调整后 EBITDA 分别下降了 400 万美元和 700 万美元，原因是需求减弱和仿制药竞争。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>Looking ahead, Icahn Enterprises anticipates continued growth in net asset value, driven by strategic investments and a robust energy segment performance. However, the company remains vigilant of the challenges in real estate, food packaging, and other segments, aiming to address these issues strategically.</p>
<div class="lb-trans"><p>展望未来，艾坎企业预计净资产价值将继续增长，主要得益于战略投资和强劲的能源部门表现。然而，公司仍然对房地产、食品包装和其他部门的挑战保持警惕，旨在战略性地解决这些问题。</p>
</div><p>In conclusion, Icahn Enterprises LP’s earnings call reflected a balanced narrative of growth and challenges. While the company celebrated significant gains in net asset value and energy segment performance, it also acknowledged the hurdles in other sectors. The strong liquidity position and strategic investments are expected to support the company in navigating future challenges and capitalizing on growth opportunities.</p>
<div class="lb-trans"><p>总之，艾坎企业 LP 的财报电话会议反映了增长与挑战的平衡叙述。尽管公司庆祝了净资产价值和能源部门表现的显著增长，但也承认其他领域的困难。强劲的流动性状况和战略投资预计将支持公司应对未来挑战并抓住增长机会。</p>
</div>

Icahn Enterprises LP 的混合收益电话会议突显了其收益和面临的挑战