Apple Gains Help Offset Oil Price-driven Losses At Icahn Investment Arm

The steep fall in oil prices weighed on profit at Icahn Enterprises L.P. in the fourth quarter, with gains by the investment company's biggest holding, Apple Inc. , helping to mitigate losses, billionaire investor Carl Icahn said Friday. Icahn Enterprises had a net loss of $478 million, or $3.84 per depositary unit, for the quarter, after earnings of $225 million, or $1.92 a share, in the year-earlier period. Revenue fell to $3.4 billion from $4.9 billion. "This year's results were obviously disappointing, with the precipitous decline in oil prices impacting the profitability of many of our segments," Icahn said in a statement. "I believe a great amount of profit in the next few years will be made by those who hold positions in energy companies. However, I also believe that oil prices will continue to decline in the near term." Analysts polled by FactSet were expecting earnings of 98 cents a share and revenue of $4.84 billion. Shares have gained 7.4% in the last three months, outperforming the S&P 500's 1.8% gain.

Copyright © 2015 MarketWatch, Inc.