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

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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.

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