Carl Icahn's Holding Company Misses Profit, Revenue Expectations

Icahn Enterprises L.P. , the investment vehicle of billionaire investor Carl Icahn, swung to a first-quarter net profit of $161 million, or $1.27 a share, from a loss of $29 million, or 24 cents a share, in the year-earlier period. Adjusted earnings per share came in at $1.28, missing the FactSet consensus of $1.33. Revenue fell to $4.51 billion from $4.99 billion, below the FactSet consensus of $4.67 billion. Icahn said he was "very pleased" with company's performance and is optimistic about the outlook. "Although we see a number of headwinds with respect to the global economy, we are optimistic that our investment and operating segments are positioned for success," Icahn said in a statement. The stock, which was still inactive in premarket trade Thursday, has lost 1.1% year to date, while the S&P 500 has gained 1%.