Icahn Enterprises L.P. ( IEP ) shares were trading lower in the premarket session on Wednesday after reporting its first-quarter results.

The company reported earnings per share of 79 cents, a loss that missed the street view of 19 cents. Quarterly sales of $2.002 billion also missed the analyst consensus estimate of $2.628 billion.

Adjusted EBITDA loss was $(287) million for the three months ended March 31, compared to an Adjusted EBITDA of $134 million.

As of March 31, net asset value fell by $336 million from December 31, mainly due to $224 million in healthcare investment losses.

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On May 5, the board of directors of Icahn Enterprises’ general partner declared a quarterly distribution of $0.50 per depositary unit, which will be paid on or about June 25.

The company exited the quarter with cash and equivalents worth $2.183 billion and inventories worth one billion dollars.

Icahn Enterprises ( IEP ) reported a net loss from investment activities worth $(394) million, compared with $(96) million in the year-ago period.

Petroleum’s first-quarter results were hurt by downtime from the Coffeyville refinery turnaround, which was completed in April 2025. During the quarter, the company processed about 120,000 barrels per day.

Price Action: IEP shares were trading lower by 1.89% to $8.560 at last check on Wednesday.

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