Icahn Enterprises Posts Q1 Loss as NAV Rises on CVI Gain

The results signal a tilt toward defense with higher short exposure despite strength in the CVI stake.

Overview

Icahn Enterprises reported a first-quarter net loss of $459 million on Wednesday, driven by losses on refining hedges and unrealized derivatives, though reported hedge totals differ across outlets.
Net asset value rose by $201 million, led by a $605 million gain in the long CVI holding that outweighed hedge losses.
The board kept the quarterly distribution at $0.50 per unit, with about $2.8 billion at the holding company, $1.3 billion at subsidiaries, and $782 million in cash at the funds.
CFO Ted Papapostolou became CEO and Robert Flint moved to CFO after Andrew Teno left the top role.
The Investment Funds returned 4.4% excluding refining hedges but fell 8.2% including them, and net short notional exposure increased to roughly 29% from 13% at year-end.