By RTT News, March 15, 2013, 10:04:00 AM EDT
(RTTNews.com) - Icahn Enterprises L.P. ( IEP ) Friday reported a sharp decline in fourth-quarter profit, despite higher revenues. The board also announced increase of annual distribution to $4.00 per depository unit.
In the fourth quarter, net income attributable to Icahn Enterprises was $6 million or $0.06 per LP unit, significantly down from $260 million or $2.81 per LP unit in the previous year. The company said its recent-quarter results were negatively impacted by scheduled turnarounds at CVR Energy'sWynnewood refinery and Coffeyville fertilizer plant.
Revenues for the quarter increased to $4.2 billion from $3.2 billion in the year-ago quarter.
For the full year, net income attributable to the company dropped to $396 million or $3.75 per LP unit from $750 million or $8.15 per LP unit in the prior year. Annual revenues grew to $15.65 billion from $11.84 billion a year ago.
The company noted, on February 11, its board approved a modification to its distribution policy to increase annual distribution to $4.00 per depositary unit, payable in either cash or additional depositary units, at the election of each depositary unit holder.
Based on latest closing price of the depositary units of Icahn Enterprises L.P., this dividend represents an annual yield of about 6.5 percent.
Carl Icahn is the holder of about 90.5 percent of the outstanding depositary units.
"IEP has started the year with very strong results. The indicative net asset value per IEP unit has increased from $56 per unit on December 31, 2012 to $67 per unit as of March 13, 2013, an approximate 20% increase over the period," Icahn stated.
IEP is currently trading at $60.45, down 0.82 percent, on the Nasdaq.
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