Holding company and industrial conglomerate Icahn (NYSE: IEP) will be reporting results this Wednesday before market open. Here’s what investors should know.
Icahn Enterprises beat analysts’ revenue expectations last quarter, reporting revenues of $2.72 billion, up 5.9% year on year. It was a slower quarter for the company, with a significant miss of analysts’ adjusted operating income estimates and a significant miss of analysts’ EPS estimates.
Is Icahn Enterprises a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Icahn Enterprises’s revenue to grow 24.9% year on year, a reversal from the 24.6% decrease it recorded in the same quarter last year.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Icahn Enterprises has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Icahn Enterprises’s peers in the general industrial machinery segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Albany delivered year-on-year revenue growth of 7.8%, beating analysts’ expectations by 10.8%, and L.B. Foster reported revenues up 23.9%, topping estimates by 16.2%. Albany’s stock price was unchanged following the results.
Read our full analysis of Albany’s results here and L.B. Foster’s results here.
There has been positive sentiment among investors in the general industrial machinery segment, with share prices up 7.6% on average over the last month. Icahn Enterprises is up 8.5% during the same time and is heading into earnings with an average analyst price target of $12 (compared to the current share price of $8.36).
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