Icahn Enterprises 3rd-quarter profit quintuples as revenue rises, expenses fall

Icahn Enterprises 3rd-quarter profit quintuples

NEW YORK — Billionaire Carl Icahn’s investing vehicle Icahn Enterprises LP on Thursday said its third-quarter profit nearly quintupled as revenue shot higher and expenses declined.

The company reported profit for the three months ended Sept. 30 of $110 million, or $1.39 per unit, up from $23 million, or 32 cents per unit, in the year-ago period.

Revenue rose 21 percent to $2.18 billion from $1.8 billion.

Expenses declined 25 percent to $1.72 billion from $2.3 billion in the year-ago quarter.

Icahn Enterprises operates in five primary business segments: Investment management, automotive, metals, real estate and home fashion. Among its holdings are auto supplier Federal Mogul, metal recycler PSC Metals and bedding manufacturer WestPoint International.

Shares added $1.50, or 4 percent, to $39.29 in morning trading.