SUNNY ISLES BEACH, Fla. — Icahn Automotive Group L.L.C. more than doubled its operating income for the quarter ended June 30, a performance that allowed the business to return to the black on a net basis as well.
Icahn Automotive, a business unit of Icahn Enterprises L.P., reported adjusted pre-tax operating earnings (EBITDA) of $32 million for the second quarter, a jump of 146.2% over the prior-year quarter. The company did not comment on the reasons for the increase.
Revenue fell 31.6% to $425 million, a decline attributed to the deconsolidation of the Icahn's Auto Plus auto parts business — which filed for Chapter 11 bankruptcy protection in January. Net income was $4 million, compared with a net loss of $15 million a year ago.
The ongoing Icahn Automotive business — which comprises predominantly the Pep Boys auto service chain — reported a $1 million drop in automotive service revenue during the quarter versus the 2022 period. Auto services account for 69% of the revamped Icahn Automotive business unit's sales.
Pep Boys operates 894 retail locations throughout the U.S. and Puerto Rico, including greenfield stores opened recently in Brownsburg and Noblesville, Ind.
For the six months ended June 30, the automotive business reported $53 million in adjusted EBITDA on sales of $882 million, yielding a 6% operating ratio.
Overall, Icahn Enterprises reported adjusted EBITDA of $34 million, down 73% from the prior-year period, and a net loss of $269 million.
