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Holding company and industrial conglomerate Icahn (NYSE:IEP) will be reporting earnings tomorrow morning. Here’s what you need to know.
Icahn Enterprises beat analysts’ revenue expectations by 12.5% last quarter, reporting revenues of $2.56 billion, down 3.9% year on year. It was a mixed quarter for the company, with 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.
This quarter, analysts are expecting Icahn Enterprises’s revenue to grow 6.1% year on year to $2.63 billion, a reversal from the 7.2% decrease it recorded in the same quarter last year.
Analysts covering the company have generally 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 five 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. Luxfer delivered year-on-year revenue growth of 8.5%, beating analysts’ expectations by 11.9%, and Honeywell reported revenues up 7.9%, topping estimates by 2.5%. Luxfer traded up 7.7% following the results while Honeywell was also up 5%.
Read our full analysis of Luxfer’s results here and Honeywell’s results here.
There has been positive sentiment among investors in the general industrial machinery segment, with share prices up 12.3% on average over the last month. Icahn Enterprises is up 13.4% during the same time and is heading into earnings with an average analyst price target of $15 (compared to the current share price of $8.95).
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