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Within the Energy segment, an increase in prices of gasoline and distillates, thanks to the Russia-Ukraine war, is likely to have boosted the petroleum business in the third quarter. Favorable pricing conditions are expected to have driven nitrogen fertilizer business sales in the to-be-reported quarter.
While an increase in price and product mix is expected to have benefited the Food Packaging segment, lower volumes and foreign currency headwinds are likely to have hurt the unit’s performance. The Automotive segment’s performance is likely to have suffered from softness in aftermarket parts sales.
The Home Fashion segment is expected to have benefited from strength in the hospitality business due to increased demand arising from rising leisure and business travel demand.
Lower volumes are likely to have weighed on the Pharma segment’s performance. High raw material and freight costs are expected to have dented Icahn Enterprises’ bottom line in the third quarter.
What Does the Zacks Model Say?
Our proven model does not conclusively predict an earnings beat for Icahn Enterprises this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates, which is not the case here, as elaborated below. You can see the complete list of today’s Zacks #1 Rank stocks here.
Earnings ESP: Icahn Enterprises has an Earnings ESP of 0.00% as both the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at 22 cents. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Icahn Enterprises currently carries a Zacks Rank #3.
Highlights of Q2 Earnings
In the second quarter of 2022, Icahn Enterprises incurred a loss of 41 cents per share against the Zacks Consensus Estimate of earnings of 7 cents. However, the amount of loss narrowed year over year. Total revenues of $3,503 million outperformed the Zacks Consensus Estimate of $2,653 million. The top line increased substantially year over year.
Stocks to Consider
Here are some companies that you may want to consider, as according to our model, these have the right combination of elements to beat on earnings this reporting cycle.
Titan International has an Earnings ESP of +9.28% and a Zacks Rank #3. The company is scheduled to release third-quarter 2022 results on Nov 7.
The Zacks Consensus Estimate for Titan International’s third-quarter earnings has been revised upward by a penny in the past 60 days.
Vertex Energy (VTNR - Free Report) has an Earnings ESP of +170.00% and a Zacks Rank of 3. The company is scheduled to release third-quarter 2022 results on Nov 8.
The Zacks Consensus Estimate for Vertex Energy’s third-quarter earnings has been revised downward by 70% in the past 60 days.
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What's in Store for Icahn Enterprises (IEP) in Q3 Earnings?
Icahn Enterprises (IEP - Free Report) is scheduled to release third-quarter 2022 results on Nov 4.
The company has a dull earnings surprise history, having outperformed the Zacks Consensus Estimate in only one of the preceding four quarters.
Let’s see how things have shaped up for Icahn Enterprises this earnings season.
Icahn Enterprises L.P. Price and EPS Surprise
Icahn Enterprises L.P. price-eps-surprise | Icahn Enterprises L.P. Quote
Factors to Note
Within the Energy segment, an increase in prices of gasoline and distillates, thanks to the Russia-Ukraine war, is likely to have boosted the petroleum business in the third quarter. Favorable pricing conditions are expected to have driven nitrogen fertilizer business sales in the to-be-reported quarter.
While an increase in price and product mix is expected to have benefited the Food Packaging segment, lower volumes and foreign currency headwinds are likely to have hurt the unit’s performance. The Automotive segment’s performance is likely to have suffered from softness in aftermarket parts sales.
The Home Fashion segment is expected to have benefited from strength in the hospitality business due to increased demand arising from rising leisure and business travel demand.
Lower volumes are likely to have weighed on the Pharma segment’s performance. High raw material and freight costs are expected to have dented Icahn Enterprises’ bottom line in the third quarter.
What Does the Zacks Model Say?
Our proven model does not conclusively predict an earnings beat for Icahn Enterprises this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates, which is not the case here, as elaborated below. You can see the complete list of today’s Zacks #1 Rank stocks here.
Earnings ESP: Icahn Enterprises has an Earnings ESP of 0.00% as both the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at 22 cents. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Icahn Enterprises currently carries a Zacks Rank #3.
Highlights of Q2 Earnings
In the second quarter of 2022, Icahn Enterprises incurred a loss of 41 cents per share against the Zacks Consensus Estimate of earnings of 7 cents. However, the amount of loss narrowed year over year. Total revenues of $3,503 million outperformed the Zacks Consensus Estimate of $2,653 million. The top line increased substantially year over year.
Stocks to Consider
Here are some companies that you may want to consider, as according to our model, these have the right combination of elements to beat on earnings this reporting cycle.
Titan International has an Earnings ESP of +9.28% and a Zacks Rank #3. The company is scheduled to release third-quarter 2022 results on Nov 7.
The Zacks Consensus Estimate for Titan International’s third-quarter earnings has been revised upward by a penny in the past 60 days.
Vertex Energy (VTNR - Free Report) has an Earnings ESP of +170.00% and a Zacks Rank of 3. The company is scheduled to release third-quarter 2022 results on Nov 8.
The Zacks Consensus Estimate for Vertex Energy’s third-quarter earnings has been revised downward by 70% in the past 60 days.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.