What caused IEP's earnings misses in 2024?

Icahn Enterprises (IEP) experienced earnings misses in 2024 due to several factors affecting its financial performance across different segments: 1. **Energy Segment Challenges**: The energy segment faced significant headwinds, resulting in a decline in EBITDA from $229 million in Q1 2024 to $118 million by Q1 2024. This downturn was primarily due to reduced throughput and lower crack spreads, reflecting the segment’s ongoing struggles. 2. **Automotive Segment Challenges**: The automotive business continued to face challenges, as previously discussed. However, new initiatives were expected to address these challenges, but the impact of these initiatives was not yet materializing. 3. **Investment Funds Performance**: The investment funds experienced a negative return of 0.8% for the quarter, adjusted positively at 5.8% excluding energy shorts. This performance was below market expectations and contributed to the overall earnings miss. 4. **Revenue Shortfall in Q2**: While the company reported a revenue of $2.6 billion for Q2 2024, which exceeded estimates, the revenue for Q2 2023 was higher at $2.79 billion, indicating a decline in revenue compared to the previous year. 5. **Strategic Moves and Investor Sentiment**: The company's stock experienced a decline in price due to cautious investor sentiment, likely driven by the unexpected EPS loss in Q4 2024. This sentiment could have carried over to previous quarters, affecting the company's financial outlook and leading to earnings misses. In summary, Icahn Enterprises' earnings misses in 2024 were primarily caused by challenges in its energy and automotive segments, investment fund underperformance, and strategic moves that affected investor sentiment.