Icahn Enterprises reported $364 million in net sales and other revenue from its automotive operations for the final three months of 2024 — a decrease of $51 million (or 12.3%) compared to a year ago.
A closer look shows that automotive services revenue came in at $346 million — down $35 million (or 9.2%), primarily because of reduced consumer spending on repairs and maintenance. Aftermarket parts revenue was $3 million — down $18 million (or 85.7%), attributable to winding down the aftermarket parts business, which management expects to complete by the end of the current quarter.
Automotive income improved from a $4 million net loss a year ago to $10 million in net income for the three months ended Dec. 31, 2024. However, adjusted EBITDA fell from $28 million a year ago to $4 million for the fourth quarter of 2024.
The automotive segment (Icahn Automotive) is engaged in providing a range of auto repair and maintenance services, along with the sale of any installed parts or material related to automotive services to its customers, as well as sales of automotive aftermarket parts and retailed merchandise.
Its primary automotive services brands are Pep Boys, AAMCO and Precision Tune Auto Care.
