Carl Icahn's Holding Company Makes $5.7 Billion in Q3
Carl Icahn's holding company, Icahn Holdings , saw quarterly revenue jump 27% in its latest earnings report, from $4.5 billion in Q3 2012 to $5.7 billion. In a statement, Icahn explained that an investment in his company dating to 2000 has increased 1,500%, offering an average annual return of 22%.
According to Icahn, this growth is a result of his "activist" model, which he calls "the best method to utilize in investing." Icahn also attributed extremely low interest rates and the overall investor desire to change "mediocre top management and non-caring boards at many of America's companies" to the company's success.
Besides revenue, Icahn Enterprises also saw its attributable net income grow 461% compared with where it was last year, from $84 million to $472 million. On the balance sheet, the company's cash and cash equivalents totaled $3.2 billion, 6.6% higher than the same quarter of 2012.
In Icahn's opinion, the company's overall record "will pale in comparison to what is yet to come," and he said the company will continue to work toward making "judicious, friendly or not so friendly, acquisitions."
The article Carl Icahn's Holding Company Makes $5.7 Billion in Q3 originally appeared on Fool.com.Fool contributor Caroline Bennett and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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