Carl C. Icahn has profited from a string of recent bets on prominent companies like eBay, Netflix and Family Dollar. But the energy sector is giving the activist investor some trouble.
On Tuesday, Icahn Enterprises, a publicly traded arm of Mr. Icahn’s investment empire, reported a third-quarter loss of $355 million, compared with a profit of $472 million in the third quarter of 2013. The loss in the company’s investment business was “driven by a meaningful decrease in the value of our core energy investments,” Mr. Icahn said in a statement.
In general, energy investments have been strained by a recent decline in oil prices and other factors. The energy sector of the Standard & Poor’s 500-stock index fell about 9 percent in the third quarter.
In the Icahn portfolio, CVR Refining and CVR Energy reported lower profit in the quarter. Their results were harmed by a fire in July at a refinery in Coffeyville, Kan., Icahn Enterprises said.
Icahn Enterprises is just one part of Mr. Icahn’s investment operation. He also uses a number of privately owned entities to buy stakes in companies.
“There have always been sporadic speed bumps along the road,” Mr. Icahn said in a statement included in the Icahn Enterprises results. “I believe over the long term, our model continues to be one of the best in the world.”