NEW YORK (AP) -- Icahn Enterprises LP, the investing vehicle for billionaire Carl Icahn, said Tuesday that its second-quarter net income sank 17 percent as expenses outpaced revenue gains.
The New York-based company reported net income of $240 million, or $2.29 per unit, for the three months ended June 30. That compares with net income of $289 million, or $3.15 per unit, in the same quarter of 2011.
Revenue jumped about 34 percent to $4.2 billion.
The gains were offset by higher expenses, which soared 52 percent to $3.84 billion.
As of June 30, the company had investments in its funds with a total fair market value of about $2.1 billion.
Shares rose 89 cents, or 2.3 percent, to close at $40.25.