Icahn Enterprises Reports Profit

Icahn Enterprises L.P. reported Thursday that it swung to a profit in the first quarter on lower operating expenses.

Chairman Carl Icahn stated that he was "very pleased with the performance" despite "a number of headwinds with respect to the global economy."

The news is a rebound for the famed investor's investment portfolio, which last year posted its first annual loss since 2008 amid tumbling oil prices, though the holding company said Apple Inc.'s recent performance helped soften the blow.

Among the stocks in the Icahn portfolio are Chesapeake Energy Corp., and Transocean Ltd.

Overall, the company posted a profit of $161 million, or $1.27 a share, compared with a year-earlier loss of $29 million, or 24 cents a share.

Revenue fell to $4.51 billion from $5 billion.

Expenses fell 16% to $4.04 billion.

Shares, inactive premarket, are down about 1% this year through Wednesday's close.

Write to Angela Chen at [e-mail]

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