IEP's sales rose to $3.2 billion from $2.7 billion, and it declared a $0.50 per-unit distribution. But it swung from $287 million in profit to a $225 million loss, with adjusted EBITDA moving from a $75 million gain to a $214 million loss, so the losses outweigh those positives.
The $522 million in refining hedge losses helps explain the loss. Sales also rose, and IEP declared a $0.50 per-unit distribution, payable in cash or additional units. Those positives do not outweigh the shift in adjusted EBITDA from a $75 million gain to a $214 million loss.
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