Press release
FTAI Infrastructure Inc. Reports First Quarter 2024 Results, Declares Dividend of $0.03 per Share of Common Stock
NEW YORK, May 07, 2024 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for
About this update from Ftai Infrastructure Inc.
[{"type":"text","content":"NEW YORK, May 07, 2024 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the first quarter 2024. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release. Financial Overview (in thousands, except per share data) Selected Financial ResultsQ1’24Net Loss Attributable to Stockholders$ (56,582)Basic and Diluted Loss per Share of Common Stock$ (0.54)Adjusted EBITDA (1)$ 27,231 Adjusted EBITDA - Four core segments (1)(2)$ 37,168 _______________________________(1)For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.(2)Excludes Sustainability and Energy Transition and Corporate and Other segments. First Quarter 2024 Dividends On May 7, 2024, the Company’s Board of Directors (the “Board”) declared a cash dividend on its common stock of $0.03 per share for the quarter ended March 31, 2024, payable on May 29, 2024 to the holders of record on May 17, 2024. Business Highlights Transtar revenue of $46.3 million represented a new quarterly record, with momentum continuing into Q2.Jefferson Terminal revenue of $18.6 million impacted by an accelerated customer turnaround in Q1; with the turnaround now complete, Jefferson Terminal volumes and revenue are running at record levels.Long Ridge operated at 98% capacity factor; close to signing several long-term “behind the meter” contracts and seeing rapidly increasing demand in the AI data center space. Additional Information For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company’s website, www.fipinc.com, and the Company’s Quarterly Report on Form 10-Q, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein. Conference Call In addition, management will host a conference call on Wednesday, May 8, 2024 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register.vevent.com/register/BIca642246d3df458aad5fd075de5e813a. Once registered, participants will receive a dial-in and unique pin to access the call. A simultaneous webcast of the conference call wi...