Press release
FTAI Infrastructure Inc. Reports Fourth Quarter 2022 Results, Declares Dividend of $0.03 per Share of Common Stock
NEW YORK, March 01, 2023 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results
About this update from Ftai Infrastructure Inc.
[{"type":"text","content":"NEW YORK, March 01, 2023 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the fourth quarter and full year 2022. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release. Financial Overview (in thousands, except per share data) Selected Financial ResultsThree Months Ended December 31, 2022 Year Ended December 31, 2022Net Loss Attributable to Stockholders$(60,863) $(177,241)Basic Loss per Share of Common Stock$(0.59) $(1.73)Diluted Loss per Share of Common Stock$(0.59) $(1.73)Adjusted EBITDA(1)$1,808 $61,028 Adjusted EBITDA - Four core segments (1)(2) $9,466 $88,072 _______________________________(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 Fourth Quarter 2022 Dividends On March 1, 2023, 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 December 31, 2022, payable on March 28, 2023 to the holders of record on March 14, 2023. Business Highlights As previously disclosed, Q4 consolidated results were impacted by an extended maintenance outage at Long Ridge to repair damage to a gas turbine Impact to Adjusted EBITDA of approximately $18 million compared to Q3’22Power plant returned to full operational status at the end of the fourth quarter and, to date, has operated near 100% capacity while continuing to produce excess gas At Jefferson Terminal, completed and commissioned storage and related infrastructure for new 10-year marine export contract with Exxon; commenced on January 1, with full ramp-up expected by April 1Repauno entered into a multi-year butane throughput contract (~15k bpd) with a major commodities trading firm which will commence in Q2’23Transtar Q4 results impacted by the idling of a U.S. Steel blast furnace for the quarter; the blast furnace returned to operation during Q1’23 and volumes have normalized 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 th...