Press release
FTAI Infrastructure Inc. Reports Second Quarter 2024 Results, Declares Dividend of $0.03 per Share of Common Stock
NEW YORK, Aug. 02, 2024 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results
About this update from Ftai Infrastructure Inc.
[{"type":"text","content":"NEW YORK, Aug. 02, 2024 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the second quarter 2024. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release. Financial Overview (in thousands, except per share data)Selected Financial ResultsQ2’24Net Loss Attributable to Stockholders$(54,350)Basic and Diluted Loss per Share of Common Stock$(0.52)Adjusted EBITDA (1)$34,256 Adjusted EBITDA - Four core segments (1)(2)$41,793 _______________________________(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. Second Quarter 2024 DividendsOn August 1, 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 June 30, 2024, payable on August 20, 2024 to the holders of record on August 12, 2024. Business Highlights Second quarter Adjusted EBITDA from four core segments of $41.8 million, up 12% from first quarter(1)(2).Transtar generated revenue of $45.6 million as carloads remain steady and average rates per car hit record level; car repair facility fully operational for the quarter with strong momentum.Jefferson Terminal throughput and revenue represented record quarterly levels.Long Ridge revenue reflects May scheduled maintenance outage; recently announced results from power capacity auction to add substantial EBITDA for mid-2025 to mid-2026 period. (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. Additional InformationFor 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 CallIn addition, management will host a conference call on Friday, August 2, 2024 at 8:00 A.M. Eastern Time. The confere...