Press release
New Fortress Energy Announces First Quarter 2020 Results
NEW YORK--(BUSINESS WIRE)-- New Fortress Energy LLC (NASDAQ: NFE) (“NFE” or the “Company”) today reported its financial results for the first quarter ending
About this update from New Fortress Energy Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nNew Fortress Energy LLC (NASDAQ: NFE) (“NFE” or the “Company”) today reported its financial results for the first quarter ending March 31, 2020.\n\n\nBusiness Highlights\n\n\n\nRecord volumes were achieved in the first quarter and for the first time exceeded 1,650,000 gallons per day (“GPD”) in April 2020\n\n\nAverage daily volumes sold in Q1 2020 were in excess of 750,000 gallons per day which is a 200,000 increase from Q4 2019\n\n\nGallons per day volumes are expected to be between 1,500,000 and 2,500,000 on average for the remainder of 2020\n\n\nAs development projects reach full commercial operations, the Company expects Operating Margin to expand as asset utilization is enhanced\n\n\n\n\nAll terminals in Jamaica and Puerto Rico are complete and fully operational\n\n\nJamalco CHP Plant declared COD(1) on March 3, 2020; we are now consistently delivering approximately 100 MW of power to the Jamaican grid and 300 klbs per hour of steam to Jamalco from the Jamalco CHP Plant\n\n\nOur Puerto Rico Facility commenced delivering natural gas to San Juan Units 5 & 6\n\n\n\n\nNew business pipeline is very robust\n\n\nWe continue to focus on 10 key markets with 5 of them having terminals that are either Operational(2), Under Development(3) or In Discussions\n\n\nTotal Committed Volumes(4) and In Discussion Volumes(5) continue to be over 19 million GPD(6)\n\n\n\n\nCOVID-19 during Q1 2020 did not materially impact financial results\n\n\nWhile the coronavirus has affected our customers and electricity demand in the markets we serve, power and gas remain an essential good\n\n\nCustomer receivables remain current and the business has ample liquidity to support operational demands and growth initiatives\n\n\n\n\n\n\n\nFinancial Overview\n\n\n\n\n\n\n\n\nFor the three months ended,\n\n\n\n\n\n\n\n\nDecember 31,\n\n\n\n \n\n\n\nMarch 31, \n\n\n\n\n\n\n(in millions, except Average Volumes)\n\n\n\n\n2019\n\n\n\n \n\n\n\n2020\n\n\n\n\n\n\nRevenues\n\n\n\n\n$69.8\n\n\n\n\n$74.5\n\n\n\n\n\n\nNet Loss\n\n\n\n\n($38.4)\n\n\n\n\n($60.1)\n\n\n\n\n\n\nOperating Margin*\n\n\n\n\n$1.3\n\n\n\n\n($2.2)\n\n\n\n\n\n\nAverage Volumes (k GPD)\n\n\n\n\n538\n\n\n\n\n755\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n*Operating Margin is a non-GAAP financial measure. For definitions and reconciliations of non-GAAP results please refer to the exhibit to...