Press release
New Fortress Energy Announces First Quarter 2023 Results
NEW YORK--(BUSINESS WIRE)-- New Fortress Energy Inc. (Nasdaq: NFE) (“NFE” or the “Company”) today reported its financial results for the first quarter of
About this update from New Fortress Energy Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nNew Fortress Energy Inc. (Nasdaq: NFE) (“NFE” or the “Company”) today reported its financial results for the first quarter of 2023.\n\n\nSummary Highlights\n\n\n\nPleased to report record quarterly Adjusted EBITDA(1) of $440 million for Q1 2023\n\n\n\nNFE's net income for Q1 2023 was $152 million\n\n\n\nAdjusted EPS for Q1 2023 was $0.90 per share on a fully diluted basis and $0.71 when including losses on disposal of certain assets\n\n\n\nOn track to achieve our Illustrative Adjusted EBITDA Goal(2) of ~$2.0 billion for 2023\n\n\nToday we are announcing a 2023 Illustrative Adjusted Net Income Goal(2) of ~$1.2 billion\n\n\n\nOur 2023 Illustrative Adjusted Net Income Goal(2), if achieved, would result in a 6x increase in net income relative to 2022\n\n\n\n\n\n\nPuerto Rico\n\n\n\nGenera PR LLC, an independently managed subsidiary of NFE, was awarded a 10-year contract(3) to manage PREPA's thermal power generation system of approximately 3,600 MW\n\n\nContract consists of a $22.5 million annual payment and up to $100 million of annual incentives\n\n\n\nIntended to enhance grid reliability and reduce power costs for Puerto Rican consumers and businesses\n\n\n\n\n\n\nAwarded 350 MW of emergency power contracts(4) via U.S. Army Corps' Puerto Rico Power System Stabilization Task Force\n\n\nCurrently mobilizing power generation assets to Palo Seco and San Juan to start providing capacity in the second quarter of 2023(5)\n\n\n\n\n\n\nFast LNG\n\n\n\nConstruction of our first Fast LNG unit is 90%+ Complete(7) and Deployment(7) to Altamira is expected in June 2023(5)\n\n\nWe expect to complete Commissioning(7) of our first Fast LNG unit in the shipyard and on-location at the Altamira site and continue to anticipate First Gas and COD(7) in July 2023 and August 2023, respectively(5)\n\n\n\n\n\n\nFLNG 2 and FLNG 3 are already under construction, and all long-lead items have been procured\n\n\nDeployment(7) and Ready for Installation(7) expected in the second half of 2024(5)\n\n\n\nWe recently signed a non-binding Letter of Intent with CFE to explore installing FLNG 2 and FLNG 3 at an underutilized existing onshore terminal in Altamira\n\n\n\n\n\n\nTerminals\n\n\n\nWe have Completed(7) the Barcarena terminal and expect First Gas(9) to Norsk Hydro in late 2023(5); we remain on schedule and, also in 2023(5), expect ...