Press release
New Fortress Energy Announces First Quarter 2024 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 2024.\n\n\nSummary Highlights\n\n\n\nAdjusted EBITDA(1) of $340 million in the first quarter of 2024\n\n\n\nNet income of $57 million in the first quarter of 2024\n\n\n\nAdjusted EPS(2) of $0.67 on a fully diluted basis in the first quarter of 2024\n\n\n\nEPS of $0.26 on a fully diluted basis in the first quarter of 2024\n\n\n\nFunds from Operations per share(3) of $0.92 on a fully diluted basis in the first quarter of 2024\n\n\n\nIllustrative Adjusted EBITDA Goal(4) of ~$2 billion in the full year 2024\n\n\n\n\"This has been a tremendous quarter for the company with a number of significant milestones. We have completed the construction of our first FLNG unit and are currently commissioning the asset, with First LNG expected later this month and first full cargo expected in June. We commenced operations in Brazil at both of our LNG terminals and have 2.2 gigawatts of power under construction. Additionally, we completed the sale of the power plants that we developed for FEMA in Puerto Rico and concurrently won an 80 Tbtu island-wide gas contract, paving the way for significant expansion of our business in Puerto Rico. These milestones underscore our commitment to growth, sustainability, and long-term shareholder value,\" said Wes Edens, NFE chairman and chief executive.\n\n\nFinancial Highlights\n\n\nWe generated significant Funds from Operations per share(3) of $0.92 on a fully diluted basis in the first quarter of 2024, the majority of which was generated by contracted downstream assets.\n\n\nAt the same time, we expect a significant decrease in our Capex(5) compared to the prior year. We executed several transactions to further support our cash flows and balance sheet during the quarter, including the sale of non-core assets and issuance of 2029 Notes. Net proceeds from this issuance were mainly used to repay a portion of our 2025 Notes and Revolving Facility, as well as fund capital projects.\n\n\nOn May 7, 2024, NFE’s Board of Directors approved a dividend of $0.10 per share, with a record date of June 15, 2024 and a payment date of June 27, 2024.\n\n\nFinancial Detail\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n\n\n(in millions)\n\n\n\n\n\n\nMarch 31, 2023\n\...