Press release
New Fortress Energy Announces Fourth Quarter 2021 Results and Declares Dividend of $0.10 Per Class A Common Share
NEW YORK--(BUSINESS WIRE)-- New Fortress Energy Inc. (NASDAQ: NFE) (“NFE” or the “Company”) today reported its financial results for the fourth quarter and
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 fourth quarter and full year 2021.\n\nFourth Quarter Highlights\n\nFinancial results\n\n\nNFE is pleased to report our highest quarterly and annual net income and EPS in our history\n\n\nNet income of over $151 million and EPS of $0.72 per share on a fully diluted basis for Q4 2021\n\n\nNet income of over $92 million and EPS of $0.47 per share on a fully diluted basis for the year ended December 31, 2021\n\n\n\n\nNFE is adopting Adjusted EBITDA as our new financial performance measure\n\n\nAdjusted EBITDA(4) increased almost 100% over the previous quarter to approximately $334 million in Q4 2021 from $170 million in Q3 2021\n\n\nAdjusted EBITDA was over $604 million for the year ended December 31, 2021\n\n\n\n\nBusiness update\n\n\nRobust LNG sales and power revenues produced record revenues in Q4 and FY 2021\n\n\nSigned 10 new commercial contracts in 2021 including:\n\n\n~30 TBtu, 15-year supply agreement replacing oil-based fuel at Norsk Hydro’s Alunorte alumina refinery with gas to be supplied from our Barcarena Terminal in Brazil\n\n\nGas supply agreement with CFEnergia supplied from our La Paz, Mexico terminal for the fuel supply of two power plants in Baja California Sur, Mexico\n\n\n\n\nElevated and volatile commodity market environment creates significant tailwinds for NFE’s business\n\n\nOur development projects in Nicaragua and Brazil are advancing on schedule\n\n\nNicaragua power plant is fully complete and awaiting First Gas (2)\n\n\nConstruction of the Barcarena offshore terminal, its associated pipeline and citygate are significantly advanced and the marine terminal at near physical completion\n\n\nConstruction at our Santa Catarina Terminal is significantly advanced, with onshore and offshore pipeline laying already commenced, the FSRU approaching drydocking and the terminal projected to be ready for FSRU mooring in early Q2 2022\n\n\n\n\nNFE has signed a term sheet (5) with Transnet Port Terminals, a division of Transnet SOC Limited, for use of a marine berth for a large ship in Richards Bay, South Africa\n\n\nFast LNG update\n\n\nExecuted HOA for deployment of our first Fast LNG asset scheduled for Q2 2023 with Eni S.p.A.’s fully owned subsidiary, Eni Congo (“Eni”)(6)\n\n\nFL...