Press release
New Fortress Energy Announces Fourth Quarter and Full Year 2022 Results
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 for the year ended December 31, 2022.\n\nSummary Highlights\n\n\nPleased to report Q4 2022 Adjusted EBITDA(1) of $239 million and ~$1.1 billion for the year ended December 31, 2022\n\n\nNFE's net income for three months and year ended December 31, 2022 was $66 million and $185 million, respectively\n\n\nAdjusted EPS(1) for Q4 2022 and full year 2022 was $0.87 per share and $2.74 per share, respectively, on a fully diluted basis and $0.30 per share and $0.93 per share for Q4 and full year 2022 when including a non-cash impairment charges\n\n\nQ4 non-cash impairment charges of $119 million resulting from an asset sale(2) announced in Q1 2023\n\n\nExcluding impairment charges, full year 2022 net income was more than 500% higher than in 2021\n\n\n\n\nWe achieved our Illustrative Adjusted EBITDA Goal(3) of ~$1.1 billion for full year 2022\n\n\nToday we are announcing a 2023 Illustrative Adjusted EBITDA Goal(3) of ~$2.0 billion\n\n\nOur 2023 Illustrative Adjusted EBITDA Goal(3), if achieved, would result in a near-doubling of Adjusted EBITDA(1) and Adjusted Net Income(1) in 2023 relative to 2022\n\n\n\n\nBusiness Overview\n\n\nOur business remains simple and clear: we seek to match gas demand to gas supply, providing an end-to-end, fully integrated solution to our customers across the globe\n\n\nWhile we have historically purchased (and continue to purchase) LNG supply from third parties, we are progressing our Fast LNG (\"FLNG\") initiative to supply our terminals and other customers around the world\n\n\nWe believe these developments will allow us to control our own LNG supply and complete the value chain enabling full vertical integration of our business\n\n\nRecent Developments\n\n\nGenera PR: An independently-managed subsidiary of NFE was awarded a 10-year contract(4) to manage PREPA's thermal power generation system of approximately 3,600 MW, which is expected to enhance grid reliability and reduce power costs for consumers and businesses\n\n\nHilli & Stock Buyback: We agreed to sell our ownership stake(2) in the Hilli in exchange for the return of 4.1 million NFE shares, $100 million in cash, and the extinguishment of $323 million in Hilli-related debt\n\n\nBarcarena Termi...