Press release
New Fortress Energy Announces Fourth Quarter and Full Year 2024 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, 2024.\n\n\nSummary Highlights\n\n\n\nAdjusted EBITDA(1) of $313 million in the fourth quarter of 2024 and $950 million in the full year 2024\n\n\n\nNet loss of $224 million in the fourth quarter of 2024 and $242 million in the full year 2024, driven primarily by costs incurred with refinancing our debt including a Q4 loss on extinguishment of debt of $260 million.\n\n\n\nAdjusted Net Income(3) of $29 million in the fourth quarter of 2024 and $101 million for the full year 2024\n\n\n\nAdjusted EPS(2) of $0.13 on a fully diluted basis in the fourth quarter of 2024 and $0.46 in the full year 2024\n\n\n\nEPS of $(1.11) on a fully diluted basis in the fourth quarter of 2024 and $(1.25) in the full year 2024\n\n\n\nTotal cash balance of $966 million, of which $493 million is unrestricted as of December 31, 2024\n\n\n\nThis has been a strong fourth quarter for the Company as we achieved Adjusted EBITDA of $313 million, surpassing our guidance of $200-$220 million. Earnings for the year also held strong as we achieved Adjusted EBITDA of $950 million, surpassing our guidance of $835-$855 million. Our results have benefited from the recognition of income from optimizing our current LNG portfolio.\n\n\nOur Fast LNG asset has been completed(5) and was placed into service for accounting purposes in December 2024. The liquefier has been operating smoothly and has been routinely producing above nameplate capacity since the start of the year. This significant milestone concludes the development of a cornerstone asset that secures NFE’s LNG supply and enhances the energy security of our downstream customers across the globe. While the asset is in service from an accounting perspective, we will continue to commission the asset, and such costs that enhance the asset will be capitalized on our balance sheet.\n\n\nWe also recently announced the extension of our 80 TBtu island-wide gas supply contract in Puerto Rico, and an adjustment to our incentive structure on the Operation and Maintenance agreement between NFE subsidiary Genera & PREPA in exchange for a $110 million payment. These agreements provide significant opportunity to generate substantial cost savings...