Press release
New Fortress Energy Announces Second Quarter 2023 Results
NEW YORK--(BUSINESS WIRE)-- New Fortress Energy Inc. (Nasdaq: NFE) (“NFE” or the “Company”) today reported its financial results for the second 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 second quarter of 2023.\n\n\nSummary Highlights\n\n\n\nAdjusted EBITDA(1) of $246 million in the second quarter of 2023 and $686 million in the first half of 2023\n\n\n\nNet income of $120 million in the second quarter of 2023 and $272 million in the first half of 2023\n\n\n\nAdjusted EPS(2) of $0.58 on a fully diluted basis in the second quarter of 2023 and $1.48 in the first half of 2023\n\n\n\nAchieved several milestones since the first quarter of 2023\n\n\nGenera PR, an independently managed subsidiary of NFE, assumed management of PREPA's thermal power plants in Puerto Rico under a 10-year contract(3);\n\n\n\ninstalled(4) 350 MW of gas fired power in Puerto Rico under U.S. Government FEMA authorization, with 150 MW of power online(4) in Palo Seco in June 2023, and another 200 MW of power in San Juan coming online(4) in the third quarter of 2023(6);\n\n\n\ninstalled(4) our first rig for FLNG 1 at Altamira, and targeting COD(4) in the third quarter of 2023(6);\n\n\n\ncompleted(4) our 135 MW La Paz power plant, and targeting COD(4) in the third quarter of 2023(6);\n\n\n\ncompleted(4) our 3 Mtpa Barcarena terminal, and targeting COD(4) by year end 2023(6);\n\n\n\n\n\n\nExpecting an increase in earnings and decrease in capex in the second half of 2023 through 2024 as we place $3.2 billion of invested capital projects online(4) over the next 90 days(6)\n\n\n\nCapital expenditures(7) for 2024 to decline to $250 million to reflect completion of a number of our projects\n\n\n\nIllustrative Adjusted EBITDA Guidance(8) for 2023 revised to $1.6 billion to reflect lower expected cargo earnings and timing of infrastructure projects coming online(4), while 2024 guidance(8) reiterated at $2.4 billion\n\n\n\nComposition of earnings expected to transition as more than 85% of 2024 Illustrative Adjusted EBITDA Guidance(8) will be generated from core infrastructure and only 15% from cargo sales, with 84% from investment grade counterparts\n\n\n\nCorporate strategy focuses on operations, cash generation, and deleveraging\n\n\n\n\"We are at an exciting period in the Company's history as we near the end of our large-scale buildout with more than $3.2 billion of high-quality, contracted projects entering service...