Press release
New Fortress Energy Announces Second Quarter 2024 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 2024.\n\n\nSummary Highlights\n\n\n\nAdjusted EBITDA(1) of $120 million in the second quarter of 2024\n\n\n\nSecond quarter results do not include $107 million of contracted LNG sales during the quarter, which will be included in Adjusted EBITDA and earnings in the second half of 2024\n\n\n\nNet loss of $87 million in the second quarter of 2024\n\n\n\nAdjusted EPS(2) of $(0.41) on a fully diluted basis in the second quarter of 2024\n\n\n\nEPS of $(0.44) on a fully diluted basis in the second quarter of 2024\n\n\n\nFunds from Operations per share(3) of $(0.23) on a fully diluted basis in the second quarter of 2024\n\n\n\nIllustrative Adjusted EBITDA Goal(4) of $1.4-1.5 billion in the full year 2024 and $1.3 billion in the full year 2025\n\n\n\nFLNG 1 project complete with First Cargo(5) expected in August 2024\n\n\n\n“Our Adjusted EBITDA in the second quarter of $120 million was well below our expectation of $275 million. This was largely the result of delays in placing our FLNG 1 project into service, which was originally expected to occur at the beginning of the second quarter. As detailed in our earnings presentation, the cost of this delay is approximately $150 million per quarter in lost operating margin, which represents the vast majority of the Adjusted EBITDA shortfall for the quarter.\n\n\n“We are very pleased to report that FLNG 1 is now in service as of July 19 and performing as expected. While we are disappointed in the delay, we believe this project is by far the fastest LNG facility ever built and positions the Company well to take advantage of the current market for LNG.\n\n\n“Our Adjusted EBITDA in the second quarter does not include $107 million of contracted LNG sales completed during the quarter, of which $90 million has been received to date. These sales will be reflected in Adjusted EBITDA and earnings in the second half of this year. For the full calendar year 2024 and 2025, we are forecasting Adjusted EBITDA of $1.4-1.5 billion, inclusive of the expected resolution of our outstanding early termination claims on our FEMA contracts, and $1.3 billion, respectively.\n\n\n“We have a large and expanding business, with a broad and robust portfolio and customer...