Press release
New Fortress Energy Announces Third Quarter 2022 Results
NEW YORK--(BUSINESS WIRE)-- New Fortress Energy Inc. (Nasdaq: NFE) (“NFE” or the “Company”) today reported its financial results for the third 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 third quarter of 2022.\n\nSummary Highlights\n\n\nPleased to report Q3 2022 Adjusted EBITDA(1) of $291 million and $1.17 billion over the trailing twelve months ended September 30, 2022. NFE's net income for Q3 2022 and trailing twelve months was $56 million and $271 million, respectively\n\n\nAdjusted EPS(1) for the period was $0.41 per share on a fully diluted basis, or EPS of $0.29 per share when including a non-cash impairment charge of $24 million resulting from an asset sale(2) announced in Q2 and completed in Q4 2022\n\n\nWe are on track to achieve our Illustrative Adjusted EBITDA Goal(3) of ~$1.1 billion for 2022\n\n\nRecently announced increase of 2023 Illustrative Adjusted EBITDA Goal(3) to ~$2.5+ billion (from ~$1.5+ billion), and Illustrative Adjusted EBITDA Goals(3) of ~$4+ billion and ~$5+ billion for 2024 and 2025, respectively\n\n\nIncrease in 2023 earnings goals driven primarily by expected Deployment(4) of FLNG 1 in the first half of 2023, as well as higher expected operating margins and continued LNG portfolio optimization\n\n\n\n\nFast LNG\n\n\nConstruction of our Fast LNG units is progressing rapidly with the first FLNG unit expected to achieve Mechanical Completion(5) in March 2023 and commence Operations(4) by mid-2023\n\n\nOur Fast LNG units represent more than half of the world’s expected incremental LNG supply in 2023-2024, and we expect will be utilized in the near term to address Europe’s energy security issues\n\n\nWe expect our five Fast LNG units under Development(6) to add approximately 7+ mtpa of new liquefaction capacity by the end of 2024 for a total LNG supply portfolio of approximately 9.5 mtpa\n\n\nMexico\n\n\nWe signed binding agreements(7) with CFE on November 3 in Mexico City for a new FLNG hub at Altamira (originally announced July 5)\n\n\nWe are selling our 135 MW La Paz power plant to CFE(7) for approximately $180mm\n\n\nWe are extending and expanding our gas supply agreement(7) with CFE in Baja California Sur for ten years with improved pricing\n\n\nWe finalized our partnership terms(8) with Pemex to jointly develop the Lakach deepwater natural gas field and to deploy a Fast LNG unit to that location\n\n\nBalance Sheet\n\n\nOver the past two quarte...