Press release
New Fortress Energy Announces Third Quarter 2023 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 2023.\n\n\nSummary Highlights\n\n\n\nAdjusted EBITDA(1) of $208 million in the third quarter of 2023 and $895 million in the first nine months of 2023\n\n\n\n\nNet income of $62 million in the third quarter of 2023 and $334 million in the first nine months of 2023\n\n\n\n\nAdjusted EPS(2) of $0.30 on a fully diluted basis in the third quarter of 2023 and $1.78(2) in the first nine months of 2023\n\n\n\n\nAchieved several milestones since the second quarter of 2023\n\n\n\n\ntransitioned earnings from predominantly open cargos to nearly 100% contracted downstream assets(3);\n\n\n\n\noperated 150 MW in Palo Seco, Puerto Rico at 98% utilization, and placed another 200+ MW into service in San Juan, Puerto Rico in September at near full utilization(4);\n\n\n\n\ncompleted sailaway, installation, and First Gas(5) for our first FLNG asset located offshore Altamira, Mexico;\n\n\n\n\nsigned FSRU charter to start operations in Santa Catarina in January 2024(6);\n\n\n\n\nachieved COD(4) at our 135 MW power plant in La Paz;\n\n\n\n\nsigned definitive documents for up to $575 million in asset-based financing to fully fund remaining construction(7) for our 630 MW Barcarena power plant, which is currently 37% completed and on-schedule for COD(4) in the third quarter of 2025(6);\n\n\n\n\nExpecting an increase in earnings and decrease in capex beginning in the fourth quarter of 2023 as we place approximately $3.0 billion of invested capital(8) projects online(4)\n\n\n\n\nIdentified approximately $1 billion of non-core asset sales(9) to support deleveraging\n\n\n\n\nIllustrative Adjusted EBITDA Goals(10) for 2023 and 2024 reiterated at $1.6 billion and $2.4 billion, respectively(10), with more than 85% of 2024 Illustrative Adjusted EBITDA Goals(10) generated from core downstream infrastructure(3)\n\n\n\n\nCorporate strategy continues to focus on operations, cash generation, and deleveraging\n\n\n\n\"Our transition to core infrastructure has begun as nearly 100% of third quarter earnings came from contracted downstream assets. We have visibility into downstream earnings growth given the recent commencement of operations at our second power plant in Puerto Rico combined with the start-up of our fi...