New Fortress Energy Inc. (NFE) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and welcome to the NFE second quarter 2024 earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to Chance Pipitone. Please go ahead. Thank you, Samara, and good morning, everyone. Thank you for joining today's conference call, where we will discuss our second quarter 2024 results. The call is being recorded and will be available by replay on the Investors section of our website under the subheading Events and Presentations. At the same location, you'll find a presentation that we will walk through on today's call. Please review this as it includes important information, including disclosures and risk factors. With that, I'll now hand over the call to our Chairman and CEO, Wes Edens. Great. Thanks, Chance, and welcome, everybody. Please refer to the slide deck that we posted on our website as well as on this call. We'll be referring to that, but we have a lot to run through here. I look forward to catching up. So let's start with numbers on page three. Our earnings for the quarter were $120 million in EBITDA. That was well below our quarterly goal of $275 million, with a miss of $155 million. The miss was entirely a result of the delay in the deployment of our first FLNG-1 asset. Our goal was to bring this online in April of this year, and for a variety of reasons, we missed this by several months. That's the bad news. The good news is we did bring it online last month on July 19th, and it's been performing very well since then. This is an incredibly valuable project, and bringing it online in the timeline we achieved is a major accomplishment. It's a $2 billion-plus investment, and today's market generates $500 million a year in free cash flow, so it's highly profitable and has a big impact on the busine...