New Fortress Energy Inc. (NFE) Q3 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and welcome to the New Fortress Energy third quarter 2024 earnings results conference call. Today's conference is being recorded. At this time, I would like to turn the call over to Matthew Reinhardt, Managing Director. Please go ahead. Thank you and good morning, everyone. Thank you for joining today's conference call where we will discuss our third 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 will find a presentation that we will walk through on today's call. Please review this, as it includes important information on forward-looking statements and non-GAAP measures. With that, let me hand it over to our chairman and CEO, Wes Edens. Wes? Great. Thanks, Matt. Thanks, everyone, for dialing in. So, as usual, we will refer to the deck as we flip through here, but let's start at the beginning. So, page three, first with the quarterly financial results. Q3, adjusted EBITDA, $176 million. That was basically right on top of what we forecast here last summer. From an operational standpoint, the quarter was a very placid one. So we continued to operationalize FLNG operations. I'll talk about that in a minute. We sold our first full cargo. It was sold and transported to Europe. We obtained the non-FTA permits in Labor Day, which allowed us to then ship to non-FTA countries, of course, Looks like that band is likely to be lifted in the presidential election, but that was a good milestone for us. We are reducing our guidance in the fourth quarter modestly due to some maintenance that we've taken here, so we're going to have lower volumes in FLNG. The unit is back up and is running well now. We've been working on optimizing...