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FTAI Infrastructure Inc. Reports Second Quarter 2024 Results, Declares Dividend of $0.03 per Share of Common Stock

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FTAI Infrastructure Inc. (NASDAQ:FIP) reported its Q2 2024 financial results, declaring a dividend of $0.03 per share of common stock. Key highlights include:

- Net Loss Attributable to Stockholders: $(54,350,000)
- Basic and Diluted Loss per Share: $(0.52)
- Adjusted EBITDA: $34,256,000
- Adjusted EBITDA from four core segments: $41,793,000, up 12% from Q1

Business highlights:
- Transtar revenue: $45.6 million with record average rates per car
- Jefferson Terminal achieved record quarterly throughput and revenue
- Long Ridge revenue affected by May scheduled maintenance outage

FTAI Infrastructure Inc. (NASDAQ:FIP) ha riportato i risultati finanziari del secondo trimestre 2024, dichiarando un dividendo di $0.03 per azione di azioni ordinarie. I punti salienti includono:

- Perdita netta attribuibile agli azionisti: $(54,350,000)
- Perdita base e diluita per azione: $(0.52)
- EBITDA rettificato: $34,256,000
- EBITDA rettificato da quattro segmenti principali: $41,793,000, in aumento del 12% rispetto al primo trimestre

Punti salienti aziendali:
- Ricavi di Transtar: $45.6 milioni con tariffe medie record per automobile
- Il Terminal Jefferson ha raggiunto un record di throughput e ricavi trimestrali
- I ricavi di Long Ridge sono stati influenzati da un'interruzione programmata di manutenzione a maggio

FTAI Infrastructure Inc. (NASDAQ:FIP) reportó sus resultados financieros del segundo trimestre de 2024, declarando un dividendo de $0.03 por acción de acciones ordinarias. Los puntos destacados incluyen:

- Pérdida neta atribuible a los accionistas: $(54,350,000)
- Pérdida básica y diluida por acción: $(0.52)
- EBITDA ajustado: $34,256,000
- EBITDA ajustado de cuatro segmentos principales: $41,793,000, un aumento del 12% respecto al primer trimestre

Puntos destacados del negocio:
- Ingresos de Transtar: $45.6 millones con tarifas promedio récord por automóvil
- El terminal Jefferson logró un récord trimestral de procesamiento y ingresos
- Los ingresos de Long Ridge se vieron afectados por una interrupción programada de mantenimiento en mayo

FTAI Infrastructure Inc. (NASDAQ:FIP)는 2024년 2분기 재무 결과를 보고하며 주당 $0.03의 배당금을 선언했습니다. 주요 하이라이트는 다음과 같습니다:

- 주주에게 귀속되는 순손실: $(54,350,000)
- 기본 및 희석 주당 손실: $(0.52)
- 조정 EBITDA: $34,256,000
- 네 개의 주요 부문에서 조정 EBITDA: $41,793,000, 1분기 대비 12% 증가

비즈니스 하이라이트:
- Transtar 수익: $45.6 백만 자동차당 기록 평균 요금
- Jefferson 터미널은 분기별 처리량과 수익 기록을 달성했습니다
- Long Ridge 수익은 5월 예정된 유지보수 작업의 영향을 받았습니다

FTAI Infrastructure Inc. (NASDAQ:FIP) a annoncé ses résultats financiers pour le deuxième trimestre 2024, déclarant un dividende de $0.03 par action d'actions ordinaires. Les points clés incluent :

- Perte nette attribuable aux actionnaires : $(54,350,000)
- Perte de base et diluée par action : $(0.52)
- EBITDA ajusté : $34,256,000
- EBITDA ajusté des quatre segments principaux : $41,793,000, en hausse de 12 % par rapport au premier trimestre

Points saillants de l'entreprise :
- Revenus de Transtar : $45,6 millions avec des tarifs moyens record par voiture
- Le terminal Jefferson a atteint un record trimestriel en termes de débit et de revenus
- Les revenus de Long Ridge ont été affectés par une interruption programmée de maintenance en mai

FTAI Infrastructure Inc. (NASDAQ:FIP) hat seine finanziellen Ergebnisse für das 2. Quartal 2024 veröffentlicht und eine Dividende von $0.03 pro Aktie der Stammaktien erklärt. Wichtige Highlights sind:

- Nettoverlust zugeschrieben an Aktionäre: $(54,350,000)
- Grund- und verwässerter Verlust pro Aktie: $(0.52)
- Bereinigtes EBITDA: $34,256,000
- Bereinigtes EBITDA aus vier Kerngeschäften: $41,793,000, ein Anstieg von 12% im Vergleich zum 1. Quartal

Geschäftshighlights:
- Transtar Einnahmen: $45,6 Millionen mit Rekorddurchschnittspreisen pro Auto
- Jefferson-Terminal erreichte einen Rekord bei Durchsatz und Einnahmen im Quartal
- Einnahmen von Long Ridge wurden durch einen geplanten Wartungsstillstand im Mai beeinflusst

Positive
  • Adjusted EBITDA from four core segments increased 12% from Q1 to $41.8 million
  • Transtar generated revenue of $45.6 million with record average rates per car
  • Jefferson Terminal achieved record quarterly throughput and revenue
  • Long Ridge announced results from power capacity auction to add substantial EBITDA for mid-2025 to mid-2026 period
Negative
  • Net Loss Attributable to Stockholders of $54.35 million
  • Basic and Diluted Loss per Share of $0.52
  • Long Ridge revenue affected by May scheduled maintenance outage

Insights

FTAI Infrastructure's Q2 2024 results present a mixed picture with some positive operational highlights amid overall financial challenges. The company reported a net loss of $54,350,000, translating to a loss per share of $0.52. However, the Adjusted EBITDA for the four core segments showed improvement, reaching $41,793,000, a 12% increase from the previous quarter.

Key positives include:

  • Transtar's revenue of $45.6 million with steady carloads and record average rates per car
  • Jefferson Terminal achieving record quarterly throughput and revenue
  • Long Ridge's promising future outlook with expected substantial EBITDA increase for mid-2025 to mid-2026

The $0.03 per share dividend, while modest, signals management's confidence in the company's cash flow. However, investors should note that the sustainability of dividends depends on future performance improvements.

The discrepancy between net loss and positive Adjusted EBITDA highlights the importance of non-GAAP measures in assessing the company's operational performance. Investors should carefully examine the reconciliation of these measures to understand the adjustments made.

Overall, while FTAI Infrastructure shows operational progress in its core segments, the substantial net loss indicates ongoing challenges. The company's ability to translate operational improvements into bottom-line growth will be important for long-term investor confidence.

FTAI Infrastructure's Q2 2024 results offer insights into both company-specific trends and broader market dynamics. The company's diverse portfolio across rail, terminals and energy sectors provides a unique window into multiple industrial segments.

Transtar's performance, with steady carloads and record average rates, suggests resilience in the rail transport sector. This could indicate stable demand for raw materials and finished goods, potentially reflecting broader economic stability. The fully operational car repair facility also points to opportunities in ancillary services within the rail industry.

Jefferson Terminal's record throughput and revenue are particularly noteworthy. As a major liquid hydrocarbon logistics terminal, its performance could signal strong activity in energy markets. This aligns with global trends of increased energy demand and shifting supply chains.

Long Ridge's recent power capacity auction results, promising substantial EBITDA for mid-2025 to mid-2026, highlight the growing importance of reliable power generation. This forward-looking indicator suggests potential opportunities in the energy sector, particularly in regions facing power supply challenges.

However, the company's overall net loss underscores the challenges in capital-intensive infrastructure businesses. Investors should monitor how FTAI Infrastructure balances its growth initiatives with financial stability, especially in a high-interest-rate environment that could impact infrastructure investments broadly.

NEW YORK, Aug. 02, 2024 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the second quarter 2024. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.

Financial Overview

(in thousands, except per share data)
Selected Financial ResultsQ2’24
Net Loss Attributable to Stockholders$(54,350)
Basic and Diluted Loss per Share of Common Stock$(0.52)
Adjusted EBITDA (1)$34,256 
Adjusted EBITDA - Four core segments (1)(2)$41,793 

_______________________________
(1)   For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.
(2)   Excludes Sustainability and Energy Transition and Corporate and Other segments.

Second Quarter 2024 Dividends
On August 1, 2024, the Company’s Board of Directors (the “Board”) declared a cash dividend on its common stock of $0.03 per share for the quarter ended June 30, 2024, payable on August 20, 2024 to the holders of record on August 12, 2024.

Business Highlights

  • Second quarter Adjusted EBITDA from four core segments of $41.8 million, up 12% from first quarter(1)(2).
  • Transtar generated revenue of $45.6 million as carloads remain steady and average rates per car hit record level; car repair facility fully operational for the quarter with strong momentum.
  • Jefferson Terminal throughput and revenue represented record quarterly levels.
  • Long Ridge revenue reflects May scheduled maintenance outage; recently announced results from power capacity auction to add substantial EBITDA for mid-2025 to mid-2026 period.

(1)   For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.
(2)   Excludes Sustainability and Energy Transition and Corporate and Other segments.

Additional Information
For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company’s website, www.fipinc.com, and the Company’s Quarterly Report on Form 10-Q, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein.

Conference Call
In addition, management will host a conference call on Friday, August 2, 2024 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register.vevent.com/register/BIf70c417adfcb4f7cb72082d89b0c516a. Once registered, participants will receive a dial-in and unique pin to access the call.

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.fipinc.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.

A replay of the conference call will be available after 11:30 A.M. on Friday, August 2, 2024 through 11:30 A.M. on Friday, August 9, 2024 on https://ir.fipinc.com/news-events/events.

The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.

About FTAI Infrastructure Inc.
FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.

Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, Transtar’s continued momentum, and Long Ridge’s potential ability to add substantial EBITDA for mid-2025 to mid-2026 period. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.fipinc.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

For further information, please contact:

Alan Andreini
Investor Relations
FTAI Infrastructure Inc.
(646) 734-9414
aandreini@fortress.com


Exhibit - Financial Statements

FTAI INFRASTRUCTURE INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollar amounts in thousands, except share and per share data)
 
 Three Months Ended June 30, Six Months Ended June 30,
  2024   2023   2024   2023 
Revenues       
Total revenues$84,887  $81,832  $167,422  $158,326 
        
Expenses       
Operating expenses 61,225   62,775   125,800   127,937 
General and administrative 2,840   3,702   7,701   6,903 
Acquisition and transaction expenses 921   636   1,847   905 
Management fees and incentive allocation to affiliate 2,776   3,084   5,777   6,066 
Depreciation and amortization 20,163   20,292   40,684   40,427 
Asset impairment    602      743 
Total expenses 87,925   91,091   181,809   182,981 
        
Other (expense) income       
Equity in (losses) earnings of unconsolidated entities (12,788)  (1,625)  (24,690)  2,741 
(Loss) gain on sale of assets, net (150)  647   (163)  523 
Loss on modification or extinguishment of debt (9,170)     (9,170)   
Interest expense (29,690)  (24,182)  (57,283)  (47,432)
Other income 6,963   1,370   9,328   1,591 
Total other expense (44,835)  (23,790)  (81,978)  (42,577)
Loss before income taxes (47,873)  (33,049)  (96,365)  (67,232)
Provision for income taxes 267   823   2,072   2,552 
Net loss  (48,140)  (33,872)  (98,437)  (69,784)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (11,400)  (10,276)  (22,090)  (20,169)
Less: Dividends and accretion of redeemable preferred stock 17,610   15,257   34,585   29,827 
Net loss attributable to stockholders$(54,350) $(38,853) $(110,932) $(79,442)
        
Loss per share:       
Basic$(0.52) $(0.38) $(1.06) $(0.77)
Diluted$(0.52) $(0.38) $(1.06) $(0.77)
Weighted average shares outstanding:       
Basic 105,039,831   102,793,800   104,612,209   102,790,737 
Diluted 105,039,831   102,793,800   104,612,209   102,790,737 


 
FTAI INFRASTRUCTURE INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollar amounts in thousands, except share and per share data)
 
 (Unaudited)  
 June 30,
2024
 December 31,
2023
Assets   
Current assets:   
Cash and cash equivalents$33,101  $29,367 
Restricted cash 153,364   58,112 
Accounts receivable, net 52,221   55,990 
Other current assets 50,557   42,034 
Total current assets 289,243   185,503 
Leasing equipment, net 36,114   35,587 
Operating lease right-of-use assets, net 68,280   69,748 
Property, plant, and equipment, net 1,605,786   1,630,829 
Investments 63,472   72,701 
Intangible assets, net 48,838   52,621 
Goodwill 275,367   275,367 
Other assets 65,308   57,253 
Total assets$2,452,408  $2,379,609 
    
Liabilities   
Current liabilities:   
Accounts payable and accrued liabilities$111,570  $130,796 
Operating lease liabilities 7,222   7,218 
Other current liabilities 18,828   12,623 
Total current liabilities 137,620   150,637 
Debt, net 1,554,124   1,340,910 
Operating lease liabilities 61,070   62,441 
Other liabilities 53,110   87,530 
Total liabilities 1,805,924   1,641,518 
    
Commitments and contingencies     
    
Redeemable preferred stock ($0.01 par value per share; 200,000,000 shares authorized; 300,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023; redemption amount of $446.5 million at June 30, 2024 and December 31, 2023) 359,817   325,232 
    
Equity   
Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 101,704,885 and 100,589,572 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively) 1,016   1,006 
Additional paid in capital 803,603   843,971 
Accumulated deficit (258,520)  (182,173)
Accumulated other comprehensive loss (151,268)  (178,515)
Stockholders' equity 394,831   484,289 
Non-controlling interest in equity of consolidated subsidiaries (108,164)  (71,430)
Total equity 286,667   412,859 
Total liabilities, redeemable preferred stock and equity$2,452,408  $2,379,609 


 
FTAI INFRASTRUCTURE INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollar amounts in thousands, unless otherwise noted)
 
 Six Months Ended June 30,
  2024   2023 
Cash flows from operating activities:   
Net loss$(98,437) $(69,784)
Adjustments to reconcile net loss to net cash used in operating activities:   
Equity in losses (earnings) of unconsolidated entities 24,690   (2,741)
Loss (gain) on sale of assets, net 163   (523)
Loss on modification or extinguishment of debt 9,170    
Equity-based compensation 4,139   1,537 
Depreciation and amortization 40,684   40,427 
Asset impairment    743 
Change in deferred income taxes 1,493   2,110 
Change in fair value of non-hedge derivative    1,125 
Amortization of deferred financing costs 4,570   3,098 
Amortization of bond discount 2,898   2,144 
Provision for (benefit from) credit losses 514   (74)
Change in:   
Accounts receivable 3,255   4,506 
Other assets (3,040)  (4,724)
Accounts payable and accrued liabilities (12,787)  (6,202)
Other liabilities 1,218   11,427 
Net cash used in operating activities (21,470)  (16,931)
    
Cash flows from investing activities:   
Investment in unconsolidated entities (1,639)  (3,315)
Acquisition of consolidated subsidiary    (4,448)
Acquisition of leasing equipment (1,204)   
Acquisition of property, plant and equipment (27,420)  (65,696)
Investment in promissory notes and loans (17,500)  (22,000)
Investment in equity instruments (5,000)   
Proceeds from sale of leasing equipment    115 
Proceeds from sale of property, plant and equipment 111   988 
Net cash used in investing activities (52,652)  (94,356)
    
Cash flows from financing activities:   
Proceeds from debt, net 449,689   66,600 
Repayment of debt (242,001)   
Payment of financing costs (10,022)  (1,192)
Cash dividends - common stock (6,303)  (6,170)
Settlement of equity-based compensation (3,216)  (90)
Distributions to non-controlling interests (15,039)  (20)
Net cash provided by financing activities 173,108   59,128 
    
Net decrease in cash and cash equivalents and restricted cash 98,986   (52,159)
Cash and cash equivalents and restricted cash, beginning of period 87,479   149,642 
Cash and cash equivalents and restricted cash, end of period$186,465  $97,483 


Key Performance Measures
The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure.

Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to stockholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest and other costs on pension and other pension expense benefits (“OPEB”) liabilities, dividends and accretion of redeemable preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.

The following table sets forth a reconciliation of net loss attributable to stockholders to Adjusted EBITDA for the three and six months ended June 30, 2024 and 2023:

 Three Months Ended June 30, Change
 Six Months Ended
June 30,
 Change
(in thousands) 2024   2023    2024   2023  
Net loss attributable to stockholders$(54,350) $(38,853) $(15,497) $(110,932) $(79,442) $(31,490)
Add: Provision for income taxes 267   823   (556)  2,072   2,552   (480)
Add: Equity-based compensation expense 1,799   642   1,157   4,139   1,537   2,602 
Add: Acquisition and transaction expenses 921   636   285   1,847   905   942 
Add: Losses on the modification or extinguishment of debt and capital lease obligations 9,170      9,170   9,170      9,170 
Add: Changes in fair value of non-hedge derivative instruments             1,125   (1,125)
Add: Asset impairment charges    602   (602)     743   (743)
Add: Incentive allocations                 
Add: Depreciation & amortization expense (1) 21,596   20,292   1,304   42,693   40,427   2,266 
Add: Interest expense 29,690   24,182   5,508   57,283   47,432   9,851 
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) 3,208   6,886   (3,678)  9,465   15,076   (5,611)
Add: Dividends and accretion of redeemable preferred stock 17,610   15,257   2,353   34,585   29,827   4,758 
Add: Interest and other costs on pension and OPEB liabilities (138)  480   (618)  462   960   (498)
Add: Other non-recurring items (3)    51   (51)     1,339   (1,339)
Less: Equity in losses (earnings) of unconsolidated entities 12,788   1,625   11,163   24,690   (2,741)  27,431 
Less: Non-controlling share of Adjusted EBITDA (4) (8,305)  (4,946)  (3,359)  (13,987)  (10,167)  (3,820)
Adjusted EBITDA (non-GAAP)$34,256  $27,677  $6,579  $61,487  $49,573  $11,914 

_______________________________
(1)   Includes the following items for the three months ended June 30, 2024 and 2023: (i) depreciation and amortization expense of $20,163 and $20,292 and (ii) capitalized contract costs amortization of $1,433 and $—, respectively. Includes the following items for the six months ended June 30, 2024 and 2023: (i) depreciation and amortization expense of $40,684 and $40,427 and (ii) capitalized contract costs amortization of $2,009 and $—, respectively.
(2)   Includes the following items for the three months ended June 30, 2024 and 2023: (i) net loss of $(12,838) and $(1,660), (ii) interest expense of $11,182 and $8,304, (iii) depreciation and amortization expense of $8,050 and $7,967, (iv) acquisition and transaction expenses of $31 and $237, (v) changes in fair value of non-hedge derivative instruments of $(3,875) and $(7,963), (vi) equity-based compensation of $1 and $1, (vii) asset impairment of $163 and $—, (viii) equity method basis adjustments of $16 and $— and (ix) other non-recurring items of $478 and $—, respectively. Includes the following items for the six months ended June 30, 2024 and 2023: (i) net (loss) income of $(24,780) and $2,658, (ii) interest expense of $22,075 and $16,336, (iii) depreciation and amortization expense of $13,180 and $13,633, (iv) acquisition and transaction expenses of $50 and $257, (v) changes in fair value of non-hedge derivative instruments of $(1,822) and $(17,810), (vi) equity-based compensation of $2 and $2, (vii) asset impairment of $250 and $—, (viii) equity method basis adjustments of $32 and $— and (ix) other non-recurring items of $478 and $—, respectively.
(3)   Includes the following item for the three and six months ended June 30, 2023: Railroad severance expense of $51 and $1,339, respectively.
(4)   Includes the following items for the three months ended June 30, 2024 and 2023: (i) equity-based compensation of $268 and $76, (ii) (benefit from) provision for income taxes of $(142) and $35, (iii) interest expense of $2,639 and $1,880, (iv) depreciation and amortization expense of $3,387 and $2,944, (v) acquisition and transaction expense of $3 and $8, (vi) interest and other costs on pension and OPEB liabilities of $— and $1, (vii) asset impairment of $— and $2 and (viii) loss on modification or extinguishment of debt of $2,150 and $—, respectively. Includes the following items for the six months ended June 30, 2024 and 2023: (i) equity-based compensation of $699 and $186, (ii) (benefit from) provision for income taxes of $(276) and $88, (iii) interest expense of $4,828 and $3,737, (iv) depreciation and amortization expense of $6,581 and $6,080, (v) changes in fair value of non-hedge derivative instruments of $— and $61, (vi) acquisition and transaction expense of $3 and $8, (vii) interest and other costs on pension and OPEB liabilities of $2 and $2, (viii) asset impairment of $— and $2, (ix) loss on modification or extinguishment of debt of $2,150 and $— and (x) other non-recurring items of $— and $3, respectively.


The following tables sets forth a reconciliation of net income (loss) attributable to stockholders to Adjusted EBITDA for our four core segments for the three months ended June 30, 2024:

 Three Months Ended June 30, 2024
(in thousands)Railroad Jefferson Terminal Repauno Power and Gas Four Core Segments
Net income (loss) attributable to stockholders$15,788  $(14,152) $(4,160) $(5,173) $(7,697)
Add: Provision for (benefit from) income taxes 1,092   (612)  (25)     455 
Add: Equity-based compensation expense 290   1,101   134      1,525 
Add: Acquisition and transaction expenses 153   8      398   559 
Add: Losses on the modification or extinguishment of debt and capital lease obligations    9,170         9,170 
Add: Changes in fair value of non-hedge derivative instruments              
Add: Asset impairment charges              
Add: Incentive allocations              
Add: Depreciation & amortization expense (1) 4,860   13,733   2,480      21,073 
Add: Interest expense 98   11,190   242      11,530 
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2)          6,285   6,285 
Add: Dividends and accretion of redeemable preferred stock              
Add: Interest and other costs on pension and OPEB liabilities (138)           (138)
Add: Other non-recurring items              
Less: Equity in losses of unconsolidated entities          7,336   7,336 
Less: Non-controlling share of Adjusted EBITDA (3) (22)  (8,110)  (173)     (8,305)
Adjusted EBITDA (non-GAAP)$22,121  $12,328  $(1,502) $8,846  $41,793 

_______________________________
(1)   Jefferson Terminal

Includes the following items for the three months ended June 30, 2024: (i) depreciation and amortization expense of $12,300 and (ii) capitalized contract costs amortization of $1,433.

(2)   Power and Gas

Includes the following items for the three months ended June 30, 2024: (i) net loss of $(7,353), (ii) interest expense of $9,465, (iii) depreciation and amortization expense of $7,359, (iv) acquisition and transaction expenses of $31, (v) changes in fair value of non-hedge derivative instruments of $(3,875), (vi) equity-based compensation of $1, (vii) asset impairment of $163, (viii) equity method basis adjustments of $16 and (ix) other non-recurring items of $478.

(3)   Railroad

Includes the following items for the three months ended June 30, 2024: (i) equity-based compensation of $1, (ii) provision for income taxes of $3, (iii) interest expense of $1, (iv) depreciation and amortization expense of $16 and (v) acquisition and transaction expense of $1.

Jefferson Terminal

Includes the following items for the three months ended June 30, 2024: (i) equity-based compensation of $259, (ii) benefit from income taxes of $(143), (iii) interest expense of $2,623, (iv) depreciation and amortization expense of $3,219, (v) acquisition and transaction expense of $2 and (vi) loss on modification or extinguishment of debt of $2,150.

Repauno

Includes the following items for the three months ended June 30, 2024: (i) equity-based compensation of $8, (ii) benefit from income taxes of $(2), (iii) interest expense of $15 and (iv) depreciation and amortization expense of $152.


FAQ

What was FTAI Infrastructure's (FIP) dividend for Q2 2024?

FTAI Infrastructure declared a cash dividend of $0.03 per share for Q2 2024, payable on August 20, 2024 to holders of record on August 12, 2024.

How did FTAI Infrastructure's (FIP) Adjusted EBITDA from core segments perform in Q2 2024?

FTAI Infrastructure's Adjusted EBITDA from four core segments was $41.8 million in Q2 2024, representing a 12% increase from the first quarter.

What was Transtar's revenue for FTAI Infrastructure (FIP) in Q2 2024?

Transtar generated revenue of $45.6 million for FTAI Infrastructure in Q2 2024, with carloads remaining steady and average rates per car hitting record levels.

How did Jefferson Terminal perform for FTAI Infrastructure (FIP) in Q2 2024?

Jefferson Terminal achieved record quarterly levels in both throughput and revenue for FTAI Infrastructure in Q2 2024.

FTAI Infrastructure Inc.

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963.42M
112.61M
0.98%
92.44%
5.69%
Conglomerates
Railroads, Line-haul Operating
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United States of America
NEW YORK