New Fortress Energy Announces Third Quarter 2024 Results
New Fortress Energy (NFE) reported its Q3 2024 financial results with Adjusted EBITDA of $176 million, meeting guidance of $175 million. The company posted revenues of $567.5 million and net income of $11.3 million, resulting in EPS of $0.03. NFE announced strategic financing transactions, including a planned refinancing of $2.7 billion in senior secured notes extending to 2029, extension of ~$900 million revolving credit facility, and completion of a $400 million equity raise. The company's Terminals and Infrastructure segment recorded operating margin of $184.8 million, while Ships segment contributed $34.8 million.
New Fortress Energy (NFE) ha riportato i risultati finanziari per il terzo trimestre del 2024, con un EBITDA rettificato di 176 milioni di dollari, in linea con le previsioni di 175 milioni di dollari. L'azienda ha registrato ricavi per 567,5 milioni di dollari e un utile netto di 11,3 milioni di dollari, portando a un utile per azione (EPS) di 0,03 dollari. NFE ha annunciato operazioni di finanziamento strategico, inclusi un rifinanziamento previsto di 2,7 miliardi di dollari in obbligazioni garantite senior fino al 2029, un'estensione della linea di credito revolving di circa 900 milioni di dollari e il completamento di una raccolta di capitali di 400 milioni di dollari. Il segmento Terminali e Infrastrutture dell'azienda ha registrato un margine operativo di 184,8 milioni di dollari, mentre il segmento Navi ha contribuito con 34,8 milioni di dollari.
New Fortress Energy (NFE) informó sus resultados financieros del tercer trimestre de 2024, con un EBITDA ajustado de 176 millones de dólares, cumpliendo con la guía de 175 millones de dólares. La compañía reportó ingresos de 567,5 millones de dólares y un ingreso neto de 11,3 millones de dólares, resultando en un EPS de 0,03 dólares. NFE anunció transacciones de financiamiento estratégico, incluyendo un refinanciamiento planificado de 2,7 mil millones de dólares en notas senior garantizadas que se extenderán hasta 2029, una extensión de aproximadamente 900 millones de dólares en una línea de crédito revolvente, y la finalización de una recaudación de capital de 400 millones de dólares. El segmento de Terminales e Infraestructura de la empresa registró un margen operativo de 184,8 millones de dólares, mientras que el segmento de Barcos contribuyó con 34,8 millones de dólares.
New Fortress Energy (NFE)는 2024년 3분기 재무 결과를 발표했으며, 조정된 EBITDA는 1억 7600만 달러로 1억 7500만 달러의 가이드를 충족했습니다. 이 회사는 5억 6750만 달러의 수익과 1130만 달러의 순이익을 기록하여 주당순이익(EPS)은 0.03달러입니다. NFE는 2029년까지 연장되는 27억 달러의 고정담보채권 재정 거래를 계획하는 등 전략적 자금 조달 거래를 발표했습니다. 약 9억 달러의 회전 신용 시설 연장과 4억 달러 규모의 자본 조달도 완료했습니다. 회사의 터미널 및 인프라 부문은 1억 8480만 달러의 운영 마진을 기록했으며, 선박 부문은 3480만 달러에 기여했습니다.
New Fortress Energy (NFE) a publié ses résultats financiers pour le troisième trimestre de 2024, avec un EBITDA ajusté de 176 millions de dollars, conforme à l'orientation de 175 millions de dollars. L'entreprise a affiché des revenus de 567,5 millions de dollars et un bénéfice net de 11,3 millions de dollars, entraînant un bénéfice par action (EPS) de 0,03 dollar. NFE a annoncé des transactions de financement stratégique, y compris un refinancement prévu de 2,7 milliards de dollars en obligations sécurisées senior s'étendant jusqu'en 2029, une extension d'une facilité de crédit renouvelable d'environ 900 millions de dollars et l'achèvement d'une levée de fonds de 400 millions de dollars. Le segment Terminaux et Infrastructures de l'entreprise a enregistré une marge opérationnelle de 184,8 millions de dollars, tandis que le segment Navires a contribué avec 34,8 millions de dollars.
New Fortress Energy (NFE) hat seine finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht, mit einem bereinigten EBITDA von 176 Millionen Dollar, was den Erwartungen von 175 Millionen Dollar entspricht. Das Unternehmen meldete Einnahmen von 567,5 Millionen Dollar und einen Nettoertrag von 11,3 Millionen Dollar, was zu einem Gewinn pro Aktie (EPS) von 0,03 Dollar führte. NFE kündigte strategische Finanzierungsmaßnahmen an, darunter eine geplante Refinanzierung von 2,7 Milliarden Dollar in vorrangigen besicherten Anleihen bis 2029, die Verlängerung einer revolvierenden Kreditlinie von etwa 900 Millionen Dollar und den Abschluss einer Kapitalerhöhung über 400 Millionen Dollar. Der Bereich Terminals und Infrastruktur des Unternehmens erzielte eine Betriebsrendite von 184,8 Millionen Dollar, während der Bereich Schiffe mit 34,8 Millionen Dollar beitrug.
- Met Q3 Adjusted EBITDA guidance of $175 million
- Revenue increased to $567.5 million from $428.0 million in Q2 2024
- Successful completion of $400 million equity raise
- Returned to profitability with $11.3 million net income vs Q2 2024 loss
- Segment Operating Margin declined to $219.7 million from $249.7 million YoY
- Significant dilution from $400 million equity raise
- Large debt refinancing needed ($2.7 billion)
- EPS decreased to $0.03 from $0.30 YoY
Insights
The Q3 2024 results show mixed performance with some concerning trends. Revenues increased to
The strategic refinancing of
The operational performance reflects challenges in the LNG market. While Fast LNG reached nameplate production, the declining segment margins suggest pricing pressures and increased operational costs. The Ships Segment margin dropped to
The strategic pivot towards seeking partners for key assets in Brazil, Puerto Rico, Jamaica, Mexico, Nicaragua and FLNG 1 suggests a shift from aggressive expansion to consolidation. This could help optimize capital allocation but may impact future growth potential. The focus on liquidity enhancement over growth signals a more defensive posture in response to market conditions.
Summary Highlights
-
Adjusted EBITDA(1) of
in the third quarter of 2024$176 million -
Net income of
in the third quarter of 2024$11 million -
Adjusted EPS(2) of
on a fully diluted basis in the third quarter of 2024$0.05 -
EPS of
on a fully diluted basis in the third quarter of 2024$0.03 -
Illustrative Adjusted EBITDA Goal(4) of
in the full year 2024$855 million
"This has been a strong and steady third quarter for the company as we achieved Adjusted EBITDA of
"We announced a series of strategic financing transactions that are intended to increase the Company’s liquidity and financial flexibility. NFE is in the advanced stages of refinancing its corporate debt by exchanging
"Our strategic focus will now be to identify potential partners for financings, commercial ventures or asset sales for one or more of the Company’s primary businesses, including projects in
Financial Detail
|
Three Months Ended |
|||||||
(in millions) |
September 30, 2023 |
|
June 30, 2024 |
|
September 30, 2024 |
|||
Revenues |
$ |
514.5 |
|
$ |
428.0 |
|
$ |
567.5 |
Net income (loss) |
$ |
62.3 |
|
$ |
(86.9) |
|
$ |
11.3 |
Diluted EPS |
$ |
0.30 |
|
$ |
(0.44) |
|
$ |
0.03 |
Adjusted net income (loss)(7) |
$ |
61.2 |
|
$ |
(84.6) |
|
$ |
10.8 |
Adjusted EPS(2) |
$ |
0.26 |
|
$ |
(0.41) |
|
$ |
0.05 |
Terminals and Infrastructure Segment Operating Margin(8) |
$ |
194.7 |
|
$ |
214.3 |
|
$ |
184.8 |
Ships Segment Operating Margin(8) |
$ |
54.9 |
|
$ |
34.1 |
|
$ |
34.8 |
Total Segment Operating Margin(8) |
$ |
249.7 |
|
$ |
248.4 |
|
$ |
219.7 |
Adjusted EBITDA(1) |
$ |
208.4 |
|
$ |
120.2 |
|
$ |
176.2 |
Please refer to our Q3 2024 Investor Presentation (the “Presentation”) for further information about the following terms:
1)“Adjusted EBITDA,” see definition and reconciliation of this non-GAAP measure in the exhibits to this press release.
2) “Adjusted EPS” is not a measurement of financial performance under GAAP and should not be considered in isolation or as an alternative to any measure of performance or liquidity derived in accordance with GAAP. We calculate Adjusted EPS as Adjusted Net Income (Note 7 below) divided by the weighted average shares outstanding on a fully diluted basis for the period indicated. We believe this non-GAAP measure, as we have defined it, offers a useful supplemental view of the overall evaluation of the Company in a manner that is consistent with metrics used for management’s evaluation of the Company’s overall performance. Adjusted EPS does not have a standardized meaning, and different companies may use different definitions. Therefore, this term may not be necessarily comparable to similarly titled measures reported by other companies.
3) Reserved
4) “Illustrative Adjusted EBITDA Goal” for the fourth quarter of 2024 and full year 2024 means our forward-looking goal for Adjusted EBITDA for the relevant period and is based on the "Illustrative Total Segment Operating Margin Goal" less illustrative Core SGA assumed to be at approximately
This presentation also assumes that (i) the Company engages in mitigation sales related to certain of its LNG contracts, (ii) the Company enters into a potential sale of a rechartering opportunity providing revenue of approximately
For the purpose of this presentation, we have assumed an average Total Segment Operating Margin between (
5) Reserved.
6) Reserved.
7) “Adjusted Net Income” means Net Income attributable to stockholders as presented in the relevant Form 10-K or Form 10-Q for the relevant financial period as adjusted by non-cash impairment charges and gains or losses on disposal of our assets.
8) “Total Segment Operating Margin” is the total of our Terminals and Infrastructure Segment Operating Margin and Ships Segment Operating Margin. Our segment measure also excludes unrealized mark-to-market gains or losses on derivative instruments and certain contract acquisition costs.
Additional Information
For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investors section of New Fortress Energy’s website, www.newfortressenergy.com, and the Company’s most recent Annual Report on Form 10-K, which is available on the Company’s website. Nothing on our website is included or incorporated by reference herein.
Earnings Conference Call
Management will host a conference call on Thursday, November 7, 2024 at 8:00 A.M. Eastern Time. The conference call may be accessed by dialing (888) 204-4368 (toll-free from within the
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newfortressenergy.com under the Investors section within “Events & Presentations.” Please allow time prior to the call to visit the site and download any necessary software required to listen to the internet broadcast. A replay of the conference call will be available at the same website location shortly after the conclusion of the live call.
About New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The Company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the Company’s assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain statements and information that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “can,” “could,” “should,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “believes,” “schedules,” “progress,” “targets,” “budgets,” “outlook,” “trends,” “forecasts,” “projects,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” or the negative version of those words or other comparable words. Forward looking statements include: our expectation regarding our Illustrative Adjusted EBITDA Goals for 2024; our ability to successfully execute its refinancing transactions; our ability to explore with potential strategic partners financings, commercial ventures or asset sales for one or more of its primary businesses, including projects in
Exhibits – Financial Statements
Condensed Consolidated Statements of Operations |
|||||
For the three months ended June 30, 2024 and September 30, 2024 |
|||||
(Unaudited, in thousands of |
|||||
|
For the Three Months Ended |
||||
|
June 30, 2024 |
|
September 30,
|
||
Revenues |
|
|
|
||
Operating revenue |
$ |
291,222 |
|
$ |
446,048 |
Vessel charter revenue |
|
52,416 |
|
|
59,668 |
Other revenue |
|
84,368 |
|
|
61,819 |
Total revenues |
|
428,006 |
|
|
567,535 |
|
|
|
|
||
Operating expenses |
|
|
|
||
Cost of sales (exclusive of depreciation and amortization shown separately below) |
|
221,860 |
|
|
325,292 |
Vessel operating expenses |
|
8,503 |
|
|
8,254 |
Operations and maintenance |
|
39,292 |
|
|
32,062 |
Selling, general and administrative |
|
70,578 |
|
|
82,388 |
Transaction and integration costs |
|
1,760 |
|
|
3,154 |
Depreciation and amortization |
|
37,413 |
|
|
35,364 |
Asset impairment expense |
|
4,272 |
|
|
1,484 |
Total operating expenses |
|
383,678 |
|
|
487,998 |
Operating income |
|
44,328 |
|
|
79,537 |
Interest expense |
|
80,399 |
|
|
71,107 |
Other expense, net |
|
47,354 |
|
|
(5,836) |
Loss on extinguishment of debt, net |
|
— |
|
|
— |
Income (loss) before income from equity method investments and income taxes |
|
(83,425) |
|
|
14,266 |
Tax provision |
|
3,435 |
|
|
2,953 |
Net income (loss) |
|
(86,860) |
|
|
11,313 |
Net (income) attributable to non-controlling interest |
|
(1,994) |
|
|
(2,014) |
Net income (loss) attributable to stockholders |
$ |
(88,854) |
|
$ |
9,299 |
|
|
|
|
||
Net income (loss) per share - basic |
$ |
(0.44) |
|
$ |
0.04 |
Net income (loss) per share - diluted |
$ |
(0.44) |
|
$ |
0.03 |
|
|
|
|
||
Weighted average number of shares outstanding – basic |
|
205,070,756 |
|
|
205,071,771 |
Weighted average number of shares outstanding – diluted |
|
205,851,364 |
|
|
208,880,044 |
Adjusted EBITDA
For the three months ended September 30, 2024
(Unaudited, in thousands of
Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered in isolation or as an alternative to income from operations, net income, cash flow from operating activities or any other measure of performance or liquidity derived in accordance with GAAP. We believe this non-GAAP measure, as we have defined it, offers a useful supplemental view of the overall operation of our business in evaluating the effectiveness of our ongoing operating performance in a manner that is consistent with metrics used for management’s evaluation of our overall performance and to compensate employees. We believe that Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation, and amortization which vary substantially from company to company depending on capital structure, the method by which assets were acquired and depreciation policies. Further, we exclude certain items from our SG&A not otherwise indicative of ongoing operating performance.
We calculate Adjusted EBITDA as net income, plus transaction and integration costs, contract termination charges and loss on mitigations sales, depreciation and amortization, asset impairment expense, loss on asset sales, interest expense, net, other (income) expense, net, loss on extinguishment of debt, changes in fair value of non-hedge derivative instruments and contingent consideration, tax expense, and adjusting for certain items from our SG&A not otherwise indicative of ongoing operating performance, including non-cash share-based compensation and severance expense, non-capitalizable development expenses, cost to pursue new business opportunities and expenses associated with changes to our corporate structure, certain non-capitalizable contract acquisition costs plus our pro rata share of Adjusted EBITDA from certain unconsolidated entities, less the impact of equity in earnings (losses) of certain unconsolidated entities.
Adjusted EBITDA is mathematically equivalent to our Total Segment Operating Margin, as reported in the segment disclosures within our financial statements, minus Core SG&A, including our pro rata share of such expenses of certain unconsolidated entities, minus deferred earnings for which a prepayment was received. Core SG&A is defined as total SG&A adjusted for non-cash share-based compensation and severance expense, non-capitalizable development expenses, cost of exploring new business opportunities and expenses associated with changes to our corporate structure. Core SG&A excludes certain items from our SG&A not otherwise indicative of ongoing operating performance.
The principal limitation of this non-GAAP measure is that it excludes significant expenses and income that are required by GAAP to be recorded in our financial statements. Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measure to our GAAP net income, and not to rely on any single financial measure to evaluate our business. Adjusted EBITDA does not have a standardized meaning, and different companies may use different Adjusted EBITDA definitions. Therefore, Adjusted EBITDA may not be necessarily comparable to similarly titled measures reported by other companies. Moreover, our definition of Adjusted EBITDA may not necessarily be the same as those we use for purposes of establishing covenant compliance under our financing agreements or for other purposes. Adjusted EBITDA should not be construed as alternatives to net income and diluted earnings per share attributable to New Fortress Energy, which are determined in accordance with GAAP.
The following table sets forth a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended September 30, 2023, June 30, 2024 and September 30, 2024:
(in thousands) |
|
Three Months
|
|
Three Months
|
|
Three Months
|
|||
Total Segment Operating Margin |
|
$ |
249,687 |
|
$ |
248,351 |
|
$ |
219,654 |
Less: Core SG&A (see definition above) |
|
|
41,289 |
|
|
38,190 |
|
|
25,723 |
Less: Deferred earnings from contracted sales |
|
|
— |
|
|
90,000 |
|
|
60,000 |
Less: Revenue recognized from deferred earnings from cargo sales |
|
|
— |
|
|
— |
|
|
(42,273) |
Adjusted EBITDA (Non-GAAP) |
|
$ |
208,398 |
|
$ |
120,161 |
|
$ |
176,204 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
Net income (loss) |
|
$ |
62,338 |
|
$ |
(86,860) |
|
$ |
11,313 |
Add: Interest expense |
|
|
64,822 |
|
|
80,399 |
|
|
71,107 |
Add: Tax provision |
|
|
25,194 |
|
|
3,435 |
|
|
2,953 |
Add: Depreciation and amortization |
|
|
48,670 |
|
|
37,413 |
|
|
35,364 |
Add: Asset impairment expense |
|
|
— |
|
|
4,272 |
|
|
1,484 |
Add: SG&A items excluded from Core SG&A (see definition above) |
|
|
7,818 |
|
|
32,388 |
|
|
56,665 |
Add: Transaction and integration costs |
|
|
2,739 |
|
|
1,760 |
|
|
3,154 |
Add: Other (income) expense, net |
|
|
(2,271) |
|
|
47,354 |
|
|
(5,836) |
Add: Changes in fair value of non-hedge derivative instruments and contingent consideration |
|
|
(423) |
|
|
— |
|
|
— |
Add: (Income) from equity method investments |
|
|
(489) |
|
|
— |
|
|
— |
Adjusted EBITDA |
|
$ |
208,398 |
|
$ |
120,161 |
|
$ |
176,204 |
Segment Operating Margin
(Unaudited, in thousands of
Performance of our two segments, Terminals and Infrastructure and Ships, is evaluated based on Segment Operating Margin. Segment Operating Margin reconciles to Consolidated Segment Operating Margin as reflected below, which is a non-GAAP measure. We define Consolidated Segment Operating Margin as GAAP net income, adjusted for selling, general and administrative expense, transaction and integration costs, contract termination charges and loss on mitigation sales, depreciation and amortization, asset impairment expense, loss on asset sales, interest expense, other (income) expense, loss on extinguishment of debt, net, (income) loss from equity method investments and tax (benefit) provision. Consolidated Segment Operating Margin is mathematically equivalent to Revenue minus Cost of sales minus Operations and maintenance minus Vessel operating expenses, each as reported in our financial statements.
Three Months Ended September 30, 2024 |
|||||||||
(in thousands of $) |
Terminals and Infrastructure (1) |
|
Ships |
|
Total Segment |
|
Consolidation and Other⁽¹⁾ |
|
Consolidated |
Segment Operating Margin |
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
|
|
|
|
|
|
82,388 |
Transaction and integration costs |
|
|
|
|
|
|
|
|
3,154 |
Depreciation and amortization |
|
|
|
|
|
|
|
|
35,364 |
Asset impairment expense |
|
|
|
|
|
|
|
|
1,484 |
Interest expense |
|
|
|
|
|
|
|
|
71,107 |
Other (income), net |
|
|
|
|
|
|
|
|
(5,836) |
Tax (benefit) |
|
|
|
|
|
|
|
|
2,953 |
Net income |
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2024 |
|||||||||
(in thousands of $) |
Terminals and Infrastructure (1) |
|
Ships |
|
Total Segment |
|
Consolidation and Other⁽¹⁾ |
|
Consolidated |
Segment Operating Margin |
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
|
|
|
|
|
|
70,578 |
Transaction and integration costs |
|
|
|
|
|
|
|
|
1,760 |
Depreciation and amortization |
|
|
|
|
|
|
|
|
37,413 |
Interest expense |
|
|
|
|
|
|
|
|
80,399 |
Asset impairment expense |
|
|
|
|
|
|
|
|
4,272 |
Other expense, net |
|
|
|
|
|
|
|
|
47,354 |
Tax provision |
|
|
|
|
|
|
|
|
3,435 |
Net loss |
|
|
|
|
|
|
|
|
|
(1) Terminals and Infrastructure includes deferred earnings from contracted sales that were contracted in the current period, and prepayment for these sales was received. Revenue will be recognized in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) when delivery under these forward sales transactions is completed in from the fourth quarter of 2024 through 2025. Consolidation and Other adjusts for the inclusion of deferred earnings from contracted sales in Total Segment Operating Margin of
Three Months Ended September 30, 2023 |
|||||||||
(in thousands of $) |
Terminals and Infrastructure ⁽¹⁾ |
|
Ships |
|
Total Segment |
|
Consolidation and Other ⁽¹⁾ |
|
Consolidated |
Segment Operating Margin |
|
|
|
|
|
|
|
||
Less: |
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
|
|
|
|
|
|
49,107 |
Transaction and integration costs |
|
|
|
|
|
|
|
|
2,739 |
Depreciation and amortization |
|
|
|
|
|
|
|
|
48,670 |
Interest expense |
|
|
|
|
|
|
|
|
64,822 |
Other (income), net |
|
|
|
|
|
|
|
|
(2,271) |
(Income) from equity method investments |
|
|
|
|
|
|
|
|
(489) |
Tax provision |
|
|
|
|
|
|
|
|
25,194 |
Net income |
|
|
|
|
|
|
|
|
|
(1) Consolidation and Other also adjusts for the exclusion of unrealized mark-to-market gains or losses on derivative instruments in our segment measure.
Adjusted Net Income and Adjusted Earnings per Share
(Unaudited, in thousands of
The following table sets forth a reconciliation between net income attributable to stockholders and earnings per share adjusted for non-cash impairment charges and losses on disposals of assets.
|
|
Three months ended September 30, 2023 |
|
Three months ended June 30, 2024 |
|
Three months ended September 30, 2024 |
|||
Net income (loss) attributable to stockholders |
|
$ |
61,221 |
|
$ |
(88,854) |
|
$ |
9,299 |
Non-cash impairment charges, net of tax |
|
|
— |
|
|
4,272 |
|
|
1,484 |
Loss on sale of assets |
|
|
(7,844) |
|
|
— |
|
|
— |
Adjusted net income (loss) |
|
$ |
53,377 |
|
$ |
(84,582) |
|
$ |
10,783 |
|
|
|
|
|
|
|
|||
Weighted-average shares outstanding - diluted |
|
|
205,032,928 |
|
|
205,851,364 |
|
|
208,880,044 |
|
|
|
|
|
|
|
|||
Adjusted earnings per share |
|
$ |
0.26 |
|
$ |
(0.41) |
|
$ |
0.05 |
|
|
|
|
|
|
|
Condensed Consolidated Statements of Operations |
|||||||||||
For the three and nine months ended September 30, 2024 and 2023 |
|||||||||||
(Unaudited, in thousands of |
|||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
Revenues |
|
|
|
|
|
|
|
||||
Operating revenue |
$ |
446,048 |
|
$ |
420,868 |
|
$ |
1,346,774 |
|
$ |
1,417,175 |
Vessel charter revenue |
|
59,668 |
|
|
67,287 |
|
|
158,739 |
|
|
209,651 |
Other revenue |
|
61,819 |
|
|
26,307 |
|
|
180,349 |
|
|
28,112 |
Total revenues |
|
567,535 |
|
|
514,462 |
|
|
1,685,862 |
|
|
1,654,938 |
|
|
|
|
|
|
|
|
||||
Operating expenses |
|
|
|
|
|
|
|
||||
Cost of sales (exclusive of depreciation and amortization shown separately below) |
|
325,292 |
|
|
191,920 |
|
|
776,269 |
|
|
602,626 |
Vessel operating expenses |
|
8,254 |
|
|
11,613 |
|
|
25,153 |
|
|
36,347 |
Operations and maintenance |
|
32,062 |
|
|
60,819 |
|
|
139,902 |
|
|
121,187 |
Selling, general and administrative |
|
82,388 |
|
|
49,107 |
|
|
223,720 |
|
|
157,048 |
Transaction and integration costs |
|
3,154 |
|
|
2,739 |
|
|
6,285 |
|
|
4,787 |
Depreciation and amortization |
|
35,364 |
|
|
48,670 |
|
|
123,268 |
|
|
125,160 |
Asset impairment expense |
|
1,484 |
|
|
— |
|
|
5,756 |
|
|
— |
Loss on sale of assets, net |
|
— |
|
|
— |
|
|
77,140 |
|
|
— |
Total operating expenses |
|
487,998 |
|
|
364,868 |
|
|
1,377,493 |
|
|
1,047,155 |
Operating income |
|
79,537 |
|
|
149,594 |
|
|
308,369 |
|
|
607,783 |
Interest expense |
|
71,107 |
|
|
64,822 |
|
|
228,850 |
|
|
200,891 |
Other (income) expense, net |
|
(5,836) |
|
|
(2,271) |
|
|
60,630 |
|
|
16,150 |
Loss on extinguishment of debt, net |
|
— |
|
|
— |
|
|
9,754 |
|
|
— |
Income before income from equity method
|
|
14,266 |
|
|
87,043 |
|
|
9,135 |
|
|
390,742 |
Income from equity method investments |
|
— |
|
|
489 |
|
|
— |
|
|
12,738 |
Tax provision |
|
2,953 |
|
|
25,194 |
|
|
28,012 |
|
|
69,476 |
Net income (loss) |
|
11,313 |
|
|
62,338 |
|
|
(18,877) |
|
|
334,004 |
Net (income) attributable to non-controlling interest |
|
(2,014) |
|
|
(1,117) |
|
|
(6,597) |
|
|
(3,329) |
Net income (loss) attributable to stockholders |
$ |
9,299 |
|
$ |
61,221 |
|
$ |
(25,474) |
|
$ |
330,675 |
|
|
|
|
|
|
|
|
||||
Net income (loss) per share – basic |
$ |
0.04 |
|
$ |
0.30 |
|
$ |
(0.14) |
|
$ |
1.60 |
Net income (loss) per share – diluted |
$ |
0.03 |
|
$ |
0.30 |
|
$ |
(0.15) |
|
$ |
1.59 |
|
|
|
|
|
|
|
|
||||
Weighted average number of shares outstanding – basic |
|
205,071,771 |
|
|
205,032,928 |
|
|
205,068,178 |
|
|
206,249,474 |
Weighted average number of shares outstanding – diluted |
|
208,880,044 |
|
|
205,032,928 |
|
|
206,836,683 |
|
|
206,804,833 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107339792/en/
Investor Relations:
ir@newfortressenergy.com
Media Relations:
Ben Porritt
press@newfortressenergy.com
(516) 268-7403
Source: New Fortress Energy Inc.
FAQ
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