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Mar 31, 2020
New Fortress Energy Q1 2020 Earnings Report
New Fortress Energy reported results for Q1 2020, with increased revenue and a net loss impacted by interest expenses and debt extinguishment.
Key Takeaways
New Fortress Energy announced record volumes in Q1 2020, exceeding 1,650,000 gallons per day in April. Revenue increased to $74.5 million, driven by higher volumes from the Jamalco CHP Plant, but was offset by lower Henry Hub prices and development services revenue. The net loss increased to $60.1 million, influenced by additional interest expenses and a loss from debt extinguishment. COVID-19 did not materially impact financial results during the quarter.
Record volumes achieved in Q1 2020, exceeding 1,650,000 gallons per day in April.
Average daily volumes sold in Q1 2020 exceeded 750,000 gallons per day.
All terminals in Jamaica and Puerto Rico are complete and fully operational.
COVID-19 during Q1 2020 did not materially impact financial results.
Forward Guidance
The company expects volumes to be between 1,500,000 and 2,500,000 gallons per day on average for the remainder of 2020 and operating margin to expand as asset utilization is enhanced.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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