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Jun 30, 2022
New Fortress Energy Q2 2022 Earnings Report
Reported financial results for the second quarter of 2022.
Key Takeaways
New Fortress Energy reported a net loss of $(178.4) million for Q2 2022 but an adjusted EPS of $0.69 per share. The company is on track to achieve an Illustrative Adjusted EBITDA Goal of $1.0+ billion for 2022 and $1.5+ billion for 2023 before accounting for Fast LNG (FLNG) contribution.
Reported Q2 2022 Adjusted EBITDA of $283 million and $1.05 billion over the trailing twelve months ended June 30, 2022.
Adjusted EPS for the period was $0.69 per share on a fully diluted basis.
Increased FLNG deployment opportunities from one Gulf of Mexico location to three.
Secured over $2.0 billion of internally generated liquidity and upsized LoC facility to $250 million.
Revenue by Segment
Forward Guidance
The company is on track to achieve Illustrative Adjusted EBITDA Goal of $1.0+ billion for 2022 and $1.5+ billion for 2023 before taking into account the contribution expected from Fast LNG (FLNG) during the year.
Positive Outlook
- Increased FLNG deployment opportunities from one Gulf of Mexico location to three (offshore Louisiana, Altamira, and Lakach) representing approximately 8 MTPA of capacity ramping from 1H23 through 2H24.
- Nearing completion of Barcarena and Santa Catarina terminals and began construction on the 605 MW Barcarena power plant in Brazil.
- Signed an LOI to expand existing gas supply contract with CFE and extend term to 10 years in Mexico.
- Made significant progress on permits in Ireland and leased one of FSRUs to a new terminal in the Netherlands expected to start up Q3 2022.
- Fully-funded on committed capital needs for Fast LNG, with additional developments capable of being funded through operating cash flow.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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