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Jun 30, 2024
New Fortress Energy Q2 2024 Earnings Report
New Fortress Energy's financial performance was marked by a net loss, offset by progress in key projects and strategic transactions.
Key Takeaways
New Fortress Energy reported a net loss of $87 million and Adjusted EBITDA of $120 million for the second quarter of 2024. Results were impacted by delays in placing the FLNG 1 project into service. The company completed its initial Fast LNG asset in Altamira, Mexico, and anticipates growth from its Puerto Rico, Nicaragua, and Brazil assets.
Adjusted EBITDA was $120 million.
Net loss was $87 million.
Adjusted EPS was $(0.41).
FLNG 1 project was completed with First Cargo expected in August 2024.
New Fortress Energy
New Fortress Energy
New Fortress Energy Revenue by Segment
Revenue by Segment
Terminals & Infra Revenue
CapyFin.comShips Revenue
CapyFin.com Forward Guidance
New Fortress Energy is forecasting Adjusted EBITDA of $1.4-1.5 billion for 2024 and $1.3 billion for 2025.
Positive Outlook
- FLNG 1 is now in service and performing as expected.
- Completed sale of power plants for FEMA in Puerto Rico.
- Awarded 80 TBtu island-wide gas contract in Puerto Rico.
- Nicaragua terminal and power asset expected to be completed in Q4 2024.
- 2.2 GW power asset in Barcarena expected to be completed in 2025 and 2026.
Challenges Ahead
- Adjusted EBITDA in the second quarter was below expectations due to delays in placing FLNG 1 into service.
- The cost of the delay is approximately $150 million per quarter in lost operating margin.
- Net loss of $87 million in the second quarter of 2024.
- Adjusted EPS of $(0.41) on a fully diluted basis in the second quarter of 2024.
- Funds from Operations per share of $(0.23) on a fully diluted basis in the second quarter of 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income