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Sep 30, 2023
New Fortress Energy Q3 2023 Earnings Report
New Fortress Energy's financial performance reflected a transition towards contracted downstream assets and strategic advancements in key projects.
Key Takeaways
New Fortress Energy reported adjusted EBITDA of $208 million and net income of $62 million for the third quarter of 2023. The company is transitioning towards core infrastructure with nearly 100% of third quarter earnings from contracted downstream assets. NFE is expecting an increase in earnings and decrease in capex beginning in the fourth quarter of 2023 as they place approximately $3.0 billion of invested capital projects online and plans to deleverage by selling approximately $1 billion of non-core assets.
Adjusted EBITDA was $208 million.
Net income reached $62 million.
Adjusted EPS was $0.30 on a fully diluted basis.
The company transitioned earnings from predominantly open cargos to nearly 100% contracted downstream assets.
Revenue by Segment
Forward Guidance
New Fortress Energy anticipates increased earnings and decreased capital expenditures as it brings approximately $3.0 billion of invested capital projects online. The company also aims to deleverage through approximately $1 billion in non-core asset sales and reiterated its Illustrative Adjusted EBITDA Goals for 2023 and 2024.
Positive Outlook
- Increase in earnings is expected beginning in the fourth quarter of 2023.
- Decrease in capital expenditures is expected beginning in the fourth quarter of 2023.
- Approximately $3.0 billion of invested capital projects are expected to be placed online.
- Approximately $1 billion of non-core asset sales are planned to support deleveraging.
- Illustrative Adjusted EBITDA Goals for 2023 and 2024 are reiterated at $1.6 billion and $2.4 billion, respectively.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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