New Fortress Energy Q3 2023 Earnings Report
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.
New Fortress Energy
New Fortress Energy
New Fortress Energy 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
Visualization of income flow from segment revenue to net income