New Fortress Energy Inc. reported its financial results for the third quarter of 2024 on November 7, 2024, achieving an Adjusted EBITDA of $176 million, which matched its guidance of $175 million. The company posted revenues of $567.5 million, an increase from $428.0 million in the second quarter of 2024, and returned to a net income of $11.3 million, compared to a net loss of $86.9 million in the prior quarter. Diluted EPS was $0.03.
The company's performance benefited from steady volume demand from its terminals and the integration of Fast LNG cargos into its supply portfolio, as the liquefier reached nameplate production. CEO Wes Edens noted that slightly lower LNG volumes are expected in the fourth quarter of 2024 due to valve repairs performed in October.
New Fortress Energy also announced significant financial transactions, including the completion of a $400 million equity raise and being in advanced stages of refinancing $2.7 billion of senior secured notes to extend maturities to 2029, along with extending approximately $900 million of its revolving credit facility. The company's strategic focus will now include identifying potential partners for financings, commercial ventures, or asset sales across its primary businesses in Brazil, Puerto Rico, Jamaica, Mexico, Nicaragua, and FLNG 1.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.