New Fortress Energy Inc. (Nasdaq: NFE) (“NFE” or the “Company”) reported its financial results for the third quarter of 2024.
Summary Highlights
- Adjusted EBITDA(1) of $176 million in the third quarter of 2024
- Net income of $11 million in the third quarter of 2024
- Adjusted EPS(2) of $0.05 on a fully diluted basis in the third quarter of 2024
- EPS of $0.03 on a fully diluted basis in the third quarter of 2024
- Illustrative Adjusted EBITDA Goal(4) of $855 million in the full year 2024
"This has been a strong and steady third quarter for the company as we achieved Adjusted EBITDA of $176 million, matching our guidance of $175 million. This was largely the result of steady volume demand from our terminals and the addition of Fast LNG cargos in our supply portfolio as the liquefier reached nameplate production.
"We announced a series of strategic financing transactions that are intended to increase the Company’s liquidity and financial flexibility. NFE is in the advanced stages of refinancing its corporate debt by exchanging $2.7 billion of senior secured notes, which, upon completion, will extend the company's debt maturities to 2029 and will also extend ~$900 million of its revolving credit facility over the next several years. Additionally, the Company has completed a $400 million equity raise, providing additional liquidity to the business and bridging the Company to positive free cash flow.
"Our strategic focus will now be to identify potential partners for financings, commercial ventures or asset sales for one or more of the Company’s primary businesses, including projects in Brazil, Puerto Rico, Jamaica, Mexico, Nicaragua and FLNG 1," said Wes Edens, Chairman and CEO of New Fortress Energy.
