New Fortress Energy Announces Q4 & Full Year 2023 Results

Source: 2/29/2024, Location: South America

New Fortress Energy Inc. (Nasdaq: NFE) (“NFE”) reported its financial results for the fourth quarter and for the year ended December 31, 2023.

Summary Highlights
- Adjusted EBITDA(1) of $388 million in the fourth quarter of 2023 and $1.3 billion in the full year 2023
- Net income of $215 million in the fourth quarter of 2023 and $549 million in the full year 2023
- Adjusted EPS(2) of $1.01 on a fully diluted basis in the fourth quarter of 2023 and $2.75 in the full year 2023
- EPS of $1.06 on a fully diluted basis in the fourth quarter of 2023 and $2.65 in the full year 2023
- Funds from Operations per share(3) of $1.36 on a fully diluted basis in the fourth quarter of 2023 and $3.56 in the full year 2023; Funds from Operations(3) is calculated as Net income attributable to stockholders(2) plus Depreciation and amortization, and the Company believes this is an important metric of our quarterly and annual performance

"This year was a record by all of our reported metrics and importantly, during the second half of the year, there was no profit from Cargo Sales recorded. In other words, all of our performance was a result of downstream operating results. This is a major change in the Company’s performance, and a significant and meaningful improvement in both the quality and quantity of our results," said Wes Edens, NFE president and chief executive officer.

Operational Highlights
In Brazil, we completed the Barcarena and Santa Catarina terminals and placed them into service(4) in February 2024. This marks a significant milestone as it now fully opens our Brazil operations, and we expect to begin generating revenue in March 2024. The Brazilian gas and power markets are growing significantly, and our terminals give us significant opportunities to grow and expand our Company.

In Puerto Rico, we completed the installation of two FEMA Power plants in 2023, totaling 350 MW of capacity. These have become cornerstone plants in the Puerto Rico power complex and were dispatched approximately 99% of the time since installation.

In Fast LNG, we successfully placed our first unit into its location and are now expecting first LNG(5) in March and First Cargo(5) in April 2024. We also secured financing commitments of $700 million(6) for our second FLNG project located onshore Altamira, Mexico, and expect to complete construction in the first quarter of 2026.

Financial Highlights
In 2023, we generated significant increases in Funds from Operations per share(2), more than doubling compared to the full year 2022. Our Illustrative Goal is to nearly double these metrics again in the full year 2024.

At the same time, our Gross(10) and Net Capex(11) peaked and are expected to decline significantly from prior years beginning in 2024 and beyond.

On February 26, 2024, NFE’s Board of Directors approved a dividend of $0.10 per share, with a record date of March 15, 2024 and a payment date of March 27, 2024.

Company Overview
The Company is now a fully integrated LNG and power company. We own, operate, or provide natural gas to thirty plants in five countries with total capacity of approximately 8.7 GW.(18)(19) Our downstream assets operate in some of the highest growth regions in the world driven by fuel switching and new power generation. As a result, our business generates peer leading margins, excess asset capacity, and accelerating free cash flow at minimal additional capital.

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