NASDAQ$NFE
New Fortress Energy Inc. · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
New Fortress Energy's financial performance was marked by a net loss, offset by progress in key projects and strategic transactions.
New Fortress Energy reported a net loss of $87 million and Adjusted EBITDA of $120 million for the second quarter of 2024. Results were impacted by delays in placing the FLNG 1 project into service. The company completed its initial Fast LNG asset in Altamira, Mexico, and anticipates growth from its Puerto Rico, Nicaragua, and Brazil assets.
- Adjusted EBITDA was $120 million.
- Net loss was $87 million.
- Adjusted EPS was $(0.41).
- FLNG 1 project was completed with First Cargo expected in August 2024.
Headline financials
Revenue & EPS history
New Fortress Energy · Revenue · Quarterly
$428M
Revenue by segment
New Fortress Energy · $250M total across 2 segments · Q3 2023
- Terminals & Infra$195M-22.6%78.0%
- Ships$54.9M-37.5%22.0%
Forward guidance
New Fortress Energy is forecasting Adjusted EBITDA of $1.4-1.5 billion for 2024 and $1.3 billion for 2025.
Tailwinds
- FLNG 1 is now in service and performing as expected.
- Completed sale of power plants for FEMA in Puerto Rico.
- Awarded 80 TBtu island-wide gas contract in Puerto Rico.
- Nicaragua terminal and power asset expected to be completed in Q4 2024.
- 2.2 GW power asset in Barcarena expected to be completed in 2025 and 2026.
Headwinds
- Adjusted EBITDA in the second quarter was below expectations due to delays in placing FLNG 1 into service.
- The cost of the delay is approximately $150 million per quarter in lost operating margin.
- Net loss of $87 million in the second quarter of 2024.
- Adjusted EPS of $(0.41) on a fully diluted basis in the second quarter of 2024.
- Funds from Operations per share of $(0.23) on a fully diluted basis in the second quarter of 2024.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2024
-0.5%
Avg return
Earnings day
+0.7%
Avg return
5 days after
-0.3%
Avg return
30 days after
52%
15 / 29 earnings
Positive
+25.3%
Q4 2020
Best reaction
-63.3%
Q1 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +3.4% | -8.4% | -27.9% | |
| Q4 2025 | +1.9% | -9.0% | -15.6% | |
| Q3 2025 | -4.3% | -17.1% | +12.1% | |
| Q1 2025 | -63.3% | -54.9% | -59.6% | |
| Q4 2024 | -9.6% | -1.3% | -14.3% | |
| Q3 2024 | -5.7% | -2.1% | +29.4% | |
| Q2 2024 | -17.1% | -18.0% | -35.0% | |
| Q1 2024 | +5.2% | +3.7% | -10.9% | |
| Q4 2023 | +8.7% | +5.7% | -3.4% | |
| Q3 2023 | +21.9% | +22.7% | +37.0% | |
| Q2 2023 | +5.4% | +2.5% | +10.9% | |
| Q1 2023 | +11.0% | +9.2% | +5.0% | |
| Q4 2022 | -13.9% | -6.7% | -26.7% | |
| Q3 2022 | -15.9% | -13.8% | -22.6% | |
| Q2 2022 | -1.7% | +5.4% | +11.1% | |
| Q1 2022 | +8.4% | -2.9% | +17.4% | |
| Q4 2021 | +24.7% | +34.1% | +52.9% | |
| Q3 2021 | -4.3% | -5.5% | -21.6% | |
| Q2 2021 | +1.3% | -0.9% | -1.5% | |
| Q1 2021 | -3.2% | -8.5% | -2.5% | |
| Q4 2020 | +25.3% | +20.4% | +9.3% | |
| Q3 2020 | -18.9% | -18.3% | +3.3% | |
| Q2 2020 | +8.1% | +15.0% | +33.5% | |
| Q1 2020 | +4.7% | +8.5% | +11.8% | |
| Q4 2019 | +7.3% | +6.5% | -37.7% | |
| Q3 2019 | -4.1% | -6.8% | -2.3% | |
| Q2 2019 | +14.4% | +27.7% | +29.0% | |
| Q1 2019 | -0.1% | +14.8% | -10.2% | |
| Q4 2018 | -3.5% | +18.6% | +22.0% | |
| Q3 2018 | — | — | — | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — | |
| Q4 2017 | — | — | — |
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