2023-08-08 07:29:53 ET
- New Fortress Energy press release ( NASDAQ: NFE ): Q2 Non-GAAP EPS of $0.58 misses by $0.06 .
- Revenue of $561.3M (-4.0% Y/Y) misses by $25.3M .
- Adjusted EBITDA of $246 million in the second quarter of 2023 and $686 million in the first half of 2023.
- Outlook:
- Expecting an increase in earnings and decrease in capex in the second half of 2023 through 2024 as we place $3.2 billion of invested capital projects online over the next 90 days .
- Capital expenditures for 2024 to decline to $250 million to reflect completion of a number of our projects.
- Illustrative Adjusted EBITDA Guidance for 2023 revised to $1.6 billion to reflect lower expected cargo earnings and timing of infrastructure projects coming online, while 2024 guidance reiterated at $2.4 billion.
- Composition of earnings expected to transition as more than 85% of 2024 Illustrative Adjusted EBITDA Guidance will be generated from core infrastructure and only 15% from cargo sales, with 84% from investment grade counterparts.
For further details see:
New Fortress Energy misses Q2 top and bottom line estimates