New Fortress Energy Announces First Quarter 2022 Results

NEW YORK, May 05, 2022--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) ("NFE" or the "Company") today reported its financial results for the first quarter of 2022.

Summary Highlights

  • Reported Q1 2022 net cash flow from operations of $114 million, net income of approximately $241 million and EPS of $1.13 per share on a fully diluted basis

  • Reported Q1 2022 Adjusted EBITDA of approximately $258 million (six-months trailing of $592 million)

  • Reiterated on-track to achieve illustrative full-year 2022 and 2023 Adjusted EBITDA targets(1) of $1.0+ billion and $1.5+ billion, respectively

  • NFEs Board of Directors approved a dividend of $0.10 per share, with a record date of June 14, 2022 and a payment date of June 28, 2022

  • Continued to execute across multiple strategic initiatives. Within the past 60 days:

    • Accelerated optimization initiatives associated with NFEs floating storage and regasification (FSRU) ships portfolio 9 FSRUs in total (6 operational, 3 conversion candidates), 3 open / coming open in 2022

    • Executed two 20-year sale and purchase agreements with Venture Global for total 2 million tonnes per annum (mtpa) of LNG supply on free-on-board basis (FOB) from announced / expected onshore Louisiana LNG facilities

    • Materially progressed Fast LNG liquefaction FID projects (Fast LNG 1-3) and new Fast LNG opportunities:

      • Advanced commercial discussions with Eni(2) for 1.4 mtpa (tolling arrangement with 50% offtake rights to NFE per signed MOU announced 2/28)

      • Filed permit applications for ....

read more from finance.yahoo.com