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Investing.com -- New Fortress Energy Inc. (NASDAQ:NFE) shares plunged 13% after the company reported a wider-than-expected loss for the first quarter of 2025, despite beating revenue estimates. The liquefied natural gas (LNG) infrastructure company also announced the completion of its Jamaican asset sale to Excelerate Energy.
New Fortress Energy posted a first-quarter adjusted loss of $0.73 per share, significantly below the analyst consensus estimate of a $0.16 per share loss. Revenue came in at $470.5 million, surpassing expectations of $507.53 million but down 31.8% YoY from $690.3 million.
The company reported adjusted EBITDA of $82 million for the quarter, which it described as "entirely comprised of what we consider to be core earnings" from terminal and vessel operations.
"The closing of the sale of our Jamaican assets to Excelerate is a significant milestone for the Company as we streamline our operations and paydown corporate debt through asset sales," said Wes Edens, Chairman and CEO of New Fortress Energy.
New Fortress Energy completed the sale of its Jamaican assets and operations to Excelerate Energy for $1.055 billion. The company plans to use the proceeds to reduce $270 million of its Revolving Credit Facility and $55 million of its Term Loan A facility, with the remainder going to its balance sheet.
Looking ahead, New Fortress Energy expects its core earnings to increase as developments in Brazil and Nicaragua, along with expansions in Puerto Rico, come online. The company’s 624 MW CELBA plant in Brazil is approximately 95% complete, with earnings expected to start in the third quarter of this year.
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