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FTAI Infrastructure Inc. (NASDAQ:FIP), a Delaware-incorporated company specializing in line-haul railroad operations with a market capitalization of $604 million, announced today the appointment of Carl Russell ("Buck") Fletcher IV as its new Chief Financial Officer (CFO) and Chief Accounting Officer, effective immediately. The appointment comes at a challenging time, with the stock down nearly 40% over the past six months. According to InvestingPro analysis, the company currently appears overvalued relative to its Fair Value. Fletcher, 40, takes over from Scott Christopher, who will remain involved with the company through various projects.
Fletcher, an employee of the company’s external manager, FIG LLC, has a rich background in the energy, power, and infrastructure investment sectors, with over 18 years of experience. Before joining FTAI Infrastructure, he served as interim Co-Chief Executive Officer and CFO of Onyx Renewable Partners, a Blackstone Energy Partners establishment focusing on renewable power investments.
His prior roles include Vice President and Senior Vice President of Finance and Head of Strategy at Onyx, where he led management initiatives, executed mergers, acquisitions, and capital markets transactions. Fletcher also worked at The Blackstone Group (NYSE:BX) as an associate, at Portfolio Advisors LLC, and at Bank of America Merrill Lynch (NYSE:BAC) in the Global Power & Utilities Investment Banking group. He holds an undergraduate degree in European History from Washington & Lee University and an MBA from Duke University.
The company disclosed that there are no familial ties between Fletcher and any directors or executive officers, nor are there any related party transactions requiring disclosure under SEC regulations. Fletcher has entered into a standard indemnification agreement with FTAI Infrastructure, which was included in the SEC filing.
As an employee of FIG LLC, Fletcher’s compensation comes from the external manager, and he is not expected to receive direct compensation from FTAI Infrastructure. His responsibilities will involve a substantial dedication to the company, although not exclusively.
This executive change comes as the company filed its report with the SEC today, detailing the transition and providing an indemnification agreement as part of the exhibits. The information is based on a press release statement.
In other recent news, FTAI Infrastructure reported fourth-quarter 2024 earnings that fell below analyst expectations, with an earnings per share (EPS) of -$1.24 compared to the forecasted -$0.36. The company’s revenue also missed projections, coming in at $80.76 million against an expected $96.43 million. Despite these shortfalls, Citizens JMP maintained its Market Outperform rating and $12 price target for the company, highlighting a 19% year-over-year growth in adjusted EBITDA for 2024 and more than doubling since 2022. Analysts from Citizens JMP expressed optimism about FTAI Infrastructure’s future, suggesting 2025 could be a "transformational" year with significant growth potential. The company projects an EBITDA potential exceeding $400 million for 2025, with Long Ridge expected to contribute significantly to this growth. FTAI Infrastructure’s strategic plans include refinancing corporate debt and exploring mergers and acquisitions in the rail sector, reflecting a strong pipeline of business opportunities. Additionally, the company has announced a $0.03 per share quarterly dividend, signaling confidence in its financial strategy and future prospects.
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