Stock Track | New Fortress Energy Plunges Despite Revenue Beat as Profit Disappoints

Stock Track11-09

Shares of New Fortress Energy LLC (NFE) plummeted over 5% on Wednesday despite the company reporting better-than-expected revenue for the third quarter of 2024. The stock's decline came as investors reacted to the company's disappointing bottom-line performance and shrinking profit margins.

For the quarter ended September 30, 2024, New Fortress Energy reported revenue of $567.54 million, surpassing analysts' expectations of $526.67 million. However, the company's adjusted earnings per share (EPS) of $0.05 fell short of the consensus estimate of breakeven results. This marked a significant decline from the same quarter last year when the company reported EPS of $0.30.

The company's net income for the quarter stood at a mere $9.3 million, an 85% drop compared to the same period in 2023. Additionally, New Fortress Energy's profit margin contracted to 1.6%, down from 12% in the third quarter of 2023, further exacerbating investor concerns about the company's profitability.

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The stock's decline came as investors ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"NFE","symbol_name":"New Fortress Energy LLC","start_time":0,"source_url":"","article_id":"1121695616","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1121695616","pubTimestamp":1731087514,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of New Fortress Energy LLC  plummeted over 5% on Wednesday despite the company reporting better-than-expected revenue for the third quarter of 2024. 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