Stock Track | New Fortress Energy Soars After Q3 Earnings Beat Estimates

Stock Track11-07

Shares of New Fortress Energy LLC (NFE) surged by 5.21% on Wednesday, November 7th, following the company's impressive third-quarter earnings report released earlier in the day.

The energy infrastructure company reported adjusted earnings per share of $0.05 for the third quarter of 2024, surpassing the analyst consensus estimate of $0.00. Additionally, New Fortress Energy posted revenue of $567.535 million, beating the Wall Street forecast of $526.668 million by a substantial margin.

The strong financial performance was supported by the company's operational success. During the earnings call, Chairman Wesley Edens revealed that New Fortress Energy's floating liquefied natural gas (LNG) facility offshore Mexico had completed its commissioning process and was operating at 105% of its nameplate capacity. The company is also exploring plans to "debottleneck" the facility, which could potentially boost its capacity by an additional 3% to 10%.

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