Shares of New Fortress Energy Tumble After 1Q Loss Widens

Dow Jones

05-16

By Roshan Fernandez

Shares of New Fortress Energy tumbled after the company reported a wider first-quarter loss and announced the completed sale of its Jamaican operations and assets.

Shares of the New York natural gas company fell 61% to $2.62 and reached a 52-week low. Trading of the stock was paused numerous times Thursday morning due to volatility.

On Wednesday after the market close, New Fortress Energy reported a first-quarter loss of $197.4 million, or 73 cents a share, compared with a profit of $56.7 million, or 26 cents a share, a year earlier.

Analysts polled by FactSet were expecting a loss of 5 cents a share.

The company announced it had completed the sale of its assets and operations in Jamaica. Excelerate Energy paid $1.06 billion, New Fortress Energy said.

"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 Chief Executive Wes Edens.

Revenue in the first quarter fell $470.5 million from $690.3 million during the year-ago quarter.

The company said it sold emergency power plants to the Puerto Rico Electric Power Authority in March 2024 and no longer recognizes revenue from the temporary power project. It is pursuing a request for equitable adjustment related to the early termination of the temporary project.

Write to Roshan Fernandez at roshan.fernandez@wsj.com

(END) Dow Jones Newswires

May 15, 2025 12:24 ET (16:24 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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It is pursuing a request for equitable adjustment related to the early termination of the temporary project. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Roshan Fernandez at roshan.fernandez@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 15, 2025 12:24 ET (16:24 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Shares of New Fortress Energy Tumble After 1Q Loss Widens</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nShares of New Fortress Energy Tumble After 1Q Loss Widens\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time smaller\">2025-05-16 00:24</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Roshan Fernandez \n</p>\n<pre>\n \n</pre>\n<p>\n  Shares of New Fortress Energy tumbled after the company reported a wider first-quarter loss and announced the completed sale of its Jamaican operations and assets. \n</p>\n<p>\n  Shares of the New York natural gas company fell 61% to $2.62 and reached a 52-week low. 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Excelerate Energy paid $1.06 billion, New Fortress Energy said. \n</p>\n<p>\n  \"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 Chief Executive Wes Edens. \n</p>\n<p>\n  Revenue in the first quarter fell $470.5 million from $690.3 million during the year-ago quarter. \n</p>\n<p>\n  The company said it sold emergency power plants to the Puerto Rico Electric Power Authority in March 2024 and no longer recognizes revenue from the temporary power project. It is pursuing a request for equitable adjustment related to the early termination of the temporary project. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Roshan Fernandez at roshan.fernandez@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 15, 2025 12:24 ET (16:24 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2535187565","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2535187565","pubTimestamp":1747326240,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Shares of New Fortress Energy tumbled after the company reported a wider first-quarter loss and announced the completed sale of its Jamaican operations and assets.Shares of the New York natural gas company fell 61% to $2.62 and reached a 52-week low. Trading of the stock was paused numerous times Thursday morning due to volatility.On Wednesday after the market close, New Fortress Energy reported a first-quarter loss of $197.4 million, or 73 cents a share, compared with a profit of $56.7 million, or 26 cents a share, a year earlier.Analysts polled by FactSet were expecting a loss of 5 cents a share.The company announced it had completed the sale of its assets and operations in Jamaica. 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Trading of the stock was paused numerous times Thursday morning due to volatility. \n\n\n  On Wednesday after the market close, New Fortress Energy reported a first-quarter loss of $197.4 million, or 73 cents a share, compared with a profit of $56.7 million, or 26 cents a share, a year earlier. \n\n\n  Analysts polled by FactSet were expecting a loss of 5 cents a share. \n\n\n  The company announced it had completed the sale of its assets and operations in Jamaica. Excelerate Energy paid $1.06 billion, New Fortress Energy said. \n\n\n  \"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 Chief Executive Wes Edens. \n\n\n  Revenue in the first quarter fell $470.5 million from $690.3 million during the year-ago quarter. \n\n\n  The company said it sold emergency power plants to the Puerto Rico Electric Power Authority in March 2024 and no longer recognizes revenue from the temporary power project. It is pursuing a request for equitable adjustment related to the early termination of the temporary project. \n\n\n \n\n\n  Write to Roshan Fernandez at roshan.fernandez@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  May 15, 2025 12:24 ET (16:24 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"code":"91000000","status":"200"}}}