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)
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