FTAI Infrastructure Inc. Reports Third Quarter 2024 Results, Declares Dividend of $0.03 per Share of Common Stock
NEW YORK, Oct. 30, 2024 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the "Company" or "FTAI Infrastructure") today reported financial results for the third quarter 2024. The Company's consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.
Financial Overview
(in thousands, except per share data)
Selected Financial Results
Q3'24
Net Loss Attributable to Stockholders
$
(49,971
)
Basic and Diluted Loss per Share of Common Stock
$
(0.45
)
Adjusted EBITDA (1)
$
36,928
Adjusted EBITDA - Four core segments (1)(2)
$
42,543
_______________________________
(1) For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.(2) Excludes Sustainability and Energy Transition and Corporate and Other segments.
Third Quarter 2024 Dividends
On October 30, 2024, the Company's Board of Directors (the "Board") declared a cash dividend on its common stock of $0.03 per share for the quarter ended September 30, 2024, payable on November 19, 2024 to the holders of record on November 12, 2024.
Business Highlights
Signed long-term contract and additional LOI at Repauno and commenced construction for phase 2 transloading system.
Construction projects at Jefferson progressing on schedule, on budget for contracts commencing in 2025.
Long Ridge power plant operated at a 99% capacity factor; new capacity pricing for 2025-26 season represents $16 million of incremental annual Adj. EBITDA and expected to continue for foreseeable future(1).
(1) Represents management's estimates; actual results may vary.
Additional Information
For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company's website, www.fipinc.com, and the Company's Quarterly Report on Form 10-Q, when available on the Company's website. Nothing on the Company's website is included or incorporated by reference herein.
Conference Call
In addition, management will host a conference call on Thursday, October 31, 2024 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register.vevent.com/register/BI0831790884ec4e0b9c259fbb54b3c628. Once registered, participants will receive a dial-in and unique pin to access the call.
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.fipinc.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.
A replay of the conference call will be available after 11:30 A.M. on Thursday, October 31, 2024 through 11:30 A.M. on Thursday, November 7, 2024 on https://ir.fipinc.com/news-events/events.
The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.
About FTAI Infrastructure Inc.
FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, Transtar's continued momentum, and Long Ridge's potential ability to add substantial EBITDA for mid-2025 to mid-2026 period. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company's control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company's website (www.fipinc.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
For further information, please contact:
Alan AndreiniInvestor RelationsFTAI Infrastructure Inc.(646)
Exhibit - Financial Statements
FTAI INFRASTRUCTURE INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollar amounts in thousands, except share and per share data)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Revenues
Total revenues
$
83,311
$
80,706
$
250,733
$
239,032
Expenses
Operating expenses
62,766
68,416
188,566
196,353
General and administrative
2,989
2,485
10,690
9,388
Acquisition and transaction expenses
2,526
649
4,373
1,554
Management fees and incentive allocation to affiliate
2,807
3,238
8,584
9,304
Depreciation and amortization
19,492
20,150
60,176
60,577
Asset impairment
—
—
—
743
Total expenses
90,580
94,938
272,389
277,919
Other (expense) income
Equity in losses of unconsolidated entities
(14,308
)
(9,914
)
(38,998
)
(7,173
)
Gain (loss) on sale of assets, net
2,758
(263
)
2,595
260
Gain (loss) on modification or extinguishment of debt
747
(2,020
)
(8,423
)
(2,020
)
Interest expense
(31,513
)
(25,999
)
(88,796
)
(73,431
)
Other income
6,537
2,387
15,865
3,978
Total other expense
(35,779
)
(35,809
)
(117,757
)
(78,386
)
Loss before income taxes
(43,048
)
(50,041
)
(139,413
)
(117,273
)
(Benefit from) provision for income taxes
(92
)
8
1,980
2,560
Net loss
(42,956
)
(50,049
)
(141,393
)
(119,833
)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries
(9,963
)
(9,932
)
(32,053
)
(30,101
)
Less: Dividends and accretion of redeemable preferred stock
16,978
15,984
51,563
45,811
Net loss attributable to stockholders
$
(49,971
)
$
(56,101
)
$
(160,903
)
$
(135,543
)
Loss per share:
Basic
$
(0.45
)
$
(0.55
)
$
(1.51
)
$
(1.32
)
Diluted
$
(0.45
)
$
(0.55
)
$
(1.51
)
$
(1.32
)
Weighted average shares outstanding:
Basic
109,723,831
102,820,651
106,317,677
102,800,818
Diluted
109,723,831
102,820,651
106,317,677
102,800,818
FTAI INFRASTRUCTURE INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
September 30, 2024
December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
20,295
$
29,367
Restricted cash
124,338
58,112
Accounts receivable, net
55,168
55,990
Other current assets
47,266
42,034
Total current assets
247,067
