NEW FORTRESS ENERGY Reports Third Quarter 2023 Earnings Results on November 8
November 21, 2023
☀️Earnings Overview
On November 8, NEW FORTRESS ENERGY ($NASDAQ:NFE) released their financial figures for the quarter ended September 30, 2023. Total revenue for the period was USD 514.5 million, a decrease of 29.7% on the same quarter of the prior year. Net income for the quarter was USD 61.2 million, a slight dip of 1.0% compared to the third quarter of 2022.
Stock Price
NEW FORTRESS ENERGY (NFE) reported its third quarter earnings results for 2023 on Wednesday, November 8th. On the day of the announcement, NFE’s stock opened at $29.3 and closed at $32.2, indicating an impressive 16.6% increase from its last closing price of $27.6. This is indicative of positive sentiment surrounding the company’s reported results. The company also reported a decrease in net income as a result of higher tax rates, but managed to maintain a healthy balance sheet.
These favorable results have investors hopeful that NFE’s future prospects are looking bright. The strong quarterly earnings report coupled with solid press coverage has driven the stock to new heights. All in all, the third quarter of 2023 was good for NEW FORTESS ENERGY and investors seem to be responding favorably. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for NFE. More…
| Total Revenues | Net Income | Net Margin |
| 2.2k | 394.8 | 18.6% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for NFE. More…
| Operations | Investing | Financing |
| 801.19 | -1.95k | 996.32 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for NFE. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 9.8k | 8.22k | 7 |
Key Ratios Snapshot
Some of the financial key ratios for NFE are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 80.3% | – | 33.6% |
| FCF Margin | ROE | ROA |
| -80.7% | 32.5% | 4.7% |
Analysis
At GoodWhale, we conducted an analysis of NEW FORTRESS ENERGY’s financials. Our Star Chart reveals that NEW FORTRESS ENERGY is relatively strong in growth, yet it is classified as medium in dividend, profitability and weak in asset. This indicates that the company has been growing, but not necessarily making enough profits to sustain itself. Furthermore, our Health Score for NEW FORTRESS ENERGY comes out to be 2/10, suggesting that the company’s cashflows and debt are not sufficient to support future operations in times of crisis. Based on this information, we classify NEW FORTRESS ENERGY as a ‘cheetah’ – a type of company that has achieved high revenue or earnings growth but has sacrificed stability due to lower profitability. Overall, these results suggest that investors who are looking for fast-paced growth but are willing to forgo stability may be interested in investing in NEW FORTRESS ENERGY. More…
Peers
Its competitors are Osaka Gas Co Ltd, Atmos Energy Corp, and Bestsun Energy Co Ltd.
– Osaka Gas Co Ltd ($TSE:9532)
Osaka Gas Co Ltd is a Japanese company that provides natural gas and related services. The company has a market cap of 904.03B as of 2022 and a Return on Equity of 4.85%. The company is involved in the exploration, production, and distribution of natural gas. It also owns and operates a gas pipeline network. The company serves residential, commercial, and industrial customers in Japan.
– Atmos Energy Corp ($NYSE:ATO)
Atmos Energy Corporation is a publicly traded natural gas company headquartered in Dallas, Texas, and is the largest natural-gas-only distributor in the United States, serving over three million customers in eight states. The company supplies gas to residential, commercial and industrial customers through its utilities. Atmos Energy’s primary business is the regulated natural gas distribution business, which it conducts through its subsidiaries in eight states.
– Bestsun Energy Co Ltd ($SHSE:600681)
Bestsun Energy Co Ltd is a solar energy company with a market cap of 5.94B as of 2022. The company has a Return on Equity of 11.71%. The company specializes in the design, manufacture, and sale of solar photovoltaic products.
Summary
NEW FORTRESS ENERGY reported their earnings results for the third quarter of 2023 on November 8th, with total revenue at USD 514.5 million and net income at USD 61.2 million, a slight decrease of 1.0% from the same quarter in the previous year. Despite this decrease in profits, the stock price still moved up the same day, suggesting that investors were pleased with the results and had positive outlooks for the company. As such, investing in NEW FORTRESS ENERGY could be a good option for investors seeking to diversify their portfolios. It is important to do further research and closely monitor the company’s performance to make an informed decision.
Related Posts
Recent Posts
