New Fortress Energy Inc. (NASDAQ:NFE) Q2 2023 Results Earnings Conference Call August 8, 2023 8:00 AM ET
Company Participants
Chance Pipitone - Managing Director of Strategy and Investor Relations
Wesley Edens - Chairman and Chief Executive Officer
Christopher Guinta - Chief Financial Officer
Andrew Dete - Managing Director, New Business
Ken Nicholson – Managing Director, Fortress Investment Group
Conference Call Participants
Chris Robertson - Deutsche Bank
Michael Patterson - Morgan Stanley
Cameron Lochridge - Bank of America Securities
Sam Burwell - Jefferies LLC
Martin Malloy - Johnson Rice & Company
Ryan Levine - Citigroup Inc.
Operator
Good day, everyone. And welcome to the NFE Second Quarter 2023 Earnings Conference Call. Today's conference is being recorded and all phone participants are in a listen-only mode, but later you will have the opportunity to ask questions.
To get us started today with opening remarks and introductions, I am pleased to turn the floor to Managing Director of Strategy and Investor Relations, Mr. Chance Pipitone. Please go ahead, sir.
Chance Pipitone
Perfect. Thank you, Jim. And good morning, everyone. Thanks for joining today’s conference call where we will discuss our second quarter 2023 results, recent development, operational highlights, and future here at New Fortress Energy.
As Jim said, the call is being recorded and will be available by replay on the Investors section of our website under the subheading Events and Presentations. And in the same location, you will find a press release regarding our second quarter 2023 results and the corresponding presentation that we’ll walk through on today’s call. As we proceed through the discussion, we will be referring to that presentation,
In that same presentation, you will also find a series of important disclosures related to forward-looking statements and non-GAAP financial measures. We encourage participants to review these important disclosures in addition to the description of risk factors contained within our SEC filings.
Now, let’s dive into the call. My name is again Chance Pipitone. And joining me today at New Fortress Energy are Wes Edens, our Chairman and Chief Executive Officer; Chris Guinta, our CFO; Andrew Dete, our Managing Director of New Business; and other managers of our senior leadership team.
Wes, over to you.
Wesley Edens
Great. Nice, Chance. And welcome, everybody. Lots of talk about today. So let's start with page number three, the numbers and go from there.
Quarterly results for the quarter were solid. The EBITDA for the quarter, $246 million, is down for the first quarter. Virtually 100% of that is just a function of the geography of timing of some cargo sales. The core earnings were basically flat quarter-over-quarter.