New Fortress Energy (NASDAQ:NFE) Q2 2024 Earnings Conference Call August 9, 2024 8:00 AM ET
Company Participants
Chance Pipitone - Investor Relations
Wesley Edens - Chairman and Chief Executive Officer
Andrew Dete - Managing Director
Brannen McElmurray - Managing Director and Chief Development Officer
Christopher Guinta - Chief Financial Officer
Conference Call Participants
Benjamin Nolan - Stifel
Gregory Lewis - BTIG
Craig Shere - Tuohy Brothers
Tarek Hamid - JPMorgan
Operator
Good day and welcome to the NFE Second Quarter 2024 Earnings Call. Today's conference is being recorded.
At this time, I would like to turn the conference over to Chance Pipitone. Please go ahead.
Chance Pipitone
Thank you, Samira, and good morning, everyone. Thank you for joining today's conference call, where we will discuss our second quarter 2024 results. The call is being recorded and will be available by replay on the Investors section of our website under the subheading Events and Presentations. At the same location, you will find a presentation that we will walk through on today's call. Please review this as it includes important information, including disclosures and risk factors.
With that, I'll now hand over the call to our Chairman and CEO, Wes Edens.
Wesley Edens
Great. Thanks, Chance, and welcome, everybody. Please refer to the slide deck that we posted on our website as well as on this call, we will be referring to that, but we have a lot to run through here. I look forward to catching up.
So let's start with the numbers on Page 3. Our earnings for the quarter were $120 million in EBITDA that was well below our target, our quarterly goal of $275 million with a miss of $155 million. The miss was entirely result of the delay in the deployment of our first FLNG 1 asset.
Our goal is to bring this online in April of this year and for a variety of reasons, we missed this by several months. That's the bad news. The good news is we did bring it online last month on July 19th and has been performing very well since then. This is an incredibly valuable project and bringing it online and the timeline we achieved is a major accomplishment.
It's a $2 billion-plus investment then today's market generates $500 million a year in free cash flow. So it's highly profitable and has a big impact on the business, but as a result of the impact of the delay of even a few months is material and had a big impact on the quarter that we recently concluded.