FTAI Infrastructure (FIP) Q2 2024 earnings summary

Executive summary

• Q2 2024 Adjusted EBITDA before corporate expenses reached $41.8 million, up 15% year-over-year and 12% sequentially; consolidated Adjusted EBITDA was $34.3 million, up 24% year-over-year.

• Total revenues for Q2 2024 were $84.9 million, up $3.1 million year-over-year, driven by higher rail and terminal services revenues.

• Net loss attributable to stockholders was $54.4 million for Q2 2024, or $0.52 per share, compared to $38.9 million in Q2 2023.

• Board declared a $0.03 per share quarterly dividend for Q2 2024, payable August 20, 2024.

Financial highlights

• Q2 2024 revenues rose to $84.9 million from $81.8 million in Q2 2023; six-month revenues were $167.4 million.

• Adjusted EBITDA for Q2 2024 was $34.3 million, up from $27.7 million in Q2 2023; for the six months, Adjusted EBITDA was $61.5 million.

• Total debt at June 30, 2024, was $1.55 billion; cash and restricted cash totaled $186.5 million.

• Interest expense increased to $29.7 million in Q2 2024 due to higher average outstanding debt.

• Redeemable preferred stock balance was $359.8 million as of June 30, 2024.

Outlook and guidance

• Expect continued momentum across all segments in H2 2024, with new contracts and expansions at Jefferson and Repauno, and Long Ridge capacity auction results to add $32 million incremental EBITDA for 2025-2026.

• Management notes that delays in contract execution or volume ramp-up could impact future results.