FTAI Infrastructure Inc (FIP) Reports Q3 2023 Results, Declares Dividend of $0.03 per Share
FTAI Infrastructure Inc (NASDAQ:FIP) reported a net loss attributable to stockholders of $56.1 million for Q3 2023.
The company declared a dividend of $0.03 per share of common stock, payable on November 16, 2023.
FTAI Infrastructure generated $32.2 million of Adjusted EBITDA from its four core segments.
The company's upcoming business opportunities are expected to provide strong momentum for 2024.
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FTAI Infrastructure Inc (NASDAQ:FIP) released its Q3 2023 earnings report on October 26, 2023. The company reported a net loss attributable to stockholders of $56.1 million, translating to a basic and diluted loss per share of common stock of $0.55. Despite the net loss, the company generated $32.2 million of Adjusted EBITDA from its four core segments.
Financial Performance
FTAI Infrastructure's total revenues for Q3 2023 were $80.7 million, a slight increase from $78.6 million in Q3 2022. However, the company's operating expenses also increased to $68.4 million from $60.9 million in the same period last year. The net loss for the period was largely due to higher operating expenses and interest expense, which amounted to $25.9 million.
Dividends and Business Highlights
On October 26, 2023, FTAI Infrastructure's Board of Directors declared a cash dividend on its common stock of $0.03 per share for the quarter ended September 30, 2023. This dividend will be payable on November 16, 2023, to the holders of record on November 9, 2023.
Despite the net loss, the company highlighted several positive developments. Transtar, one of FTAI Infrastructure's core segments, is expected to commence new third-party business opportunities in the coming months, which are expected to provide strong momentum for 2024. Additionally, Jefferson Terminal executed multiple contracts during Q3 with potential to generate meaningful Adjusted EBITDA once operational.
Financial Statements Summary
FTAI Infrastructure's balance sheet as of September 30, 2023, showed total assets of $2.39 billion, a slight decrease from $2.48 billion at the end of 2022. The company's total liabilities also decreased to $1.60 billion from $1.69 billion over the same period. The company's cash and cash equivalents stood at $24.4 million as of September 30, 2023.
The company's consolidated statement of cash flows for the nine months ended September 30, 2023, showed a net cash used in operating activities of $2.2 million, a significant improvement from the net cash used of $37.7 million in the same period in 2022.
Looking Ahead
FTAI Infrastructure is optimistic about its future performance. The company's upcoming business opportunities, particularly in its Transtar and Jefferson Terminal segments, are expected to provide strong momentum for 2024. The company's management will host a conference call on October 27, 2023, to discuss the Q3 2023 results in more detail.
Explore the complete 8-K earnings release (here) from FTAI Infrastructure Inc for further details.
This article first appeared on GuruFocus.
