FTAI Infrastructure (FIP) Q2 2024 earnings summary

Executive summary

• Q2 2024 Adjusted EBITDA was $34.3 million, up from $27.7 million in Q2 2023, with core segment Adjusted EBITDA reaching $41.8 million and all segments performing at or above expectations.

• 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, or $0.52 per share, compared to $38.9 million in Q2 2023.

• A $0.03 per share quarterly dividend was declared 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.

• Net loss attributable to stockholders for Q2 2024 was $54.4 million (loss per share: $0.52).

• Total debt as of 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.

Outlook and guidance

• Continued momentum anticipated across all segments in H2 2024, with new business wins and macro trends expected to drive growth.

• Long Ridge expects $32 million incremental EBITDA from capacity auction results for the 2025-2026 season.

• Jefferson Terminal advancing long-term contracts, targeting $60 million+ annual Adjusted EBITDA.

• Repauno Phase 2 expansion to commence in 3Q24, with multiple customer negotiations underway.