NEW YORK - New Fortress Energy LLC (NASDAQ:NFE) reported a robust fourth quarter, with earnings per share (EPS) of $1.01, surpassing the analyst consensus of $0.78 by $0.23.
Revenue for the quarter was also higher than expected, coming in at $758.4 million against the consensus estimate of $719.87 million. The company's stock responded positively to the news, rising 4.23% in premarket trading.
The strong quarterly performance is attributed to the company's operational efficiency and strategic initiatives. New Fortress Energy's Barcarena LNG terminal in Brazil, now operational, is expected to significantly contribute to the company's growth.
The terminal will supply LNG to industrial customers, including a 15-year contract with Norsk Hydro (OTC:NHYDY)'s Alunorte refinery, which is anticipated to reduce the refinery's annual CO2 emissions by approximately 700,000 tonnes.
"We are honored to support Brazil, the state of Pará, and Norsk Hydro in their decarbonization efforts while growing energy supply and economic opportunity in the region," said Wes Edens, Chairman and CEO of New Fortress Energy. This management quote highlights the company's commitment to environmental stewardship and its role in supporting the energy transition.
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