StockNews.AI
FIP
StockNews.AI
173 days

FTAI Infrastructure Inc. Reports Fourth Quarter and Full Year 2024 Results, Declares Dividend of $0.03 per Share of Common Stock

1. FTAI Infrastructure reported a significant net loss for Q4 and full year 2024. 2. Cash dividend of $0.03 per share declared for the quarter ending December 2024. 3. Debt refinancing and stake acquisition at Long Ridge expected to boost EBITDA by $160 million. 4. New contracts at Jefferson and Repauno poised to generate $75 million in EBITDA. 5. Pursuing multiple M&A opportunities under active market conditions.

Earnings
+2.64%Current Return
VS
+1.56%S&P 500
$5.6902/27 06:34 PM EDTEvent Start
$5.8403/01 12:54 AM EDTLatest Updated
33m saved
Insight
Article

FAQ

Why Bullish?

The announced refinancing and new contracts signal potential for revenue growth and improved financial health, similar to previous instances where new contracts boosted cash flow for FIP. Positive adjustments in adjusted EBITDA forecast also enhance investor confidence.

How important is it?

The financial results reveal net losses, but the encouragement from the possible EBITDA increase and cash dividend declared suggests a turnaround, attracting potential investors.

Why Short Term?

Immediate focus on upcoming cash dividends and new contracts implies results will likely manifest in early upcoming quarters. Previous performance indicators show that contract announcements often reflect in stock momentum within weeks.

Related Companies

FIPFTAISPLP
February 27, 2025 18:28 ET  | Source: FTAI Infrastructure NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the fourth quarter and full year 2024. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release. Financial Overview (in thousands, except per share data) Selected Financial ResultsThree Months Ended December 31, 2024 Year Ended December 31, 2024Net Loss Attributable to Stockholders$                     (137,236) $                     (298,139)Basic Loss per Share of Common Stock$                            (1.24) $                            (2.75)Diluted Loss per Share of Common Stock$                            (1.24) $                            (2.75)Adjusted EBITDA (1)$                         29,173  $                       127,588 Adjusted EBITDA - Four Core Segments (1)(2)$                         39,777  $                       161,281  _______________________________ (1)For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.(2)Excludes Sustainability and Energy Transition and Corporate and Other segments. Fourth Quarter 2024 Dividends On February 27, 2025, the Company’s Board of Directors (the “Board”) declared a cash dividend on its common stock of $0.03 per share for the quarter ended December 31, 2024, payable on March 26, 2025 to the holders of record on March 14, 2025. Business Highlights Closed debt refinancing and purchase of 49.9% third-party stake in Long Ridge; now expect to generate approximately $160 million of annual Adjusted EBITDA at Long Ridge going forward.Signed second contract at Repauno for phase two NGL exports; now contracted for approximately $50 million of annual Adjusted EBITDA.Revenue under three long-term contracts at Jefferson commencing this spring and summer, expected to contribute approximately $25 million of annual Adjusted EBITDA.Pursuing multiple M&A opportunities in active market at Transtar. Additional Information For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company’s website, www.fipinc.com, and the Company’s Annual Report on Form 10-K, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein. Conference Call In addition, management will host a conference call on Friday, February 28, 2025 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register.vevent.com/register/BIbd4cd7169e8b41e38ce81294e421c670. Once registered, participants will receive a dial-in and unique pin to access the call. A simultaneous webcast of the conference call will be available to the public on a listen-only basis at https://www.fipinc.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. A replay of the conference call will be available after 11:30 A.M. on Friday, February 28, 2025 through 11:30 A.M. on Friday, March 7, 2025 on https://ir.fipinc.com/news-events/presentations. The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release. About FTAI Infrastructure Inc. FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm. Cautionary Note Regarding Forward-Looking Statements Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, the ability for Transtar to make any acquisitions and the ability of Long Ridge to reach its annual Adjusted EBITDA targets. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.fipinc.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. For further information, please contact: Alan AndreiniInvestor RelationsFTAI Infrastructure Inc.(646) 734-9414aandreini@fortress.com Exhibit - Financial Statements FTAI INFRASTRUCTURE INC.CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)(Dollar amounts in thousands, except share and per share data)  Three Months Ended December 31, Year Ended December 31,  2024   2023   2024   2023 Revenues       Total revenues$       80,764   $       81,440  $     331,497   $     320,472         Expenses       Operating expenses           59,108              57,319           247,674            253,672 General and administrative             4,108                3,445             14,798              12,833 Acquisition and transaction expenses             1,084                2,586               5,457                4,140 Management fees and incentive allocation to affiliate             2,734                3,163             11,318              12,467 Depreciation and amortization           19,234              20,415             79,410              80,992 Asset impairment           72,336                      —             72,336                   743 Total expenses         158,604              86,928           430,993            364,847         Other (expense) income       Equity in losses of unconsolidated entities         (16,498)          (17,534)          (55,496)          (24,707)(Loss) gain on sale of assets, net              (225)              6,595               2,370                6,855 Loss on modification or extinguishment of debt              (502)                  (16)            (8,925)            (2,036)Interest expense         (33,312)          (26,172)        (122,108)          (99,603)Other income             5,039                2,608             20,904                6,586 Total other expense         (45,498)          (34,519)        (163,255)        (112,905)Loss before income taxes       (123,338)          (40,007)        (262,751)        (157,280)Provision for (benefit from) income taxes             5,013                    (90)              6,993                2,470 Net loss       (128,351)          (39,917)        (269,744)        (159,750)Less: Net loss attributable to non-controlling interests in consolidated subsidiaries         (10,366)            (8,313)          (42,419)          (38,414)Less: Dividends and accretion of redeemable preferred stock           19,251              16,589             70,814              62,400 Net loss attributable to stockholders$   (137,236) $      (48,193) $   (298,139) $   (183,736)        Loss per share:       Basic$          (1.24) $          (0.47) $          (2.75) $          (1.78)Diluted$          (1.24) $          (0.47) $          (2.75) $          (1.79)Weighted average shares outstanding:       Basic  113,856,854    103,426,793    108,217,871    102,960,812 Diluted  113,856,854    103,426,793    108,217,871    102,960,812  FTAI INFRASTRUCTURE INC.CONSOLIDATED BALANCE SHEETS (Unaudited)(Dollar amounts in thousands, except share and per share data)  December 31,  2024   2023 Assets   Current assets:   Cash and cash equivalents$         27,785   $          29,367 Restricted cash and cash equivalents          119,511                58,112 Accounts receivable, net            52,994                55,990 Other current assets            19,561                42,034 Total current assets          219,851              185,503 Leasing equipment, net            37,453                35,587 Operating lease right-of-use assets, net            67,937                69,748 Property, plant, and equipment, net       1,653,468           1,630,829 Investments            12,529                72,701 Intangible assets, net            46,229                52,621 Goodwill          275,367              275,367 Other assets            61,554                57,253 Total assets$    2,374,388   $    2,379,609     Liabilities   Current liabilities:   Accounts payable and accrued liabilities$       176,425   $        130,796 Debt, net            48,594                        — Operating lease liabilities               7,172                  7,218 Other current liabilities            18,603                12,623 Total current liabilities          250,794              150,637 Debt, net       1,539,241           1,340,910 Operating lease liabilities            60,893                62,441 Other liabilities            70,784                87,530 Total liabilities       1,921,712           1,641,518     Commitments and contingencies       Redeemable preferred stock ($0.01 par value per share; 200,000,000 shares authorized; 300,000 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively; redemption amount of $431.8 million and $446.5 million as of December 31, 2024 and December 31, 2023, respectively)          381,218              325,232     Equity   Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 113,934,860 and 100,589,572 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively)               1,139                  1,006 Additional paid in capital          764,381              843,971 Accumulated deficit        (409,498)          (182,173)Accumulated other comprehensive loss        (157,051)          (178,515)Stockholders' equity          198,971              484,289 Non-controlling interests in equity of consolidated subsidiaries        (127,513)            (71,430)Total equity            71,458              412,859 Total liabilities, redeemable preferred stock and equity$    2,374,388   $    2,379,609  FTAI INFRASTRUCTURE INC.CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(Dollar amounts in thousands, unless otherwise noted)   Year Ended December 31,   2024   2023 Cash flows from operating activities:    Net loss $       (269,744) $       (159,750)Equity in losses of unconsolidated entities                55,496                  24,707 Gain on sale of assets, net                (2,370)                (6,855)Loss on modification or extinguishment of debt                  8,925                    2,036 Gain on sale of easement                (3,486)                        — Equity-based compensation                  8,636                    9,199 Depreciation and amortization                79,410                  80,992 Asset impairment                72,336                       743 Change in deferred income taxes                  5,600                    2,016 Change in fair value of non-hedge derivatives                        —                    1,125 Amortization of deferred financing costs                  6,248                    6,769 Bad debt expense                     863                    1,977 Amortization of bond discount                  8,682                    4,853 Change in:     Accounts receivable                  2,133                    2,840  Other assets                (1,976)                25,183  Accounts payable and accrued liabilities                20,970                    8,553  Other liabilities                (7,001)                  1,125 Net cash (used in) provided by operating activities              (15,278)                  5,513      Cash flows from investing activities:    Investment in unconsolidated entities                (3,826)                (7,077)Acquisition of business, net of cash acquired                        —                  (4,448)Acquisition of leasing equipment                (3,288)                (1,724)Acquisition of property, plant and equipment              (79,536)              (99,022)Investment in promissory notes              (31,438)              (36,044)Investment in equity instruments                (5,000)                        — Proceeds from sale of leasing equipment                        —                       105 Proceeds from insurance recoveries                     267                          — Proceeds from sale of property, plant and equipment                  1,198                    1,087 Proceeds from sale of easement                  3,486                          — Net cash used in investing activities            (118,137)            (147,123)     Cash flows from financing activities:    Proceeds from debt, net              498,426                181,350 Repayment of debt            (247,594)              (75,131)Payment of financing costs              (11,438)                (8,834)Distributions to non-controlling interests              (15,039)                (1,647)Settlement of equity-based compensation                (3,335)                (2,161)Cash dividends - common stock              (13,124)              (12,372)Cash dividends - redeemable preferred stock              (14,664)                (1,758)Net cash provided by financing activities              193,232                  79,447      Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents                59,817                (62,163)Cash and cash equivalents and restricted cash and cash equivalents, beginning of period                87,479                149,642 Cash and cash equivalents and restricted cash and cash equivalents, end of period $         147,296   $           87,479  Key Performance Measures The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure. Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to stockholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest and other costs on pension and other pension expense benefits (“OPEB”) liabilities, dividends and accretion of redeemable preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA. The following table sets forth a reconciliation of net loss attributable to stockholders to Adjusted EBITDA for the three and twelve months ended December 31, 2024 and 2023:  Three Months Ended December 31, Year Ended December 31,(in thousands) 2024   2023   2024   2023 Net loss attributable to stockholders$    (137,236) $      (48,193) $    (298,139) $    (183,736)Add: Provision for (benefit from) income taxes             5,013                    (90)              6,993                2,470 Add: Equity-based compensation expense             1,868                3,385               8,636                9,199 Add: Acquisition and transaction expenses             1,084                2,586               5,457                4,140 Add: Losses on the modification or extinguishment of debt and capital lease obligations                 502                      16               8,925                2,036 Add: Changes in fair value of non-hedge derivative instruments                   —                      —                     —                1,125 Add: Asset impairment charges           70,401                      —             70,401                    743 Add: Incentive allocations                   —                      —                     —                      — Add: Depreciation & amortization expense(1)           20,467              20,964             83,885              81,541 Add: Interest expense           33,312              26,172           122,108              99,603 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities(2)             5,182                  (421)            20,272              20,209 Add: Dividends and accretion of redeemable preferred stock           19,251              16,589             70,814              62,400 Add: Interest and other costs on pension and OPEB liabilities               (280)                  690                   (66)              2,130 Add: Other non-recurring items(3)                   —                      —                     —                2,470 Less: Equity in losses of unconsolidated entities           16,498              17,534             55,496              24,707 Less: Non-controlling share of Adjusted EBITDA(4)           (6,889)            (5,938)          (27,194)          (21,515)Adjusted EBITDA (Non-GAAP)$        29,173   $        33,294  $      127,588   $      107,522  _______________________________ (1)Includes the following items for the years ended December 31, 2024 and 2023: (i) depreciation and amortization expense of $79,410 and $80,992 and (ii) capitalized contract costs amortization of $4,475 and $549, respectively.Includes the following items for the three months ended December 31, 2024 and 2023: (i) depreciation and amortization expense of $19,234 and $20,415 and (ii) capitalized contract costs amortization of $1,233 and $549, respectively.(2)Includes the following items for the years ended December 31, 2024 and 2023: (i) net loss of $(55,656) and $(23,752), (ii) interest expense of $43,549 and $34,686, (iii) depreciation and amortization expense of $28,115 and $27,685, (iv) acquisition and transaction expenses of $209 and $445, (v) changes in fair value of non-hedge derivative instruments of $(1,488) and $(18,904), (vi) asset impairment of $274 and $1,135, (vii) equity-based compensation of $2 and $5, (viii) loss on modification or extinguishment of debt of $4,724 and $—, (ix) equity method basis adjustments of $65 and $(1,091) and (x) other non-recurring items of $478 and $—, respectively.Includes the following items for the three months ended December 31, 2024 and 2023: (i) net loss of $(16,524) and $(16,469), (ii) interest expense of $10,648 and $9,520, (iii) depreciation and amortization expense of $8,024 and $7,087, (iv) acquisition and transaction expenses of $112 and $138, (v) changes in fair value of non-hedge derivative instruments of $2,906 and $(742), (vi) asset impairment of $— and $1,135, (vii) equity-based compensation of $— and $1 and (viii) equity method basis adjustments of $16 and $(1,091), respectively.(3)Includes the following items for the year ended December 31, 2023: certain non-cash expenses related to cancellation of restricted shares and Railroad severance expense of $2,470.(4)Includes the following items for the years ended December 31, 2024 and 2023: (i) equity-based compensation of $1,127 and $1,412, (ii) (benefit from) provision for income taxes of $(510) and $578, (iii) interest expense of $11,555 and $7,391, (iv) depreciation and amortization expense of $12,930 and $11,752, (v) changes in fair value of non-hedge derivative instruments of $— and $63, (vi) acquisition and transaction expenses of $7 and $307, (vii) interest and other costs on pension and OPEB liabilities of $(1) and $6, (viii) asset impairment of $— and $2, (ix) loss on modification or extinguishment of debt of $2,086 and $— and (x) other recurring items of $— and $4, respectively.Includes the following items for the three months ended December 31, 2024 and 2023: (i) equity-based compensation of $188 and $508, (ii) (benefit from) provision for income taxes of $(136) and $509, (iii) interest expense of $3,649 and $1,833, (iv) depreciation and amortization expense of $3,075 and $2,802, (v) changes in fair value of non-hedge derivative instruments of $— and $2, (vi) acquisition and transaction expenses of $4 and $280, (vii) interest and other costs on pension and OPEB liabilities of $(2) and $3, (viii) loss on modification or extinguishment of debt of $111 and $— and (ix) other recurring items of $— and $1, respectively. The following tables sets forth a reconciliation of net income (loss) attributable to stockholders to Adjusted EBITDA for our four core segments for the three months and year ended December 31, 2024:  Three Months Ended December 31, 2024(in thousands)Railroad Jefferson Terminal Repauno Power and Gas Four Core SegmentsNet income (loss) attributable to stockholders$        12,165   $      (15,030) $        (4,179) $      (10,037) $      (17,081)Add: Provision for (benefit from) income taxes             1,334                3,605                  (197)                    —                4,742  Add: Equity-based compensation expense                 674                    700                    377                      —                1,751  Add: Acquisition and transaction expenses                   94                      13                      —                    214                    321  Add: Losses on the modification or extinguishment of debt and capital lease obligations                   —                    502                      —                      —                    502  Add: Changes in fair value of non-hedge derivative instruments                   —                      —                      —                      —                      —  Add: Asset impairment charges                   —                      —                      —                      —                      —  Add: Incentive allocations                   —                      —                      —                      —                      —  Add: Depreciation & amortization expense(1)             5,392              12,487                2,501                      —              20,380  Add: Interest expense                   61              15,407                1,137                      —              16,605  Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities(2)                   —                      —                      —                7,427                7,427  Add: Dividends and accretion of redeemable preferred stock                   —                      —                      —                      —                      —  Add: Interest and other costs on pension and OPEB liabilities               (280)                    —                      —                      —                  (280)Add: Other non-recurring items                   —                      —                      —                      —                      —  Less: Equity in losses of unconsolidated entities                   —                      —                      —              12,299              12,299  Less: Non-controlling share of Adjusted EBITDA(3)                 (45)            (6,610)                (234)                    —              (6,889)Adjusted EBITDA (Non-GAAP)$        19,395   $        11,074   $           (595) $          9,903   $        39,777    Year Ended December 31, 2024(in thousands)Railroad Jefferson Terminal Repauno Power and Gas Four Core SegmentsNet income (loss) attributable to stockholders$        56,917   $      (48,311) $      (17,586) $      (29,199) $      (38,179)Add: Provision for (benefit from) income taxes             4,692                2,013                  (431)                    —                6,274  Add: Equity-based compensation expense             1,801                4,233                2,108                      —                8,142  Add: Acquisition and transaction expenses                 526                      23                      —                2,293                2,842  Add: Losses on the modification or extinguishment of debt and capital lease obligations                   —                8,925                      —                      —                8,925  Add: Changes in fair value of non-hedge derivative instruments                   —                      —                      —                      —                      —  Add: Asset impairment charges                   —                      —                      —                      —                      —  Add: Incentive allocations                   —                      —                      —                      —                      —  Add: Depreciation & amortization expense(1)           20,200              52,347                9,914                      —              82,461  Add: Interest expense                 306              49,001                1,617                      —              50,924  Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities(2)                   —                      —                      —              30,006              30,006  Add: Dividends and accretion of redeemable preferred stock                   —                      —                      —                      —                      —  Add: Interest and other costs on pension and OPEB liabilities                 (66)                    —                     —                      —                   (66)Add: Other non-recurring items                   —                      —                      —                     —                     —  Less: Equity in losses of unconsolidated entities                   —                      —                      —              37,146              37,146  Less: Non-controlling share of Adjusted EBITDA(3)               (122)          (26,264)                (808)                    —            (27,194)Adjusted EBITDA (Non-GAAP)$        84,254   $        41,967   $        (5,186) $        40,246   $      161,281   _______________________________ (1)Jefferson TerminalIncludes the following items for the three months and year ended December 31, 2024: (i) depreciation and amortization expense of $11,254 and $47,872 and (ii) capitalized contract costs amortization of $1,233 and $4,475, respectively.(2)Power and GasIncludes the following items for the three months and year ended December 31, 2024: (i) net loss of $(12,316) and $(37,211), (ii) interest expense of $9,381 and $37,600, (iii) depreciation and amortization expense of $7,328 and $25,353, (iv) acquisition and transaction expenses of $112 and $209, (v) changes in fair value of non-hedge derivative instruments of $2,906 and $(1,488), (vi) asset impairment of $— and $274, (vii) equity-based compensation of $— and $2, (viii) loss on modification or extinguishment of debt of $— and $4,724, (ix) equity method basis adjustments of $16 and $65 and (x) other non-recurring items of $— and $478, respectively.(3)RailroadIncludes the following items for the three months and year ended December 31, 2024: (i) equity-based compensation of $4 and $9, (ii) provision for income taxes of $9 and $22, (iii) interest expense of $1 and $2, (iv) depreciation and amortization expense of $32 and $88, (v) acquisition and transaction expenses of $1 and $2 and (vi) interest and other costs on pension and OPEB liabilities of $(2) and $(1), respectively.Jefferson TerminalIncludes the following items for the three months and year ended December 31, 2024: (i) equity-based compensation of $161 and $989, (ii) benefit from income taxes of $(133) and $(506), (iii) interest expense of $3,578 and $11,454, (iv) depreciation and amortization expense of $2,890 and $12,236, (v) acquisition and transaction expenses of $3 and $5 and (vi) loss on modification or extinguishment of debt of $111 and $2,086, respectively.RepaunoIncludes the following items for the three months and year ended ended December 31, 2024: (i) equity-based compensation of $23 and $129, (ii) benefit from income taxes of $(12) and $(26), (iii) interest expense of $70 and $99 and (iv) depreciation and amortization expense of $153 and $606, respectively.

Related News