On February 27, 2025, FTAI Infrastructure Inc (FIP, Financial) released its 8-K filing, detailing its financial results for the fourth quarter and full year of 2024. The company, which operates across five segments including Railroad, Jefferson Terminal, Repauno, Power and Gas, and Sustainability and Energy Transition, reported a net loss attributable to stockholders of $137.236 million for the fourth quarter and $298.139 million for the full year.
Company Overview
FTAI Infrastructure Inc is engaged in critical infrastructure investments with high barriers to entry, focusing on sectors such as rail, ports and terminals, and power and gas. The company aims to generate stable cash flows with potential for earnings growth and asset appreciation.
Performance and Challenges
FTAI Infrastructure Inc reported a basic loss per share of $1.24 for the fourth quarter, which is significantly below the analyst estimate of -$0.37. The company's total revenue for the quarter was $80.764 million, falling short of the estimated $94.83 million. For the full year, the basic loss per share was $2.75, compared to the annual estimate of -$1.88. Total revenue reached $331.497 million, slightly below the estimated $345.63 million.
Financial Achievements
Despite the losses, FTAI Infrastructure Inc achieved an Adjusted EBITDA of $29.173 million for the fourth quarter and $127.588 million for the full year. The company closed a debt refinancing and purchased a 49.9% third-party stake in Long Ridge, expecting to generate approximately $160 million of annual Adjusted EBITDA at Long Ridge going forward. Additionally, the company signed a second contract at Repauno for phase two NGL exports, contracted for approximately $50 million of annual Adjusted EBITDA.
Income Statement Highlights
The company's total expenses for the fourth quarter were $158.604 million, with significant costs attributed to asset impairment charges of $72.336 million. Interest expense for the quarter was $33.312 million. The net loss before income taxes was $123.338 million, with a provision for income taxes amounting to $5.013 million.
Balance Sheet and Cash Flow
As of December 31, 2024, FTAI Infrastructure Inc reported total assets of $2.374 billion, with current assets amounting to $219.851 million. The company's total liabilities were $1.922 billion, with a significant portion attributed to debt, net of $1.539 billion. The company reported a net cash used in operating activities of $15.278 million for the year, with net cash used in investing activities totaling $118.137 million.
Commentary and Strategic Outlook
We are actively pursuing multiple M&A opportunities in an active market at Transtar," stated the company's management, highlighting their strategic focus on growth and expansion.
Analysis
FTAI Infrastructure Inc's financial performance in 2024 reflects significant challenges, particularly in meeting analyst expectations for earnings and revenue. The company's strategic initiatives, including debt refinancing and expansion contracts, indicate a focus on long-term growth and stability. However, the substantial net losses and asset impairment charges underscore the need for careful management of operational and financial risks.
| Metric | Q4 2024 | Full Year 2024 |
|---|---|---|
| Net Loss Attributable to Stockholders | $(137.236) million | $(298.139) million |
| Basic Loss per Share | $(1.24) | $(2.75) |
| Adjusted EBITDA | $29.173 million | $127.588 million |
| Total Revenue | $80.764 million | $331.497 million |
For more detailed insights and analysis, visit the FTAI Infrastructure Inc website or access the full 8-K filing.
Explore the complete 8-K earnings release (here) from FTAI Infrastructure Inc for further details.
