FTAI Infrastructure Inc. Reports Second Quarter 2024 Results, Declares Dividend of $0.03 per Share of Common Stock

Core Insights - FTAI Infrastructure Inc. reported a net loss attributable to stockholders of $54.35 million for Q2 2024, with a basic and diluted loss per share of $0.52 [2][12][20] - Adjusted EBITDA for the four core segments was $41.79 million, reflecting a 12% increase from the first quarter [4][18] - The company declared a cash dividend of $0.03 per share for the quarter ended June 30, 2024, payable on August 20, 2024 [3] Financial Overview - Total revenues for Q2 2024 were $84.89 million, compared to $81.83 million in Q2 2023 [12] - Operating expenses decreased to $61.23 million from $62.78 million year-over-year [12] - The company reported total expenses of $87.93 million for Q2 2024, down from $91.09 million in Q2 2023 [13] Business Highlights - Transtar generated revenue of $45.6 million, with steady carloads and record average rates per car [4] - Jefferson Terminal achieved record throughput and revenue levels [4] - Long Ridge's revenue was impacted by a scheduled maintenance outage, but upcoming power capacity auction results are expected to add substantial EBITDA from mid-2025 to mid-2026 [4] Cash Flow and Balance Sheet - Cash and cash equivalents increased to $33.10 million as of June 30, 2024, from $29.37 million at the end of 2023 [14] - Total assets rose to $2.45 billion from $2.38 billion at the end of 2023 [15] - Total liabilities increased to $1.81 billion from $1.64 billion at the end of 2023 [15] Key Performance Measures - Adjusted EBITDA is utilized as a key performance measure, providing insights into operational performance and resource allocation [18][19] - The reconciliation of net loss to Adjusted EBITDA for Q2 2024 shows a significant contribution from various segments, with notable adjustments for interest expense and equity-based compensation [20][22]