New Fortress Energy (NFE) Reports Q2 Loss, Misses Revenue Estimates

Group 1: Earnings Performance - New Fortress Energy reported a quarterly loss of $0.41 per share, significantly missing the Zacks Consensus Estimate of $0.09, and down from earnings of $0.58 per share a year ago, representing an earnings surprise of -555.56% [1] - The company posted revenues of $428.01 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 9.09%, and down from $561.35 million in the same quarter last year [2] - Over the last four quarters, New Fortress Energy has surpassed consensus EPS estimates two times [2] Group 2: Stock Performance and Outlook - New Fortress Energy shares have declined approximately 54.9% since the beginning of the year, contrasting with the S&P 500's gain of 11.5% [3] - The company's earnings outlook is mixed, with the current consensus EPS estimate for the coming quarter at $0.49 on revenues of $696.04 million, and $2.03 on revenues of $2.67 billion for the current fiscal year [7] - The Zacks Rank for New Fortress Energy is currently 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Group 3: Industry Context - The Oil and Gas - Integrated - International industry, to which New Fortress Energy belongs, is currently in the bottom 22% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor sentiment and stock performance [5]