New Fortress Energy Down As Quarterly Earnings Shy Of Estimates

(RTTNews) - Shares of New Fortress Energy Inc. (NFE), an integrated gas-to-power company, are falling more than 7% Tuesday morning at $54.58.

The company reported a profit of $61.85 million or $0.29 per share in the third quarter, compared with loss of $9.81 million or $0.05 per share in the same quarter a year ago.

Excluding one-time items, earnings were $85.61 million or $0.41 per share, that missed the average estimate of 7 analysts polled by Thomson-Reuters of $0.8 per share.

Quarterly revenue increased to $731.93 million from $304.66 million last year. The consensus estimate stood at $618.64 million.

NFE has traded in the range of $19.17-$63.06 in the last 1 year.