Why New Fortress Energy Stock Is Plunging Today
Shares of New Fortress Energy (NASDAQ: NFE) tumbled more than 15% by 12:30 p.m. ET on Tuesday. Weighing on the liquified natural gas (LNG) stock were the company's fourth-quarter results.
New Fortress Energy generated $546.4 million of revenue in the fourth quarter. Revenue was down 15.8% year over year and missed the analysts' consensus estimate by $168.1 million. That was mainly due to volatility in the LNG market.
On a more positive note, the company's adjusted earnings improved from $0.72 per share in the year-ago period to $0.87 per share in the fourth quarter. That exceeded the analyst consensus estimate by $0.33 per share. However, earnings were only $0.30 per share before adjustments, which included $119 million of noncash impairment charges related to an asset sale.
Source Fool.com
