NEW YORK - FTAI Infrastructure Inc. (NASDAQ:FIP), a company specializing in critical infrastructure investments, has declared its financial results for the fourth quarter and the full year of 2023. Despite a net loss attributable to shareholders of $48.2 million for the quarter and $183.7 million for the year, the company achieved record quarterly adjusted EBITDA figures.
The company's adjusted EBITDA for the fourth quarter reached $33.3 million, with the core segments contributing $42.4 million. This excludes the Sustainability and Energy Transition and Corporate and Other segments. For the full year, the adjusted EBITDA was reported at $107.5 million, with the core segments accounting for $140.9 million.
FTA Infrastructure's railroad segment, Transtar, posted a record adjusted EBITDA of $23.6 million for the quarter, citing increases in carload volume and average rate per carload. Jefferson Terminal also saw a record performance with an adjusted EBITDA of $14.3 million and an all-time high daily throughput averaging 185,000 barrels.
On February 29, 2024, FTAI Infrastructure's Board of Directors announced a dividend of $0.03 per share for the quarter ended December 31, 2023, which will be payable on April 5, 2024, to shareholders of record as of March 27, 2024.
The company, managed by an affiliate of Fortress Investment Group LLC, focuses on assets in the rail, ports and terminals, and power and gas sectors that generate stable cash flows with potential for growth and asset appreciation.
Management will host a conference call on Friday, March 1, 2024, to discuss the results further. The call will be accessible to the public on a listen-only basis at the company's website, with a replay available shortly after.
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