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FIP Nasdaq· FTAI Infrastructure Inc
Earnings report Q3 2023

FIP Reports Increase in Total Revenues for the Latest Quarter

Segments of revenue

FIP's total revenues for the latest quarter were $80.7 million, representing a slight increase compared to the same quarter last year when revenues were $78.6 million. The breakdown of segment revenues is as follows:

  • Corporate and Other segment: Revenues increased by $23.8 million, primarily driven by new business acquisitions at FYX and price increases during the period.
  • Railroad segment: Revenues increased by $11.5 million, mainly due to an increase in both carloads and rates per car, as well as the implementation of a fuel surcharge.
  • Jefferson Terminal segment: Revenues increased by $8.1 million, primarily attributed to higher throughput volumes at Jefferson Terminal and the commencement of a butane throughput contract at Repauno.
  • Repauno segment: Revenues increased by $5.0 million, driven by the commencement of a butane throughput contract in April 2023.

Strengths

FIP demonstrated strength in its revenue growth for the latest quarter. The increase in total revenues can be attributed to various factors, including the acquisition and consolidation of FYX, higher throughput volumes at Jefferson Terminal, and improved performance in the Railroad segment. Management's focus on expanding the business lines and optimizing operations has contributed to the positive financial performance.

Challenges

Despite the overall increase in revenues, FIP faced challenges in certain areas. Roadside services revenue decreased at FYX during the quarter, impacting the total revenues. Additionally, the company incurred acquisition and transaction expenses, which contributed to the overall increase in expenses.

Noteworthy

It is noteworthy that FIP's total revenues for the nine months ended September 30, 2023, increased by $23.8 million compared to the same period last year. This growth was primarily driven by new business acquisitions at FYX and price increases during the period.

Summary

FIP reported an increase in total revenues for the latest quarter, driven by growth in the Corporate and Other, Railroad, Jefferson Terminal, and Repauno segments. The company's strategic acquisitions, higher throughput volumes, and improved performance in certain segments contributed to the positive revenue growth. However, challenges in roadside services revenue and acquisition expenses should be monitored. Overall, FIP's financial performance reflects its efforts to expand and optimize operations in various business lines.

Source documents

Form 10-Q  filed on Oct 27, 2023
5 pages scanned

Reference data

Company financials Q3 revenue 71.4M
Analyst estimates Q3 EPS beat by 436.36%
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