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FTAI Infrastructure Inc. (FIP+3.05%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total revenues of $331.5 million, an increase from $320.5 million in 2023. The increase was primarily due to higher revenues in the Railroad, Jefferson Terminal, and Repauno segments.
Operating expenses decreased to $247.7 million from $253.7 million in the previous year. The decrease was mainly due to lower operating expenses in the Corporate and Other segment.
The company reported a net loss of $266.1 million for the year, compared to a net loss of $159.8 million in 2023. The increase in net loss was attributed to higher equity in losses of unconsolidated entities and increased asset impairment charges.
FTAI Infrastructure's total assets were $2.4 billion as of December 31, 2024, with total liabilities of $1.9 billion. The company had total consolidated assets of $2.4 billion and redeemable preferred stock and equity of $0.5 billion.
The company's liquidity and capital resources section indicates that FTAI Infrastructure has taken measures to ensure sufficient liquidity, including extending maturity dates of certain loan agreements and planning to accrue paid-in-kind dividends on its Series A Preferred Stock.
FTAI Infrastructure operates in four primary business lines: Railroad, Ports and Terminals, Power and Gas, and Sustainability and Energy Transition. The Railroad segment accounted for 54% of total revenue, while the Ports and Terminals segment accounted for 29%.
The filing details the company's strategy of investing in infrastructure assets with long-term growth potential, aiming for a diverse mix of high-quality infrastructure facilities and operations.
The company identified several risks, including competition in acquiring infrastructure assets, potential changes in interest rates, and reliance on a few large customers for a significant portion of its sales.
FTAI Infrastructure's management has approved plans to ensure liquidity, including not paying future dividends on common stock, except for the dividend declared on February 27, 2025, payable on March 26, 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the FTAI Infrastructure Inc. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.