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On August 9, 2024, Fortress announced its Q2 2024 financial results that missed analysts’ expectations. In addition, the Company lowered its adjusted EBITDA guidance for the second half of 2024. Management blamed it on delays in deploying its first floating liquefied natural gas (FLNG) export facility off the Mexican coast. Analysts questioned whether the explanation for the lowered guidance was “entirely adequate” and noted the Company’s “years of overly aggressive and opaque guidance.”
Following this news, Fortress’ stock price fell by $4.02 per share, or approximately 24% on the same day.