Shares of New Fortress Energy LLC (NFE) plummeted over 5% on Wednesday despite the company reporting better-than-expected revenue for the third quarter of 2024. The stock's decline came as investors reacted to the company's disappointing bottom-line performance and shrinking profit margins.

For the quarter ended September 30, 2024, New Fortress Energy reported revenue of $567.54 million, surpassing analysts' expectations of $526.67 million. However, the company's adjusted earnings per share (EPS) of $0.05 fell short of the consensus estimate of breakeven results. This marked a significant decline from the same quarter last year when the company reported EPS of $0.30.

The company's net income for the quarter stood at a mere $9.3 million, an 85% drop compared to the same period in 2023. Additionally, New Fortress Energy's profit margin contracted to 1.6%, down from 12% in the third quarter of 2023, further exacerbating investor concerns about the company's profitability.