Ormat Technologies, Inc. (NYSE: ORA) today announced financial
results for the third quarter ended September 30, 2021.
KEY FINANCIAL RESULTS
|
Q3 2021 |
Q3 2020 |
Change (%) |
YTD 2021 |
YTD 2020 |
Change (%) |
GAAP Measures |
|
|
|
|
|
|
|
|
|
Revenues ($ millions) |
|
|
|
|
|
|
Electricity |
142.7 |
|
123.7 |
|
15.4 |
|
% |
421.5 |
|
395.2 |
|
6.7 |
|
% |
Product |
10.5 |
|
29.6 |
|
(64.5 |
) |
% |
26.6 |
|
120.7 |
|
(78.0 |
) |
% |
Energy Storage |
5.7 |
|
5.7 |
|
- |
|
% |
24.0 |
|
10.0 |
|
139.6 |
|
% |
Total
Revenues |
158.8 |
|
158.9 |
|
(0.1 |
) |
% |
472.1 |
|
526.0 |
|
(10.2 |
) |
% |
|
|
|
|
|
|
|
Gross margin
(%) |
|
|
|
|
|
|
Electricity |
42.8 |
% |
38.0 |
% |
|
41.8 |
% |
44.3 |
% |
|
Product |
12.8 |
% |
18.9 |
% |
|
12.8 |
% |
20.7 |
% |
|
Energy Storage |
12.2 |
% |
25.6 |
% |
|
37.5 |
% |
10.1 |
% |
|
Gross margin
(%) |
39.8 |
% |
34.0 |
% |
|
40.0 |
% |
38.3 |
% |
|
|
|
|
|
|
|
|
Operating income
($ millions) |
36.0 |
51.7 |
(30.4 |
) |
% |
114.5 |
160.8 |
(28.8 |
) |
% |
Net income
attributable to the Company’s stockholders |
14.9 |
15.7 |
(5.0 |
) |
% |
43.2 |
64.8 |
(33.3 |
) |
% |
Diluted EPS
($) |
0.26 |
0.31 |
(16.1 |
) |
|
% |
0.77 |
1.26 |
(38.9 |
) |
% |
|
|
|
|
|
|
|
Non-GAAP Measures 1 |
|
|
|
|
|
|
Adjusted Net
income attributable to the Company’s stockholders |
17.8 |
15.7 |
13.7 |
% |
55.7 |
64.8 |
(14.0 |
)% |
Adjusted Diluted
EPS ($) |
0.32 |
0.31 |
3.6 |
% |
0.99 |
1.26 |
(21.6 |
)% |
Adjusted EBITDA1
($ millions) |
101.6 |
107.1 |
(5.1 |
) |
% |
285.4 |
311.0 |
(8.2 |
) |
% |
(1) Reconciliation is set forth below in this
release
“We again delivered year-over-year growth in the
Electricity segment. The recent acquisition of two geothermal power
plants in Nevada, the stable operation of the Puna power plant at
26MW and the contribution of business interruption insurance
related to the Puna eruption helped us deliver sequential growth
despite the operational challenges and unexpected equipment issues
we recently experienced in some of our power plants. We made
progress in resolving these challenges and expect them to gradually
recover by the first half of 2022.” commented Doron Blachar, Chief
Executive Officer.
“Our product segment market continued to recover
from Covid impacts as we signed in the third quarter two supply
contracts in Nicaragua and in Indonesia,” continued
Blachar. “As a result, our product segment backlog
increased to $67 million, giving us a good start for this segment
going into 2022. As we move towards full operation of our portfolio
and continued recovery of our product segment, we expect to
increase top- and bottom-line growth, boosting overall
profitability and supporting the earnings power of the
Company.”
“We continue to make progress in our growth
plans in both our storage and geothermal portfolios, and we expect
to expand the capacity of the two geothermal assets that we
recently acquired and continue to accelerate our development in
Indonesia where a significant portion of the world’s geothermal
potential exists” concluded Blachar. “We are making steps toward
achieving our long-term goal of increasing our combined geothermal,
energy storage and solar generating portfolio to more than 1.5 GW
by 2023, supporting our target of an annual run-rate of more than
$500 million in Adjusted EBITDA towards the end of 2022.”
FINANCIAL AND BUSINESS HIGHLIGHTS
- Net income
attributable to the Company's stockholders was $14.9 million, or
$0.26 per diluted share, compared to $15.7 million, or $0.31 per
diluted share in the third quarter of last year, representing a
decrease of 5.0% and 16.1%, respectively, mainly as a result of
lower operating income driven mainly by a $9.0 million increase in
the G&A expenses;
- Adjusted net
income attributable to the Company’s stockholders was $17.8
million, or $0.32 per diluted share, compared to $15.7 million or
$0.31 per diluted share in 2020. Net income attributable to the
Company’s stockholders in the third quarter of 2021 was adjusted to
exclude transaction costs of $3.7 million pre-tax and $2.9 million
after tax related to the TG Geothermal assets acquisition.
- Electricity
segment revenues increased compared to the third quarter of last
year, supported by a contribution from the MGH Complex expansion,
Puna recovery and the recently completed acquisition of two plants
from TG Geothermal, partially offset by lower performance at our
Olkaria complex in Kenya, Bouillante power plant in Guadeloupe and
Brawley power plant in California. We expect to restore generating
capacity in the Bouillante and Brawley power plant by year-end and
in our Olkaria complex in the first half of 2022;
- Total business
interruption insurance income recorded in the third quarter 2021
was $15.8 million, of which $15.5 million was included in the
Electricity segment cost of revenues and impacted the segment gross
profit, and the balance of $0.3 million was included in operating
income, compared to $20.4 million in the third quarter 2020, of
which $2.6 million was included in the Electricity segment cost of
revenues and impacted the segment gross profit and the balance of
$17.8 million was included in the operating income. Excluding the
impact of business interruption insurance income, gross profit
increased 2.8% compared to the same quarter last year;
- Product segment
revenues decreased 64.5% to $10.5 million, down from $29.6 million
in the same quarter of last year, impacted primarily by
COVID-19;
- Energy Storage
segment revenues were $5.7 million, similar to last year;
- G&A expenses
in the third quarter of 2021 increased 62.0% from $14.5 million in
the third quarter of 2020 to $23.6 million this year. The increase
is mainly due to $5.5 million of transaction costs including costs
of $3.7 million related to the TG Geothermal acquisition that was
closed during July, legal costs associated with the business
interruption insurance claim and legal costs associated with the
investigation by the Special Committee;
- Product segment
backlog grew by 13.2% to $66.9 million as of November 3, 2021;
- Adjusted EBITDA
decreased 5.1% to $101.6 million, from $107.1 million in the third
quarter of last year mainly due to a combination of lower business
interruption income and higher G&A costs. In addition, the
benefit of the newly acquired assets from TG Geothermal was partly
offset by a $9.2 million year-over-year reduction in EBITDA as a
result of operational issues at three of our plants (a
reconciliation of GAAP net income to EBITDA and Adjusted EBITDA is
set forth below in this release);
In addition, the Company:
- Completed a
$38.9 million tax equity partnership transaction for the Steamboat
Hills geothermal power plant with additional future payments of
approximately $5.3 million, whereby the Company will continue to
operate and maintain the power plant and will receive substantially
all of the distributable cash flow generated by the power
plant;
- Signed a JV
agreement with a local Indonesian gold mining company to explore
the Toka Tindung project located in the Bitung area of the North
Sulawesi region, Indonesia. The Company is expected to hold a 75%
interest in the project;
- Signed a supply
contract with Polaris Infrastructure Inc. (TSX: PIF) for a 10 MW
power plant located in Nicaragua; and,
- Signed a
Long-Term Resource Adequacy agreement with Pacific Gas and Electric
Company (PG&E) for the 20MW/40MWh Pomona-2 facility that is
currently under construction.
2021 GUIDANCE
- Total revenues of between $652 million and $675 million;
- Electricity segment revenues between $585 million and $595
million;
- Product segment revenues of between $40 million and $50
million;
- Energy Storage revenues of between $27 million and $30
million;
- Adjusted EBITDA to be between $400 million and $410
million; • Adjusted EBITDA includes insurance proceeds
related to the 2018 Puna insurance claim of $15.8 million.
• Adjusted EBITDA attributable to minority interest of
approximately $31 million.
The Company provides a reconciliation of
Adjusted EBITDA, a non-GAAP financial measure for the three and
nine months ended September 30, 2021. However, the Company is
unable to provide a reconciliation for its Adjusted EBITDA guidance
range due to the high variability and complexity with respect to
estimating forward looking amounts for impairments and disposition
and acquisition of business interests, income tax expense, and
other non-cash expenses and adjusting items that are excluded from
the calculation of Adjusted EBITDA.
DIVIDEND
On November 3, 2021, the Company’s Board of
Directors declared, approved, and authorized payment of a quarterly
dividend of $0.12 per share pursuant to the Company’s dividend
policy. The dividend will be paid on December 3, 2021, to
stockholders of record as of the close of business on November 17,
2021.
CONFERENCE CALL DETAILS
Ormat will host a conference call to discuss its
financial results and other matters discussed in this press release
on Thursday, November 4, at 10 a.m. ET. The call will be available
as a live, listen-only webcast at investor.ormat.com. During the
webcast, management will refer to slides that will be posted on the
website. The slides and accompanying webcast can be accessed
through the News & Events in the Investor Relations section of
Ormat’s website.
An archive of the webcast will be available
approximately 60 minutes after the conclusion of the live call.
Investors may access the call by dialing:
Participant
dial in (toll free): |
|
1-844-200-6205 |
Participant international dial-in: |
|
1-929-526-1599 |
Participant access code |
|
248607 |
|
|
|
Conference replay |
|
|
US Toll Free: |
|
1-866 813 9403 |
International Toll: |
|
+44 204 525 0658 |
Replay Access Code: |
|
355169 |
|
|
|
ABOUT ORMAT TECHNOLOGIES
With over five decades of experience, Ormat
Technologies, Inc. is a leading geothermal company and the only
vertically integrated company engaged in geothermal and recovered
energy generation (“REG”), with robust plans to accelerate
long-term growth in the energy storage market and to establish a
leading position in the U.S. energy storage market. The Company
owns, operates, designs, manufactures and sells geothermal and REG
power plants primarily based on the Ormat Energy Converter – a
power generation unit that converts low-, medium- and
high-temperature heat into electricity. The Company has engineered,
manufactured and constructed power plants, which it currently owns
or has installed for utilities and developers worldwide, totaling
approximately 3,200 MW of gross capacity. Ormat leveraged its core
capabilities in the geothermal and REG industries and its global
presence to expand the Company’s activity into energy storage
services, solar Photovoltaic (PV) and energy storage plus Solar PV.
Ormat’s current total generating portfolio is 1.1 GW with 1,015 MW
of geothermal and Solar generation portfolio that is spread
globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and
Guadeloupe, and 83 MW energy storage portfolio that is located in
the U.S.
ORMAT’S SAFE HARBOR STATEMENT
Information provided in this press release may
contain statements relating to current expectations, estimates,
forecasts and projections about future events that are
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
generally relate to Ormat's plans, objectives and expectations for
future operations and are based upon its management's current
estimates and projections of future results or trends. Actual
future results may differ materially from those projected as a
result of certain risks and uncertainties.
For a discussion of such risks and
uncertainties, see "Risk Factors" as described in Ormat’s Form 10-K
filed with the Securities and Exchange Commission (“SEC”) on
February 26, 2021 and from time to time, in Ormat’s quarterly
reports on Form 10-Q that are filed with the SEC.
These forward-looking statements are made only
as of the date hereof, and we undertake no obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Condensed Consolidated Statement of
OperationsFor the Three and Nine Month Periods Ended September 30,
2021 and 2020
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
2021 |
2020 |
2021 |
2020 |
|
(Dollars in thousands, except per share data) |
Revenues: |
|
|
|
|
Electricity |
142,651 |
|
123,660 |
|
421,503 |
|
395,201 |
|
Product |
10,527 |
|
29,625 |
|
26,580 |
|
120,737 |
|
Energy storage
|
5,664 |
|
5,662 |
|
24,012 |
|
10,022 |
|
Total
revenues |
158,842 |
|
158,947 |
|
472,095 |
|
525,960 |
|
Cost of revenues: |
|
|
|
|
Electricity |
81,549 |
|
76,670 |
|
245,136 |
|
219,988 |
|
Product |
9,182 |
|
24,037 |
|
23,180 |
|
95,724 |
|
Energy storage
|
4,971 |
|
4,210 |
|
15,017 |
|
9,014 |
|
Total cost of
revenues |
95,702 |
|
104,917 |
|
283,333 |
|
324,726 |
|
Gross
profit |
63,140 |
|
54,030 |
|
188,762 |
|
201,234 |
|
Operating expenses: |
|
|
|
|
Research and development
expenses |
1,175 |
|
1,490 |
|
3,179 |
|
4,281 |
|
Selling and marketing
expenses |
2,671 |
|
4,076 |
|
10,935 |
|
13,724 |
|
General and administrative
expenses |
23,554 |
|
14,539 |
|
60,400 |
|
43,154 |
|
Business interruption insurance
income |
(248 |
) |
(17,761 |
) |
(248 |
) |
(20,743 |
) |
Operating
income |
35,988 |
|
51,686 |
|
114,496 |
|
160,818 |
|
Other income (expense): |
|
|
|
|
Interest
income |
519 |
|
626 |
|
1,590 |
|
1,469 |
|
Interest expense,
net |
(22,230 |
) |
(21,756 |
) |
(59,872 |
) |
(58,814 |
) |
Derivatives and foreign currency transaction gains
(losses) |
(21 |
) |
1,047 |
|
(16,229 |
) |
2,111 |
|
Income attributable to sale of tax
benefits |
7,879 |
|
7,014 |
|
21,654 |
|
16,818 |
|
Other non-operating income (expense),
net |
44 |
|
961 |
|
(308 |
) |
1,343 |
|
Income from operations before income tax and equity in
earnings (losses) of
investees |
22,179 |
|
39,578 |
|
61,331 |
|
123,745 |
|
Income tax
provision |
(2,048 |
) |
(15,361 |
) |
(9,323 |
) |
(45,275 |
) |
Equity in earnings (losses) of
investees, net |
649 |
|
(1,119 |
) |
1,796 |
|
(196 |
) |
Net
income |
20,780 |
|
23,098 |
|
53,804 |
|
78,274 |
|
Net income attributable to noncontrolling
interest |
(5,878 |
) |
(7,419 |
) |
(10,617 |
) |
(13,516 |
) |
Net income attributable to the Company's
stockholders |
14,902 |
|
15,679 |
|
43,187 |
|
64,758 |
|
Earnings per share
attributable to the Company's stockholders: |
|
|
|
|
Basic |
0.27 |
|
0.31 |
|
0.77 |
|
1.27 |
|
Diluted |
0.26 |
|
0.31 |
|
0.77 |
|
1.26 |
|
Weighted average number of shares used in computation of earnings
per share attributable to the Company's stockholders: |
|
|
|
|
Basic |
56,003 |
|
51,072 |
|
55,995 |
|
51,051 |
|
Diluted |
56,298 |
|
51,282 |
|
56,413 |
|
51,386 |
|
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Condensed Consolidated Balance SheetFor the
Periods Ended September 30, 2021 and December 31, 2020
|
September 30, 2021 |
|
December 31, 2020 |
ASSETS |
Current assets: |
|
|
|
Cash and cash
equivalents |
267,802 |
|
|
|
448,252 |
|
|
Marketable securities at fair
value |
45,479 |
|
|
|
— |
|
|
Restricted cash and cash equivalents
|
88,498 |
|
|
|
88,526 |
|
|
Receivables: |
|
|
|
Trade |
140,314 |
|
|
|
149,170 |
|
|
Other |
27,346 |
|
|
|
17,987 |
|
|
Inventories |
27,356 |
|
|
|
35,321 |
|
|
Costs and estimated earnings in excess of billings on uncompleted
contracts |
9,324 |
|
|
|
24,544 |
|
|
Prepaid expenses and
other |
29,320 |
|
|
|
15,354 |
|
|
Total current
assets |
635,439 |
|
|
|
779,154 |
|
|
Investment in unconsolidated
companies |
109,725 |
|
98,217 |
Deposits and
other |
61,716 |
|
66,989 |
Deferred income
taxes |
149,178 |
|
119,299 |
Property, plant and equipment,
net |
2,298,903 |
|
2,099,046 |
Construction-in-process
|
615,482 |
|
479,315 |
Operating leases right of use
|
19,690 |
|
16,347 |
|
|
Finance leases right of use
|
7,002 |
|
11,633 |
|
|
Intangible assets,
net |
370,889 |
|
194,421 |
Goodwill |
91,342 |
|
|
|
24,566 |
|
|
Total
assets |
4,359,366 |
|
|
|
3,888,987 |
|
|
|
|
|
|
LIABILITIES AND EQUITY |
Current liabilities: |
|
|
|
Accounts payable and accrued
expenses |
127,432 |
|
152,763 |
Billings in excess of costs and estimated earnings on uncompleted
contracts |
15,829 |
|
|
|
11,179 |
|
|
Current portion of long-term debt: |
|
|
|
Limited and non-recourse: |
|
|
|
Senior secured
notes |
25,391 |
|
24,949 |
Other
loans |
36,203 |
|
35,897 |
Full
recourse |
312,661 |
|
17,768 |
Operating lease
liabilities |
2,902 |
|
2,922 |
|
|
Finance
liabilities |
13,854 |
|
|
|
3,169 |
|
|
Total current
liabilities |
534,272 |
|
|
|
248,647 |
|
|
Long-term debt, net of current
portion: |
|
|
|
Limited and non-recourse: |
|
|
|
Senior secured
notes |
296,382 |
|
315,195 |
Other loans
|
258,916 |
|
284,928 |
Full recourse: |
742,978 |
|
|
|
777,090 |
|
|
Operating lease
liabilities |
16,650 |
|
|
|
12,897 |
|
|
Finance
liabilities |
246,722 |
|
|
|
9,104 |
|
|
Liability associated with sale
of tax
benefits |
97,714 |
|
111,476 |
Deferred income
taxes |
85,922 |
|
87,972 |
Liability for unrecognized tax
benefits |
3,677 |
|
1,970 |
Liabilities for severance
pay |
16,598 |
|
18,749 |
Asset retirement
obligation |
71,628 |
|
63,457 |
Other long-term
liabilities |
6,009 |
|
6,235 |
Total
liabilities |
2,377,468 |
|
1,937,720 |
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Redeemable noncontrolling
interest |
9,542 |
|
|
|
9,830 |
|
|
|
|
|
|
Equity: |
|
|
|
The Company's stockholders' equity: |
|
|
|
Common
stock |
56 |
|
56 |
Additional paid-in
capital |
1,269,568 |
|
1,262,446 |
Retained
earnings |
573,408 |
|
550,103 |
Accumulated other comprehensive income
(loss) |
(9,647 |
) |
|
|
(6,620 |
) |
|
Total stockholders' equity attributable to
Company's
stockholders |
1,833,385 |
|
|
|
1,805,985 |
|
|
Noncontrolling
interest |
138,971 |
|
|
|
135,452 |
|
|
Total
equity |
1,972,356 |
|
|
|
1,941,437 |
|
|
Total liabilities, redeemable noncontrolling
interest and
equity |
4,359,366 |
|
|
|
3,888,987 |
|
|
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Reconciliation of EBITDA and Adjusted EBITDA For
the Three and Nine-Month Periods Ended September 30, 2021 and
2020
We calculate EBITDA as net income before
interest, taxes, depreciation and amortization. We calculate
Adjusted EBITDA as net income before interest, taxes, depreciation
and amortization, adjusted for (i) termination fees, (ii)
impairment of long-lived assets, (iii) write-off of unsuccessful
exploration activities, (iv) any mark-to-market gains or losses
from accounting for derivatives, (v) merger and acquisition
transaction costs, (vi) stock-based compensation, (vii) gain or
loss from extinguishment of liabilities, (viii) gain or loss on
sale of subsidiary and property, plant and equipment and (ix) other
unusual or non-recurring items. EBITDA and Adjusted EBITDA are not
measurements of financial performance or liquidity under accounting
principles generally accepted in the United States, or GAAP, and
should not be considered as an alternative to cash flow from
operating activities or as a measure of liquidity or an alternative
to net earnings as indicators of our operating performance or any
other measures of performance derived in accordance with U.S. GAAP.
Our board of directors and senior management use EBITDA and
Adjusted EBITDA to evaluate our financial performance. However,
other companies in our industry may calculate EBITDA and Adjusted
EBITDA differently than we do.
The following table reconciles net income to
EBITDA and Adjusted EBITDA for the three and nine-month periods
ended September 30, 2021 and 2020.
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
(Dollars in thousands) |
|
(Dollars in thousands) |
Net income
|
$ |
20,780 |
|
|
$ |
23,098 |
|
|
$ |
53,804 |
|
|
|
$ |
78,274 |
|
|
|
Adjusted for: |
|
|
|
|
|
|
|
|
Interest expense, net (including amortization of deferred financing
costs) |
21,711 |
|
|
21,130 |
|
|
58,282 |
|
|
|
57,345 |
|
|
|
Income tax provision (benefit)
|
2,048 |
|
|
15,361 |
|
|
9,323 |
|
|
|
45,275 |
|
|
|
Adjustment to investment in an unconsolidated company: our
proportionate share in interest expense, tax and depreciation and
amortization in Sarulla |
2,889 |
|
|
4,395 |
|
|
8,253 |
|
|
|
10,271 |
|
|
|
Depreciation and amortization
|
47,548 |
|
|
39,628 |
|
|
130,503 |
|
|
|
111,728 |
|
|
|
EBITDA
|
$ |
94,976 |
|
|
$ |
103,612 |
|
|
$ |
260,165 |
|
|
|
$ |
302,893 |
|
|
|
Mark-to-market (gains) or
losses from accounting for derivative |
— |
|
|
431 |
|
|
1,096 |
|
|
|
(1,612 |
) |
|
|
Stock-based compensation
|
2,120 |
|
|
2,807 |
|
|
6,840 |
|
|
|
7,060 |
|
|
|
Reversal of a contingent
liability |
— |
|
|
— |
|
|
(418 |
) |
|
|
— |
|
|
|
Allowance for bad debts
related to February power crisis in Texas |
— |
|
|
— |
|
|
2,980 |
|
|
|
— |
|
|
|
Hedge losses resulting from
February power crisis in
Texas |
— |
|
|
— |
|
|
9,133 |
|
|
|
— |
|
|
|
Merger and acquisition
transaction costs
|
4,539 |
|
|
211 |
|
|
5,497 |
|
|
|
1,369 |
|
|
|
Other
write-off |
— |
|
|
— |
|
|
134 |
|
|
|
— |
|
|
|
Settlement
expenses |
— |
|
|
— |
|
|
— |
|
|
|
1,277 |
|
|
|
Adjusted EBITDA
|
$ |
101,635 |
|
|
$ |
107,061 |
|
|
$ |
285,427 |
|
|
|
$ |
310,987 |
|
|
|
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Reconciliation of Adjusted Net Income
attributable to the Company's stockholders and Adjusted EPS For the
Three and Nine-Month Periods Ended September 30, 2021 and 2020
Adjusted Net Income attributable to the
Company's stockholders and Adjusted EPS are adjusted for expense
items that are not representative of our ongoing business and
operations. The use of Adjusted Net income attributable to the
Company's stockholders and Adjusted EPS is intended to enhance the
usefulness of our financial information by providing measures to
assess the overall performance of our ongoing business.
The following tables reconciles Net income
attributable to the Company's stockholders and Adjusted EPS for the
Three and Nine-month periods ended September 30, 2021 and 2020.
|
Three Months Ended September 30, 2021 |
|
Nine Months Ended September 30, 2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
(in millions, except for
EPS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income attributable
to the Company's stockholders |
$ |
14.9 |
|
$ |
15.7 |
|
$ |
43.2 |
|
$ |
64.8 |
|
|
|
|
|
|
|
|
|
|
|
|
One-time net expense related
to February power crisis in Texas, net of taxes |
|
— |
|
|
— |
|
|
8.8 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition costs related to
TG Geothermal Portfolio transaction, net of taxes |
$ |
2.9 |
|
|
— |
|
$ |
3.7 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net income
attributable to the Company's stockholders |
$ |
17.8 |
|
$ |
15.7 |
|
$ |
55.7 |
|
$ |
64.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted EPS |
$ |
0.26 |
|
$ |
0.31 |
|
$ |
0.77 |
|
$ |
1.26 |
|
|
|
|
|
|
|
|
|
|
|
|
One-time net expense related
to February power crisis in Texas, net of taxes |
|
— |
|
|
— |
|
|
0.16 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition costs related to
TG Geothermal Portfolio transaction, net of taxes |
$ |
0.06 |
|
|
— |
|
$ |
0.07 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Adjusted EPS |
$ |
0.32 |
|
$ |
0.31 |
|
$ |
0.99 |
|
$ |
1.26 |
1 Reconciliation is set forth below in this
release
Ormat Technologies Contact:Smadar LaviVP Corporate Finance and Head
of Investor Relations775-356-9029 (ext. 65726)slavi@ormat.com |
|
Investor Relations Agency Contact:Rob FinkFNK
IR646-415-8972rob@FNKIR.com |
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