Ormat Technologies, Inc. (NYSE: ORA), a leading geothermal, energy
storage, solar PV and recovered energy power company, today
announced financial results for the second quarter ended June 30,
2022.
KEY FINANCIAL RESULTS
|
Q2 2022 |
Q2 2021 |
Change (%) |
H1 2022 |
H1 2021 |
Change (%) |
GAAP Measures |
|
|
|
|
|
|
Revenues ($ millions) |
|
|
|
|
|
|
Electricity |
151.2 |
|
133.9 |
|
12.9 |
% |
313.7 |
|
278.9 |
|
12.5 |
% |
Product |
10.4 |
|
7.4 |
|
40.2 |
% |
25.0 |
|
16.1 |
|
55.9 |
% |
Energy Storage |
7.5 |
|
5.6 |
|
33.1 |
% |
14.1 |
|
18.3 |
|
(23.4 |
)% |
Total Revenues |
169.1 |
|
146.9 |
|
15.1 |
% |
352.8 |
|
313.3 |
|
12.6 |
% |
|
|
|
|
|
|
|
Gross margin (%) |
|
|
|
|
|
|
Electricity |
36.8 |
% |
37.4 |
% |
|
39.4 |
% |
41.3 |
% |
|
Product |
0.2 |
% |
20.1 |
% |
|
4.2 |
% |
12.8 |
% |
|
Energy Storage |
25.3 |
% |
6.4 |
% |
|
19.8 |
% |
45.2 |
% |
|
Gross margin (%) |
34.1 |
% |
35.4 |
% |
|
36.1 |
% |
40.1 |
% |
|
|
|
|
|
|
|
|
Operating income ($
millions) |
38.6 |
|
28.6 |
|
34.9 |
% |
83.7 |
|
78.5 |
|
6.6 |
% |
Net income attributable to the
Company’s stockholders |
11.3 |
|
13.0 |
|
(13.6 |
)% |
29.7 |
|
28.3 |
|
5.0 |
% |
Diluted EPS ($) |
0.20 |
|
0.23 |
|
(13.0 |
)% |
0.53 |
|
0.50 |
|
6.0 |
% |
|
|
|
|
|
|
|
Non-GAAP Measures |
|
|
|
|
|
|
Adjusted Net income
attributable to the Company’s stockholders |
12.2 |
|
13.0 |
|
(6.7 |
)% |
32.0 |
|
37.1 |
|
(13.7 |
)% |
Adjusted Diluted EPS ($) |
0.22 |
|
0.23 |
|
(6.4 |
)% |
0.57 |
|
0.66 |
|
(14.0 |
)% |
Adjusted EBITDA1 ($ millions) |
100.7 |
|
84.5 |
|
19.1 |
% |
208.5 |
|
183.8 |
|
13.5 |
% |
“Ormat’s second quarter financial performance
demonstrated healthy top-line and Adjusted EBITDA growth, driven by
strong performance from our Electricity segment as well as our
Energy Storage Segment,” said Doron Blachar, Ormat’s Chief
Executive Officer. “Our robust top-line and solid margin capture
are driving significant expansion to both Adjusted EBITDA1 and
Operating Income. Our bottom line was negatively impacted by a $2.9
million after-tax loss related to foreign currency hedging that
reduced our earnings per share by approximately 5 cents. The strong
performance of our Electricity and Energy Storage segments is
expected to continue in the second half of the year, benefiting
from the ramp up in the operation of new five different projects
with a total capacity of 73MW added since the end of the first
quarter.”
“We are encouraged by our robust pipeline and
our ability to benefit from the attractive energy rates and
structure of the three portfolio PPAs we signed in Nevada and
California for up to 285MW. These agreements demonstrate the
increased demand for geothermal energy, while securing most of our
PPA renewals and the capacity we plan to add in the next few years
in the U.S. We remain confident with our long-term plans to
increase our combined geothermal, energy storage and solar
generating portfolio to approximately 1.5 GW by 2023 and to deliver
an annual Adjusted EBITDA of $500 million on a run-rate basis
towards the end of 2022,” Blachar added.
_______________1 Reconciliation is set forth
below in this release
FINANCIAL AND
RECENT BUSINESS HIGHLIGHTS
- Net income
attributable to the Company's stockholders and diluted EPS for the
second quarter of 2022 decreased 13.6% and 13.0%, respectively,
versus the prior year period. The decrease was mainly due to a $4.0
million pre-tax loss ($2.9 million after tax) from currency-related
headwinds attributed to a stronger U.S. dollar, and $1.1 million
pre-tax ($0.8 million after tax) of other expenses related to debt
extinguishment costs.
- Adjusted Net
income attributable to the Company's stockholders and adjusted
diluted EPS for the second quarter of 2022 decreased 6.7% and 6.4%,
respectively, versus the prior year period.
- Adjusted EBITDA
for the second quarter of 2022 was $100.7 million, an increase of
19.1% compared to $84.5 million in 2021, supported by growth in the
Electricity segment and lower G&A costs mainly as a result of
the reduction in legal costs.
- Electricity
segment revenues increased 12.9% for the second quarter of 2022,
compared to 2021, driven by focused execution against our strategic
plan, supported by the addition of the Terra-Gen assets to our
portfolio, the expansion of the Tungsten 2 power plant, and the
realization of higher prices and generation at Puna, partially
offset by the partial operation of the Heber 1 power plant and
Dixie Valley’s accelerated maintenance work.
- Product segment
revenues increased 40.2% to $10.4 million, and cost of revenues
increased 75%. In the second quarter, we recognized revenues for
contracts that were signed in 2021 and negatively impacted by
higher raw materials costs in 2022.
- Product segment
backlog grew this quarter by 20.1% compared to the first quarter of
2022. Backlog stands at $54.9 million as of August 03, 2022, and we
were able to sign contracts awarded earlier in the quarter totaling
approximately $20 million.
- Energy storage
segment revenues increased 33.1% to $7.5 million, primarily due to
a $2.4 million increase in revenues attributed to the PJM assets
related to an increase in commodity prices.
IN ADDITION, THE COMPANY:
- Signed two large
PPAs with NV Energy for up to 160 MW of Geothermal capacity.
- Executed a PPA
with CC Power for up to 125 MW of Geothermal capacity.
- Commenced
commercial operation of several projects including the CD4 and
Tungsten 2 geothermal power plants, Wister and Steamboat solar
plants, and Tierra Buena BESS, adding 73MW since the end of the
first quarter
- Strengthened its
financial flexibility with the offering of $431.3 million in green
convertible senior notes due in 2027 at an attractive coupon rate
of 2.5%. The proceeds were mainly used to refinance higher-cost
debt and the remainder will be used to support our renewable energy
growth.
- Buy back of
approximately 260K shares at an attractive price
- Prepaid $221.9
million of more expensive senior unsecured bond series 3.
- Improved the
diversity of its board of directors, adding two new highly skilled
female members
2022
GUIDANCE
- Total revenues
of between $710 million and $735 million.
- Electricity
segment revenues between $630 million and $640 million.
- Product segment
revenues of between $50 million and $60 million.
- Energy Storage
revenues of between $30 million and $35 million.
- Adjusted EBITDA
to be between $430million and $450million, including$15.0million
for business interruption insurance proceeds, of which5.2 million
were recorded in the six months ended June 30, 2022.
- Adjusted EBITDA
attributable to minority interest of approximately $38
million.
The Company provides a reconciliation of
Adjusted EBITDA, a non-GAAP financial measure for the three months
ended June 30, 2022. However, the Company does not provide guidance
on net income and is unable to provide a reconciliation for its
Adjusted EBITDA guidance range to net income without unreasonable
efforts due to high variability and complexity with respect to
estimating certain forward-looking amounts. These include
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 August 3, 2022, 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 August 31, 2022, to
stockholders of record as of the close of business on August 17,
2022. In addition, the Company expects to pay a quarterly dividend
of $0.12 per share in each of the next two quarters.
CONFERENCE CALL DETAILS
Ormat will host a conference call to discuss its
financial results and other matters discussed in this press release
on Thursday, August 4 at 10:00 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. A replay of the webcast will be available
approximately 120 minutes after the conclusion of the live call and
will be archived for 12 months.
|
|
|
Investors may access
the call by dialing: |
|
|
Canadian participant dial in
(toll free): |
1-833-950-0062 |
|
United States participant
international dial-in: |
1-844-200-6205 |
|
All other locations: |
+1-929-526-1599 |
|
Access code: |
044204 |
|
Conference
replay |
|
US Toll Free: |
1-866-813-9403 |
|
Canada: |
1-226-828-7578 |
|
International Toll: |
+44-204-525-0658 |
|
Replay Access Code: |
113274 |
|
|
|
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 1,168 MW with a 1,080
MW geothermal and solar generation portfolio that is spread
globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and
Guadeloupe, and an 88 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. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that we expect or
anticipate will or may occur in the future, including such matters
as our projections of annual revenues, expenses and debt service
coverage with respect to our debt securities, future capital
expenditures, business strategy, competitive strengths, goals,
development or operation of generation assets, market and industry
developments and the growth of our business and operations, are
forward-looking statements. When used in this press release, the
words “may”, “will”, “could”, “should”, “expects”, “plans”,
“anticipates”, “believes”, “estimates”, “predicts”, “projects”,
“potential”, or “contemplate” or the negative of these terms or
other comparable terminology are intended to identify
forward-looking statements, although not all forward-looking
statements contain such words or expressions. 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. Although we believe that our plans and objectives reflected
in or suggested by these forward-looking statements are reasonable,
we may not achieve these plans or objectives. Actual future results
may differ materially from those projected as a result of certain
risks and uncertainties and other risks described under "Risk
Factors" as described in Ormat’s annual report on Form 10-K filed
with the Securities and Exchange Commission (“SEC”) on February 25,
2022, and in Ormat’s subsequent quarterly reports on Form 10-Q and
annual reports on Form 10-K that are filed from time to time with
the SEC.
These forward-looking statements are made only
as of the date hereof, and, except as legally required, 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
SUBSIDIARIESCondensed Consolidated Statement of
OperationsFor the Three and Six-Month periods Ended June
30, 2022, and 2021
|
Three Months Ended June
30, |
Six Months Ended June 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
(Dollars in thousands, except per share data) |
Revenues: |
|
|
|
|
Electricity |
151,195 |
|
133,864 |
|
313,720 |
|
278,852 |
|
Product |
10,392 |
|
7,410 |
|
25,020 |
|
16,053 |
|
Energy storage
|
7,491 |
|
5,627 |
|
14,048 |
|
18,348 |
|
Total revenues |
169,078 |
|
146,901 |
|
352,788 |
|
313,253 |
|
Cost of revenues: |
|
|
|
|
Electricity |
95,517 |
|
83,736 |
|
190,038 |
|
163,587 |
|
Product |
10,367 |
|
5,924 |
|
23,980 |
|
13,998 |
|
Energy storage
|
5,593 |
|
5,266 |
|
11,264 |
|
10,046 |
|
Total cost of
revenues |
111,477 |
|
94,926 |
|
225,282 |
|
187,631 |
|
Gross profit |
57,601 |
|
51,975 |
|
127,506 |
|
125,622 |
|
Operating expenses: |
|
|
|
|
Research and development
expenses |
1,388 |
|
1,128 |
|
2,452 |
|
2,004 |
|
Selling and marketing
expenses |
3,952 |
|
3,988 |
|
8,317 |
|
8,264 |
|
General and administrative
expenses |
13,526 |
|
18,240 |
|
31,098 |
|
36,846 |
|
Write-off of Energy Storage projects and assets |
128 |
|
— |
|
1,954 |
|
— |
|
Operating
income |
38,607 |
|
28,619 |
|
83,685 |
|
78,508 |
|
Other income (expense): |
|
|
|
|
Interest
income |
179 |
|
808 |
|
521 |
|
1,071 |
|
Interest expense,
net |
(20,418 |
) |
(18,626 |
) |
(41,499 |
) |
(37,642 |
) |
Derivatives and foreign currency transaction gains
(losses) |
(3,998 |
) |
658 |
|
(3,738 |
) |
(16,208 |
) |
Income attributable to sale of tax
benefits |
9,527 |
|
7,420 |
|
17,232 |
|
13,775 |
|
Other non-operating income (expense),
net |
(1,260 |
) |
(21 |
) |
(1,185 |
) |
(352 |
) |
Income from operations before income tax and equity in earnings
(losses) of
investees |
22,637 |
|
18,858 |
|
55,016 |
|
39,152 |
|
Income tax (provision)
benefit |
(6,130 |
) |
(4,268 |
) |
(16,293 |
) |
(7,275 |
) |
Equity in earnings (losses) of
investees, net |
(1,562 |
) |
605 |
|
(985 |
) |
1,147 |
|
Net income |
14,945 |
|
15,195 |
|
37,738 |
|
33,024 |
|
Net income attributable to noncontrolling interest |
(3,685 |
) |
(2,169 |
) |
(8,048 |
) |
(4,739 |
) |
Net income attributable to the Company's
stockholders |
11,260 |
|
13,026 |
|
29,690 |
|
28,285 |
|
Earnings per share
attributable to the Company's stockholders: |
|
|
|
|
Basic: |
0.20 |
|
0.23 |
|
0.53 |
|
0.51 |
|
Diluted: |
0.20 |
|
0.23 |
|
0.53 |
|
0.50 |
|
Weighted average number of shares used in computation of earnings
per share attributable to the Company's stockholders: |
|
|
|
|
Basic |
56,114 |
|
55,992 |
|
56,089 |
|
55,990 |
|
Diluted |
56,498 |
|
56,316 |
|
56,431 |
|
56,502 |
|
ORMAT TECHNOLOGIES, INC AND
SUBSIDIARIESCondensed Consolidated Balance
SheetFor the Periods Ended June 30, 2022, and December 31,
2021
|
June 30, 2022 |
|
December 31, 2021 |
ASSETS |
Current assets: |
|
|
|
Cash and cash
equivalents |
263,425 |
|
|
239,278 |
|
Marketable securities at fair
value |
— |
|
|
43,343 |
|
Restricted cash and cash equivalents
|
92,956 |
|
|
104,166 |
|
Receivables: |
|
|
|
Trade |
123,398 |
|
|
122,944 |
|
Other |
18,910 |
|
|
18,144 |
|
Inventories |
32,213 |
|
|
28,445 |
|
Costs and estimated earnings in excess of billings on uncompleted
contracts |
13,823 |
|
|
9,692 |
|
Prepaid expenses and
other |
40,883 |
|
|
35,920 |
|
Total current
assets |
585,608 |
|
|
601,932 |
|
Investment in unconsolidated
companies |
114,699 |
|
|
105,886 |
|
Deposits and
other |
40,942 |
|
|
78,915 |
|
Deferred income
taxes |
137,961 |
|
|
143,450 |
|
Property, plant and equipment,
net |
2,287,498 |
|
|
2,294,973 |
|
Construction-in-process
|
912,376 |
|
|
721,483 |
|
Operating leases right of use
|
19,935 |
|
|
19,357 |
|
Finance leases right of use
|
5,541 |
|
|
6,414 |
|
Intangible assets,
net |
347,216 |
|
|
363,314 |
|
Goodwill |
90,200 |
|
|
89,954 |
|
Total assets |
4,541,976 |
|
|
4,425,678 |
|
|
|
|
|
LIABILITIES AND EQUITY |
Current liabilities: |
|
|
|
Accounts payable and accrued
expenses |
144,522 |
|
|
143,186 |
|
Billings in excess of costs and estimated earnings on uncompleted
contracts |
12,707 |
|
|
9,248 |
|
Current portion of long-term debt: |
|
|
|
Limited and non-recourse (primarily related to VIEs): |
76,976 |
|
|
61,695 |
|
Full recourse |
101,614 |
|
|
313,846 |
|
Financing
Liability |
13,039 |
|
|
10,835 |
|
Operating lease
liabilities |
2,242 |
|
|
2,564 |
|
Finance lease
liabilities |
2,013 |
|
|
2,782 |
|
Total current
liabilities |
353,113 |
|
|
544,156 |
|
Long-term debt, net of current
portion: |
|
|
|
Limited and non-recourse: |
492,402 |
|
|
539,664 |
|
Full recourse: |
714,039 |
|
|
740,335 |
|
Convertible senior
notes |
420,418 |
|
|
— |
|
Financing
liability |
236,057 |
|
|
242,029 |
|
Operating lease
liabilities |
17,394 |
|
|
16,462 |
|
Finance lease
liabilities |
4,135 |
|
|
4,361 |
|
Liability associated with sale
of tax
benefits |
122,894 |
|
|
134,953 |
|
Deferred income
taxes |
80,965 |
|
|
84,662 |
|
Liability for unrecognized tax
benefits |
6,244 |
|
|
5,730 |
|
Liabilities for severance
pay |
14,288 |
|
|
15,694 |
|
Asset retirement
obligation |
87,483 |
|
|
84,891 |
|
Other long-term
liabilities |
4,254 |
|
|
4,951 |
|
Total
liabilities |
2,553,686 |
|
|
2,417,888 |
|
|
|
|
|
Commitments and
contingencies |
|
|
|
Redeemable noncontrolling
interest |
8,996 |
|
|
9,329 |
|
|
|
|
|
Equity: |
|
|
|
The Company's stockholders' equity: |
|
|
|
Common stock |
56 |
|
|
56 |
|
Additional paid-in
capital |
1,253,242 |
|
|
1,271,925 |
|
Treasury stock, at cost
|
(17,964 |
) |
|
— |
|
Retained
earnings |
601,441 |
|
|
585,209 |
|
Accumulated other comprehensive income
(loss) |
(4,148 |
) |
|
(2,191 |
) |
Total stockholders' equity attributable to Company's
stockholders |
1,832,627 |
|
|
1,854,999 |
|
Noncontrolling
interest |
146,667 |
|
|
143,462 |
|
Total equity |
1,979,294 |
|
|
1,998,461 |
|
Total liabilities, redeemable noncontrolling interest and
equity |
4,541,976 |
|
|
4,425,678 |
|
ORMAT TECHNOLOGIES, INC AND
SUBSIDIARIESReconciliation of EBITDA and Adjusted
EBITDA For the Three- and Six-Month Periods Ended June 30,
2022, and 2021
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 U.S. 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.
We use EBITDA and Adjusted EBITDA as a performance metric because
it is a metric used by our Board of Directors and senior management
in evaluating 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 six-Month periods
ended June 30, 2022, and 2021.
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2022 |
|
|
2021 |
|
|
|
2022 |
|
|
2021 |
|
|
(Dollars in thousands) |
|
(Dollars in thousands) |
Net income
|
$ |
14,945 |
|
$ |
15,195 |
|
|
$ |
37,738 |
|
$ |
33,024 |
|
Adjusted for: |
|
|
|
|
|
|
|
Interest expense, net (including amortization of deferred financing
costs) |
|
20,239 |
|
|
17,818 |
|
|
|
40,978 |
|
|
36,571 |
|
Income tax provision
(benefit) |
|
6,130 |
|
|
4,268 |
|
|
|
16,293 |
|
|
7,275 |
|
Adjustment to investment in an unconsolidated company: our
proportionate share in interest expense, tax and depreciation and
amortization in Sarulla |
|
4,167 |
|
|
2,899 |
|
|
|
6,291 |
|
|
5,364 |
|
Depreciation and amortization
|
|
47,334 |
|
|
42,126 |
|
|
|
94,103 |
|
|
82,955 |
|
EBITDA
|
$ |
92,815 |
|
$ |
82,306 |
|
|
$ |
195,403 |
|
$ |
165,189 |
|
Mark-to-market (gains) or
losses from accounting for derivative |
|
3,634 |
|
|
(990 |
) |
|
|
3,911 |
|
|
1,096 |
|
Stock-based compensation
|
|
2,999 |
|
|
2,623 |
|
|
|
5,813 |
|
|
4,720 |
|
Make-whole premium related to
long-term debt prepayment |
|
1,102 |
|
|
— |
|
|
|
1,102 |
|
|
— |
|
Reversal of a contingent
liability |
|
— |
|
|
— |
|
|
|
— |
|
|
(418 |
) |
Allowance for bad debts |
|
— |
|
|
— |
|
|
|
115 |
|
|
2,980 |
|
Hedge losses resulting from
February power crisis in
Texas |
|
— |
|
|
— |
|
|
|
— |
|
|
9,133 |
|
Write-off related to Storage
projects and activity |
|
128 |
|
|
— |
|
|
|
1,953 |
|
|
— |
|
Merger and acquisition
transaction costs
|
|
— |
|
|
474 |
|
|
|
249 |
|
|
958 |
|
Other
write-off |
|
— |
|
|
134 |
|
|
|
— |
|
|
134 |
|
Adjusted EBITDA
|
$ |
100,678 |
|
$ |
84,547 |
|
|
$ |
208,546 |
|
$ |
183,792 |
|
ORMAT TECHNOLOGIES, INC AND
SUBSIDIARIESReconciliation of Adjusted Net Income
attributable to the Company's stockholders and Adjusted EPS For the
Three and Six-month Periods Ended June 30, 2022, and 2021
Adjusted Net Income attributable to the
Company’s stockholders and Adjusted EPS are adjusted for one-time
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-month periods ended June 30, 2022 and 2021.
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
(in millions, except for
EPS) |
|
|
|
|
|
|
|
GAAP Net income attributable
to the Company's stockholders |
$11.3 |
|
$13.0 |
|
$29.7 |
|
$28.3 |
One-time net expense related
to February power crisis in Texas, net of taxes |
|
— |
|
|
— |
|
|
— |
|
|
8.8 |
Write-off of Energy Storage
projects and assets |
|
0.1 |
|
|
— |
|
|
1.5 |
|
|
— |
Make-whole premium related to
repayment of long-term debt |
|
0.8 |
|
|
— |
|
|
0.8 |
|
|
— |
|
|
|
|
|
|
|
|
Adjusted Net income
attributable to the Company's stockholders |
$12.2 |
|
$13.0 |
|
$32.0 |
|
$37.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted EPS |
|
0.20 |
|
|
0.23 |
|
|
0.53 |
|
|
0.50 |
One-time net expense related
to February power crisis in Texas, net of taxes |
|
— |
|
|
— |
|
|
— |
|
|
0.16 |
Write-off of Energy Storage
projects and assets |
|
0.0 |
|
|
— |
|
|
0.03 |
|
|
Make-whole premium related to
repayment of long-term debt |
|
0.02 |
|
|
— |
|
|
0.01 |
|
|
— |
|
|
|
|
|
|
|
|
Diluted Adjusted EPS |
|
0.22 |
|
|
0.23 |
|
|
0.57 |
|
|
0.66 |
|
|
|
Ormat Technologies Contact:Smadar LaviVP Head of IR and ESG
Planning & Reporting 775-356-9029 (ext.
65726)slavi@ormat.com |
|
Investor Relations Agency Contact:Sam Cohen or Joseph CaminitiAlpha
IR Group312-445-2870ORA@alpha-ir.com |
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