Ormat Technologies, Inc. (NYSE: ORA), a leading geothermal, energy
storage, solar PV and recovered energy power company, today
announced financial results for the third quarter ended September
30, 2022.
KEY FINANCIAL RESULTS
|
Q3 2022 |
Q3 2021 |
Change (%) |
9-months2022 |
9-months2021 |
Change (%) |
GAAP Measures |
|
|
|
|
|
|
Revenues ($ millions) |
|
|
|
|
|
|
Electricity |
152.8 |
142.7 |
7.1% |
466.5 |
421.5 |
10.7% |
Product |
14.2 |
10.5 |
35.1% |
39.2 |
26.6 |
47.6% |
Energy Storage |
8.8 |
5.7 |
56.2% |
22.9 |
24.0 |
(4.6)% |
Total Revenues |
175.9 |
158.8 |
10.7% |
528.7 |
472.1 |
12.0% |
|
|
|
|
|
|
|
Gross Profit ($ millions) |
61.1 |
63.1 |
-3.2% |
188.6 |
188.8 |
(0.1)% |
|
|
|
|
|
|
|
Gross margin (%) |
|
|
|
|
|
|
Electricity |
36.5% |
42.8% |
|
38.5% |
41.8% |
|
Product |
18.0% |
12.8% |
|
9.2% |
12.8% |
|
Energy Storage |
31.5% |
12.2% |
|
24.3% |
37.5% |
|
Gross margin (%) |
34.7% |
39.8% |
|
35.7% |
40.0% |
|
|
|
|
|
|
|
|
Operating income ($
millions) |
38.9 |
36.0 |
8.1% |
122.6 |
114.5 |
7.1% |
Net income attributable to the
Company’s stockholders ($ millions) |
18.1 |
14.9 |
21.5% |
47.8 |
43.2 |
10.7% |
Diluted EPS ($) |
0.32 |
0.26 |
23.1% |
0.85 |
0.77 |
10.4% |
|
|
|
|
|
|
|
Non-GAAP Measures |
|
|
|
|
|
|
Adjusted Net income
attributable to the Company’s stockholders ($ millions) |
18.8 |
17.8 |
5.3% |
50.8 |
55.7 |
(8.8)% |
Adjusted Diluted EPS ($) |
0.33 |
0.32 |
2.5% |
0.90 |
0.99 |
(9.3)% |
Adjusted EBITDA1 ($ millions) |
102.2 |
101.6 |
0.6% |
310.8 |
285.4 |
8.9% |
“Ormat’s third quarter financial performance
demonstrated strong growth to our consolidated top-line, driven by
continued momentum in our Electricity and Energy Storage Segments
along with a notable improvement in our Product Segment,” said
Doron Blachar, Ormat’s Chief Executive Officer. “Our fourth
consecutive quarter of top-line growth drove expansion in both our
Operating income and Net income. Adjusted EBITDA was flat
year-over-year driven by the absence of $15.8 million of insurance
proceeds received in relation to the Puna power plant in Hawaii
during the third quarter of last year. Also, gross margin of the
Electricity segment was impacted by the insurance proceeds related
to Puna, and excluding that, gross margin in the third quarter 2022
increased by 4.5% compared to last year. The continued growth in
our Electricity segment was supported by CD4 and Tungsten 2, which
commenced commercial operation in the last quarter, as well as
increased operations and higher electricity rates at Puna in the
third quarter. In the Product segment, newly negotiated and signed
contracts have improved our margins while strengthening our
backlog. Additionally, the increase in energy prices has boosted
energy storage revenues.”
“We remain on track with the commercial
operation of most of our geothermal projects. Despite a short-term
delay for some of our energy storage assets that will not
contribute revenues in 2022, we benefited from the increase in
energy prices for our energy storage operating assets. We continue
to see strong global tailwinds for renewables, specifically in the
USA and Indonesia. The elevated global price environment for fossil
fuels and increased focus on energy security supports 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 approximately $500 million on a
run-rate basis towards the end of 2022,” Blachar added.
FINANCIAL AND
RECENT BUSINESS HIGHLIGHTS
- Net income
attributable to the Company's stockholders and diluted EPS for the
third quarter of 2022 increased 21.5% and 23.1%, respectively,
versus the prior year period. This was a result of the increase in
operating income driven by all operating segments.
- Adjusted Net
income attributable to the Company's stockholders and adjusted
diluted EPS for the third quarter of 2022 increased 5.3% and 2.5%,
respectively, compared to last year.
- Adjusted EBITDA
for the third quarter of 2022 was $102.2 million, an increase of
0.6% compared to $101.6 million in 2021, supported by an 8.1%
increase in operating income driven mainly by the reduction in
G&A expenses due to lower legal expenses. This increase was
offset by the absence of $15.8 million in insurance proceeds
received in the third quarter last year.
- Electricity
segment revenues increased 7.1% for the third quarter of 2022,
compared to 2021, driven by the Tungsten and CD4 plants each
reaching their respective CODs and the Puna plant garnering higher
capacity along with improved energy rates. The segment revenue was
partially offset by the shutdown of the Heber 1 power plant due to
fire.
- Electricity
segment gross margin decreased to 36.5%. This decrease was driven
by one-off business interruption insurance proceeds of $15.5
million in relation to the Puna power plant in Hawaii, recorded in
the third quarter last year, causing a higher-than-normal gross
margin of 42.8% in the third quarter of 2021. Excluding these
business interruption proceeds, gross margin was 32.0%, an increase
of 4.5% compared to last year.
- We recorded in
the third quarter of 2022 $4.0 million of insurance proceeds
related to Heber 1 and a total of $7.4 million in the nine months
of 2022 as a reduction of the electricity cost of revenues.
- Product segment
revenues increased 35.1% to $14.2 million due to new contracts
signed in 2022.
- Product segment
backlog grew this quarter by approximately 150% compared to the
second quarter of 2022 driven by the $100 million in contracts
signed in the third quarter. Backlog stands at $137.1 million as of
November 3, 2022.
- Energy storage
segment revenues increased 56.2% to $8.8 million, primarily driven
by the increase in merchant prices in our main markets.
IN ADDITION, THE COMPANY:
- Signed a 15-year
power purchase agreement (tolling agreement) with California
utility for the 80MW/320MWh Bottleneck Battery Energy Storage
System located in California, subject to CPUC approval. The
Bottleneck project is the largest energy storage project currently
under construction and we expect to complete its construction by
year end 2023 and start selling services under the Energy Storage
PPA in early 2024.
- Commenced
commercial operation of the 30MW CD4 geothermal project.
- Secured $100
million of Supply and EPC Contracts in New Zealand and
Indonesia.
2022
GUIDANCE
- Total revenues
of between $720 million and $735 million.
- Electricity
segment revenues between $630 million and $638 million.
- Product segment
revenues of between $60 million and $67 million.
- Energy Storage
revenues of $30 million.
- Adjusted EBITDA
to be between $430 million and $442 million, including $15 million
for business interruption insurance proceeds, of which $10 million
were recorded in the nine months ended September30, 2022.
- Adjusted EBITDA
attributable to minority interest of approximately $35
million.
The Company provides a reconciliation of
Adjusted EBITDA, a non-GAAP financial measure for the three months
ended September 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 November 2, 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 November 30, 2022, to
stockholders of record as of the close of business on November 16,
2022.
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 3 at 9:00 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: |
299253 |
|
|
|
Conference
replay |
|
|
US Toll Free: |
1-866-813-9403 |
|
Canada: |
1-226-828-7578 |
|
International Toll: |
+44-204-525-0658 |
|
Replay Access Code: |
042163 |
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 1,173 MW with a 1,085
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 Nine-Month Periods Ended
September 30, 2022, and 2021
|
Three Months EndedSeptember 30, |
Nine Months EndedSeptember 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
(Dollars in thousands, except per share data) |
Revenues: |
|
|
|
|
Electricity |
152,820 |
|
142,651 |
|
466,540 |
|
421,503 |
|
Product |
14,217 |
|
10,527 |
|
39,237 |
|
26,580 |
|
Energy storage |
8,848 |
|
5,664 |
|
22,896 |
|
24,012 |
|
Total revenues |
175,885 |
|
158,842 |
|
528,673 |
|
472,095 |
|
Cost of revenues: |
|
|
|
|
Electricity |
97,053 |
|
81,549 |
|
287,091 |
|
245,136 |
|
Product |
11,664 |
|
9,182 |
|
35,644 |
|
23,180 |
|
Energy storage |
6,060 |
|
4,971 |
|
17,324 |
|
15,017 |
|
Total cost of revenues |
114,777 |
|
95,702 |
|
340,059 |
|
283,333 |
|
Gross profit |
61,108 |
|
63,140 |
|
188,614 |
|
188,762 |
|
Operating expenses: |
|
|
|
|
Research and development expenses |
1,238 |
|
1,175 |
|
3,690 |
|
3,179 |
|
Selling and marketing expenses |
4,093 |
|
2,671 |
|
12,410 |
|
10,935 |
|
General and administrative expenses |
16,057 |
|
23,554 |
|
47,155 |
|
60,400 |
|
Business interruption insurance income |
— |
|
(248 |
) |
— |
|
(248 |
) |
Impairment charge |
— |
|
— |
|
1,954 |
|
— |
|
Write-off of unsuccessful exploration activities |
827 |
|
— |
|
827 |
|
— |
|
Operating income |
38,893 |
|
35,988 |
|
122,578 |
|
114,496 |
|
Other income (expense): |
|
|
|
|
Interest income |
1,659 |
|
519 |
|
2,180 |
|
1,590 |
|
Interest expense, net |
(22,403 |
) |
(22,230 |
) |
(63,902 |
) |
(59,872 |
) |
Derivatives and foreign currency transaction gains (losses) |
(293 |
) |
(21 |
) |
(4,031 |
) |
(16,229 |
) |
Income attributable to sale of tax benefits |
9,113 |
|
7,879 |
|
26,345 |
|
21,654 |
|
Other non-operating income (expense), net |
673 |
|
44 |
|
(512 |
) |
(308 |
) |
Income from operations before income tax and equity in earnings
(losses) of investees |
27,642 |
|
22,179 |
|
82,658 |
|
61,331 |
|
Income tax (provision)
benefit |
(7,227 |
) |
(2,048 |
) |
(23,520 |
) |
(9,323 |
) |
Equity in earnings (losses) of
investees, net |
(589 |
) |
649 |
|
(1,574 |
) |
1,796 |
|
Net income |
19,826 |
|
20,780 |
|
57,564 |
|
53,804 |
|
Net income attributable to noncontrolling interest |
(1,716 |
) |
(5,878 |
) |
(9,764 |
) |
(10,617 |
) |
Net income attributable to the Company's stockholders |
18,110 |
|
14,902 |
|
47,800 |
|
43,187 |
|
Earnings per share
attributable to the Company's stockholders: |
|
|
|
|
Basic: |
0.32 |
|
0.27 |
|
0.85 |
|
0.77 |
|
Diluted: |
0.32 |
|
0.26 |
|
0.85 |
|
0.77 |
|
Weighted average number of shares used in computation of earnings
per share attributable to the Company's stockholders: |
|
|
|
|
Basic |
55,999 |
|
56,003 |
|
56,058 |
|
55,995 |
|
Diluted |
56,457 |
|
56,298 |
|
56,479 |
|
56,413 |
|
ORMAT TECHNOLOGIES, INC AND
SUBSIDIARIESCondensed Consolidated Balance
SheetFor the Periods Ended September 30, 2022, and
December 31, 2021
|
September 30, 2022 |
|
December 31, 2021 |
ASSETS |
Current assets: |
|
|
|
Cash and cash equivalents |
154,633 |
|
|
239,278 |
|
Marketable securities at fair value |
— |
|
|
43,343 |
|
Restricted cash and cash equivalents |
98,402 |
|
|
104,166 |
|
Receivables: |
|
|
|
Trade |
117,277 |
|
|
122,944 |
|
Other |
20,646 |
|
|
18,144 |
|
Inventories |
29,805 |
|
|
28,445 |
|
Costs and estimated earnings in excess of billings on uncompleted
contracts |
17,354 |
|
|
9,692 |
|
Prepaid expenses and other |
36,858 |
|
|
35,920 |
|
Total current assets |
474,975 |
|
|
601,932 |
|
Investment in unconsolidated
companies |
117,182 |
|
|
105,886 |
|
Deposits and other |
38,250 |
|
|
78,915 |
|
Deferred income taxes |
134,585 |
|
|
143,450 |
|
Property, plant and equipment,
net |
2,509,932 |
|
|
2,294,973 |
|
Construction-in-process |
795,891 |
|
|
721,483 |
|
Operating leases right of
use |
20,958 |
|
|
19,357 |
|
Finance leases right of
use |
3,974 |
|
|
6,414 |
|
Intangible assets, net |
339,042 |
|
|
363,314 |
|
Goodwill |
89,742 |
|
|
89,954 |
|
Total assets |
4,524,531 |
|
|
4,425,678 |
|
|
|
|
|
LIABILITIES AND EQUITY |
Current liabilities: |
|
|
|
Accounts payable and accrued expenses |
159,637 |
|
|
143,186 |
|
Billings in excess of costs and estimated earnings on uncompleted
contracts |
14,034 |
|
|
9,248 |
|
Current portion of long-term debt: |
|
|
|
Limited and non-recourse (primarily related to VIEs): |
76,668 |
|
|
61,695 |
|
Full recourse |
101,268 |
|
|
313,846 |
|
Financing Liability |
16,270 |
|
|
10,835 |
|
Operating lease liabilities |
2,291 |
|
|
2,564 |
|
Finance lease liabilities |
1,860 |
|
|
2,782 |
|
Total current liabilities |
372,028 |
|
|
544,156 |
|
Long-term debt, net of current
portion: |
|
|
|
Limited and non-recourse: |
478,941 |
|
|
539,664 |
|
Full recourse: |
693,159 |
|
|
740,335 |
|
Convertible senior notes |
420,250 |
|
|
— |
|
Financing liability |
225,759 |
|
|
242,029 |
|
Operating lease liabilities |
18,302 |
|
|
16,462 |
|
Finance lease liabilities |
2,202 |
|
|
4,361 |
|
Liability associated with sale
of tax benefits |
117,113 |
|
|
134,953 |
|
Deferred income taxes |
77,787 |
|
|
84,662 |
|
Liability for unrecognized tax
benefits |
6,572 |
|
|
5,730 |
|
Liabilities for severance
pay |
13,601 |
|
|
15,694 |
|
Asset retirement
obligation |
92,426 |
|
|
84,891 |
|
Other long-term
liabilities |
5,682 |
|
|
4,951 |
|
Total liabilities |
2,523,822 |
|
|
2,417,888 |
|
|
|
|
|
Commitments and
contingencies |
|
|
|
Redeemable noncontrolling
interest |
8,433 |
|
|
9,329 |
|
|
|
|
|
Equity: |
|
|
|
The Company's stockholders' equity: |
|
|
|
Common stock |
56 |
|
|
56 |
|
Additional paid-in capital |
1,256,058 |
|
|
1,271,925 |
|
Treasury stock, at cost |
(17,964 |
) |
|
0 |
|
Retained earnings |
612,832 |
|
|
585,209 |
|
Accumulated other comprehensive income (loss) |
(4,477 |
) |
|
(2,191 |
) |
Total stockholders' equity attributable to Company's
stockholders |
1,846,505 |
|
|
1,854,999 |
|
Noncontrolling interest |
145,771 |
|
|
143,462 |
|
Total equity |
1,992,276 |
|
|
1,998,461 |
|
Total liabilities, redeemable noncontrolling interest and
equity |
4,524,531 |
|
|
4,425,678 |
|
ORMAT TECHNOLOGIES, INC AND
SUBSIDIARIESReconciliation of EBITDA and Adjusted
EBITDA For the Three- and Nine-Month Periods Ended
September 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 nine-month periods
ended September 30, 2022, and 2021.
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
|
2022 |
|
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
(Dollars in thousands) |
|
(Dollars in thousands) |
Net income |
$ |
19,826 |
|
|
$ |
20,780 |
|
$ |
57,564 |
|
$ |
53,804 |
|
Adjusted for: |
|
|
|
|
|
|
|
Interest expense, net
(including amortization of deferred financing costs) |
|
20,744 |
|
|
|
21,711 |
|
|
61,722 |
|
|
58,282 |
|
Income tax provision (benefit) |
|
7,227 |
|
|
|
2,048 |
|
|
23,520 |
|
|
9,323 |
|
Adjustment to investment in an
unconsolidated company: our proportionate share in interest
expense, tax and depreciation and amortization in Sarulla |
|
3,150 |
|
|
|
2,889 |
|
|
9,441 |
|
|
8,253 |
|
Depreciation and amortization |
|
48,863 |
|
|
|
47,548 |
|
|
142,966 |
|
|
130,503 |
|
EBITDA |
$ |
99,810 |
|
|
$ |
94,976 |
|
$ |
295,213 |
|
$ |
260,165 |
|
|
|
|
|
|
|
|
|
Mark-to-market (gains) or
losses from accounting for derivative |
|
(1,234 |
) |
|
|
— |
|
|
2,677 |
|
|
1,096 |
|
Stock-based compensation |
|
2,816 |
|
|
|
2,120 |
|
|
8,629 |
|
|
6,840 |
|
Make-whole premium related to
long-term debt prepayment |
|
— |
|
|
|
— |
|
|
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 |
|
— |
|
|
|
— |
|
|
1,953 |
|
|
— |
|
Merger and acquisition
transaction costs |
|
— |
|
|
|
4,539 |
|
|
249 |
|
|
5,497 |
|
Other write-off |
|
— |
|
|
|
— |
|
|
— |
|
|
134 |
|
Write-off of unsuccessful
exploration activities |
|
827 |
|
|
|
— |
|
|
827 |
|
|
— |
|
Adjusted
EBITDA |
$ |
102,219 |
|
|
$ |
101,635 |
|
$ |
310,765 |
|
$ |
285,427 |
|
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIESReconciliation of
Adjusted Net Income attributable to the Company's stockholders and
Diluted Adjusted EPS for the three- and nine-month periods ended
September 30, 2022, and 2021
Adjusted Net Income attributable to the
Company’s stockholders and Diluted 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 Diluted Adjusted EPS
is intended to enhance the usefulness of our financial information
by providing measures to assess the overall performance of our
ongoing business.
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
GAAP Net income attributable
to the Company's stockholders |
18.1 |
|
14.9 |
|
47.8 |
|
43.2 |
|
One-time net expense related
to February power crisis in Texas, net of taxes |
— |
|
— |
|
— |
|
8.8 |
|
Write-off of Energy Storage
projects and assets |
— |
|
— |
|
1.5 |
|
— |
|
Exploration w/o |
0.7 |
|
|
|
0.7 |
|
|
|
M&A costs |
— |
|
2.9 |
|
— |
|
3.7 |
|
Make-whole premium related to
repayment of long-term debt |
— |
|
— |
|
0.8 |
|
— |
|
Adjusted Net income
attributable to the Company's stockholders |
18.8 |
|
17.8 |
|
50.8 |
|
55.7 |
|
GAAP
diluted EPS |
0.32 |
|
0.26 |
|
0.85 |
|
0.77 |
|
One-time net expense related to February power crisis in Texas, net
of taxes |
— |
|
— |
|
— |
|
0.16 |
|
Write-off of Energy Storage projects and assets |
— |
|
— |
|
0.03 |
|
— |
|
Exploration w/o |
0.01 |
|
|
|
0.01 |
|
|
|
M&A costs |
— |
|
0.06 |
|
— |
|
0.07 |
|
Make-whole premium related to repayment of long-term debt |
— |
|
— |
|
0.01 |
|
— |
|
Diluted Adjusted EPS ($) |
0.33 |
|
0.32 |
|
0.90 |
|
0.99 |
|
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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