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Mar 31, 2021
Ormat Q1 2021 Earnings Report
Reported continued revenue growth at both electricity and energy storage segments.
Key Takeaways
Ormat Technologies reported a decrease in net income attributable to the company's stockholders and adjusted EBITDA compared to the same quarter last year. However, the company saw continued strength from its Electricity and rapidly growing Energy Storage segments.
Net income attributable to the Company's stockholders was $15.3 million, or $0.27 per diluted share.
Adjusted net income attributable to the Company's stockholders was $24.1 million, or $0.42 per diluted share.
Adjusted EBITDA decreased 6.4% to $99.2 million.
Energy Storage segment revenues were a record $12.7 million.
Ormat
Ormat
Ormat Revenue by Segment
Revenue by Segment
Electricity Revenue
CapyFin.comProduct Revenue
CapyFin.comEnergy Storage Revenue
CapyFin.com Forward Guidance
Ormat expects total revenues between $645 million and $680 million, electricity segment revenues between $570 million and $580 million, product segment revenues between $50 million and $70 million, energy storage revenues of between $25 million and $30 million and Adjusted EBITDA to be between $400 million and $410 million.
Positive Outlook
- Total revenues of between $645 million and $680 million
- Electricity segment revenues between $570 million and $580 million
- Electricity segment includes $33 million from the Puna power plant in Hawaii, assuming we will meet our target of bringing the plant close to full operation in mid-2021
- Product segment revenues of between $50 million and $70 million
- Energy Storage revenues of between $25 million and $30 million
Challenges Ahead
- Adjusted EBITDA to be between $400 million and $410 million
- Adjusted EBITDA attributable to minority interest of approximately $32 million
- The Company is unable to provide a reconciliation for its Adjusted EBITDA guidance range due to 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.
- Curtailments in the Olkaria complex in Kenya due to COVID-19
- Lower resource performance in the complex that caused a reduction in generation
Revenue & Expenses
Visualization of income flow from segment revenue to net income