Ormat Q1 2024 Earnings Report
Key Takeaways
Ormat Technologies reported a strong first quarter in 2024, with a 21.0% increase in total revenue, a 25.5% rise in earnings per diluted share, and a 14.4% increase in Adjusted EBITDA. This growth was supported by strong performance across all segments, including record quarterly electricity segment revenues.
Total revenues for the first quarter increased by 21.0% year-over-year, with growth across all three operating segments.
Record quarterly electricity segment revenues of $191.3 million were achieved, led by strategic portfolio expansions and improved operational performance.
The company added 130 MW of new capacity across segments since the beginning of the year, including purchased Enel assets, commercial operation of two solar facilities, and the East Flemington Energy Storage facility.
Full year revenue and EBITDA guidance was reiterated, demonstrating strong execution and confidence in the business's outlook.
Ormat
Ormat
Ormat Revenue by Segment
Forward Guidance
Ormat reiterated its 2024 guidance, expecting total revenues between $860 million and $910 million and Adjusted EBITDA between $515 million and $545 million.
Positive Outlook
- Total revenues of between $860 million and $910 million.
- Electricity segment revenues between $710 million and $730 million.
- Product segment revenues of between $115 million and $135 million.
- Energy Storage revenues of between $35 million and $45 million.
- Adjusted EBITDA to be between $515 million and $545 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income