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Jun 30, 2020
Ormat Q2 2020 Earnings Report
Ormat Technologies' margins improved across all operating segments, driven by the strength of the Electricity segment.
Key Takeaways
Ormat Technologies reported a 5.0% decrease in total revenues to $174.9 million compared to Q2 2019. However, the company improved its margins in all operating segments, led by the strength and resiliency of the Electricity segment. The company increased its liquidity by over $400 million through the issuance of long-term debt.
Total revenues were $174.9 million, a 5.0% decrease compared to Q2 2019.
Electricity segment revenues totaled $128.7 million, slightly down from $129.1 million in Q2 2019.
Product segment revenues decreased by 16.0% to $43.7 million.
Net income attributable to the Company's stockholders was $23.0 million, or $0.45 per diluted share, compared to $33.9 million, or $0.66 per diluted share in Q2 2019.
Revenue by Segment
Forward Guidance
Ormat narrowed the upper-end of the guidance for full-year 2020 and expects total revenues of between $710 million and $725 million with Electricity segment revenues between $550 million and $560 million. They expect Product segment revenues of between $140 million and $150 million. Revenues from Energy Storage and Management Services segment are expected to be between $15 million and $17 million. We expect 2020 Adjusted EBITDA of between $400 million and $410 million for the full year. We expect annual Adjusted EBITDA attributable to minority interest to be approximately $27 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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