Ormat Q2 2021 Earnings Report
Key Takeaways
Ormat Technologies reported financial results for the second quarter ended June 30, 2021. The company saw growth in its Energy Storage and Electricity segments and an increase in Product segment backlog. The company is on track to achieve its long-term goal of increasing Ormat’s combined geothermal, energy storage and solar generating portfolio to more than 1.5 GW by 2023.
Net income attributable to the Company's stockholders was $13.0 million, or $0.23 per diluted share.
Adjusted EBITDA decreased 13.6% to $84.5 million.
Electricity segment revenues increased by 4.0% to $133.9 million.
Product segment backlog grew by 59% to $59.1 million as of August 4, 2021.
Ormat
Ormat
Ormat Revenue by Segment
Forward Guidance
Ormat expects total revenues between $650 million and $685 million; Electricity segment revenues between $585 million and $595 million; Product segment revenues of between $40 million and $60 million; Energy Storage revenues of between $25 million and $30 million; Adjusted EBITDA to be between $400 million and $410 million; Adjusted EBITDA attributable to minority interest of approximately $31 million.
Positive Outlook
- Total revenues of between $650 million and $685 million
- Electricity segment revenues between $585 million and $595 million
- Product segment revenues of between $40 million and $60 million
- Energy Storage revenues of between $25 million and $30 million
- Adjusted EBITDA to be between $400 million and $410 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income