Loading...
•
Jun 30, 2023
Ormat Q2 2023 Earnings Report
Reported a solid quarter marked by revenue growth and a substantial increase in net income.
Key Takeaways
Ormat Technologies reported a strong second quarter with a 15.2% increase in total revenues and a 114.8% increase in net income year-over-year. The company is expanding operations across its segments, adding approximately 100 MW of total capacity in geothermal, solar, and storage assets. The company increased its year-end 2025 growth target from an initial range of 1.8 GW- 1.86 GW to 1.9 GW - 2.0 GW.
Total revenues for the second quarter increased by 15.2% year-over-year, driven primarily by robust growth in the Product segment.
Net income attributable to the Company's stockholders and diluted EPS for the second quarter of 2023 increased 114.8% and 100%, respectively, versus the prior year period.
Electricity segment revenues increased 2.7% for the second quarter of 2023, compared to 2022.
Product segment revenues increased 222.0% for the second quarter of 2023, compared to 2022, supported by a higher backlog and timing of recognized revenues.
Ormat
Ormat
Ormat Revenue by Segment
Revenue by Segment
Electricity Revenue
CapyFin.comProduct Revenue
CapyFin.comEnergy Storage Revenue
CapyFin.com Forward Guidance
The company reiterates its full year revenue and EBITDA guidance.
Positive Outlook
- Total revenues of between $823.0 million and $858.0 million.
- Electricity segment revenues between $670.0 million and $685.0 million.
- Product segment revenues of between $120.0 million and $135.0 million.
- Energy Storage revenues of between $33.0 million and $38.0 million.
- Adjusted EBITDA to be between $480.0 million and $510.0 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income