Ormat Q2 2023 Earnings Report
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
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