Ormat Q2 2024 Earnings Report
Key Takeaways
Ormat Technologies reported strong second-quarter results, demonstrating a track record of translating revenue growth into stronger results across its three operating segments. Total revenues increased by 9.3% year-over-year, with a 45% increase in operating income and a 25% increase in adjusted EBITDA. The company is continuing to make progress in transitioning its Energy Storage business toward becoming a higher-growth segment with improved margins.
Total revenues for the second quarter increased by 9.3% year-over-year, with growth realized across all three operating segments.
Increased profitability in all segments drove a 45% increase in operating income and a 25% increase in adjusted EBITDA.
Full year EBITDA guidance range increased, demonstrating strong execution and confidence in the company’s forward outlook.
The company is targeting a generating portfolio of 2.6 to 2.8 GW by YE 2028.
Ormat
Ormat
Ormat Revenue by Segment
Forward Guidance
Ormat Technologies provided guidance for 2024. Total revenues are expected to be between $875 million and $910 million. Adjusted EBITDA is expected to be between $520 million and $550 million.
Positive Outlook
- Total revenues of between $875 million and $910 million.
- Electricity segment revenues between $710 million and $720 million.
- Product segment revenues of between $130 million and $145 million.
- Energy Storage segment revenues of between $35 million and $45 million.
- Adjusted EBITDA to be between $520 million and $550 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income