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Sep 30, 2020
Ormat Q3 2020 Earnings Report
Ormat Technologies reported increased operating income and Adjusted EBITDA, driven by strong cashflow from operations and a favorable settlement with the Kenyan tax authorities.
Key Takeaways
Ormat Technologies reported strong Q3 2020 financial results, with double-digit increases in operating income and Adjusted EBITDA. The company reached a favorable settlement with the Kenya Revenue Authority and saw improved cash flow from operations due to payments from customers in Honduras and Kenya. They are updating their full-year 2020 revenue guidance range and increasing their expected 2020 Adjusted EBITDA.
Net income attributable to the Company's stockholders was $15.7 million, or $0.31 per diluted share.
Adjusted EBITDA increased 25.3% to $107.1 million.
Ormat concluded a tax audit by the Kenya Revenue Authority (KRA) and reached a favorable settlement.
Ormat signed a new $12.2 million contract, which resulted in a Product segment backlog of $49.6 million as of November 3, 2020.
Revenue by Segment
Forward Guidance
Ormat updated its full year 2020 guidance for total revenues to be between $707 million and $717 million, with electricity segment revenues between $550 million and $555 million, product segment revenues between $142 million and $147 million, and Energy Storage and Management Services segment revenues of approximately $15 million. Adjusted EBITDA is expected to be between $417 million and $425 million.
Positive Outlook
- Total revenues of between $707 million and $717 million
- Electricity segment revenues between $550 million and $555 million
- Product segment revenues of between $142 million and $147 million
- Energy Storage and Management Services segment revenues of approximately $15 million
- Adjusted EBITDA of between $417 million and $425 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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