Ormat Q3 2022 Earnings Report
Key Takeaways
Ormat Technologies reported a 10.7% year-over-year increase in total revenues for Q3 2022, driven by growth in the electricity segment. Operating income increased by 8.1% year-over-year. Adjusted EBITDA was $102.2 million, a 0.6% increase compared to 2021, despite the absence of $15.8 million in insurance proceeds received the previous year.
Net income attributable to the Company's stockholders and diluted EPS increased 21.5% and 23.1%, respectively, versus the prior year period.
Adjusted Net income attributable to the Company's stockholders and adjusted diluted EPS increased 5.3% and 2.5%, respectively, compared to last year.
Electricity segment revenues increased 7.1% driven by the Tungsten and CD4 plants and the Puna plant garnering higher capacity along with improved energy rates.
Product segment revenues increased 35.1% to $14.2 million due to new contracts signed in 2022, and backlog grew by approximately 150% compared to the second quarter of 2022, standing at $137.1 million as of November 3, 2022.
Ormat
Ormat
Ormat Revenue by Segment
Forward Guidance
Ormat provided guidance for 2022, including total revenues between $720 million and $735 million and Adjusted EBITDA between $430 million and $442 million.
Positive Outlook
- Total revenues of between $720 million and $735 million.
- Electricity segment revenues between $630 million and $638 million.
- Product segment revenues of between $60 million and $67 million.
- Energy Storage revenues of $30 million.
- Adjusted EBITDA to be between $430 million and $442 million, including $15 million for business interruption insurance proceeds, of which $10 million were recorded in the nine months ended September 30, 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income