Ormat Q3 2023 Earnings Report
Key Takeaways
Ormat Technologies reported an 18.3% increase in total revenues, a 15.8% increase in adjusted EBITDA, and a 50.4% increase in adjusted net income attributable to the Company's stockholders compared to the prior year period. This growth was driven by expansion across all three operating segments.
Total revenues increased by 18.3% year over year, with growth across all three operating segments.
Net income attributable to the Company's stockholders increased 95.8% versus the prior year period.
Adjusted EBITDA increased 15.8% compared to 2022.
Product segment backlog stands at $192.0 million as of November 08, 2023.
Ormat
Ormat
Ormat Revenue by Segment
Forward Guidance
Ormat narrowed its full-year revenue and EBITDA guidance, demonstrating confidence in the business's outlook and portfolio expansion momentum. The company expects total revenues between $825 million and $838 million and Adjusted EBITDA between $480 million and $495 million.
Positive Outlook
- Total revenues of between $825 million and $838 million.
- Electricity segment revenues between $670 million and $675 million.
- Product segment revenues of between $125 million and $130 million.
- Energy Storage revenues of between $30 million and $33 million.
- Adjusted EBITDA to be between $480 million and $495 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income