Ormat Q3 2024 Earnings Report
Key Takeaways
Ormat Technologies reported a net income of $22.1 million and an adjusted EBITDA of $137.7 million for Q3 2024. The company narrowed its full-year revenue guidance and increased its full-year adjusted EBITDA guidance, reflecting strong financial results. The company also announced the commercial operation of its largest storage project to date.
Electricity segment revenues increased due to the Enel assets and higher generation and pricing at Puna.
Product segment backlog stands at approximately $165.0 million as of November 5, 2024.
Energy Storage segment revenues decreased due to higher energy rates realized in ERCOT during the previous year.
The company secured land parcels in Nevada’s BLM auction to further advance geothermal development in the state.
Ormat
Ormat
Ormat Revenue by Segment
Forward Guidance
Ormat expects total revenues between $875 million and $893 million and adjusted EBITDA between $540 million and $555 million for 2024.
Positive Outlook
- Total revenues of between $875 million and $893 million.
- Electricity segment revenues between $710 million and $715 million.
- Product segment revenues of between $130 million and $138 million.
- Energy Storage revenues of between $35 million and $40 million.
- Adjusted EBITDA to be between $540 million and $555 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income