Loading...
•
Dec 31, 2020
Ormat Q4 2020 Earnings Report
Solid end to a strong year despite unprecedented global challenges, with improved gross margin within electricity and storage segments. The energy storage segment is growing and profitable. The balance sheet was strengthened through long-term debt and an equity offering. Operations restarted at Puna and all pending Kenya tax assessments were successfully resolved.
Key Takeaways
Ormat Technologies reported a decrease of 6.8% in total revenues for Q4 2020 compared to the same quarter last year. However, net income attributable to the Company’s shareholders increased by 64.2%.
Net income attributable to the Company's stockholders was $85.5 million, or $1.65 per diluted share, compared to $88.1 million, or $1.72 per diluted share in 2019, representing a decrease of 3% and 4.1%, respectively, mainly impacted by a non-recurring tax benefit recorded in 2019.
Adjusted EBITDA increased 9.3% to $420.2 million, up from $384.3 million in 2019.
Product segment backlog stand at $33 million as of February 24, 2021.
During the fourth quarter the Puna Geothermal Power Plant resumed operation and partial generation, two and a half years after the eruption of the Kilauea Volcano disrupted operations.
Revenue by Segment
Forward Guidance
Total revenues of between $640 million and $675 million. Electricity segment revenues between $570 million and $580 million. Product segment revenues of between $50 million and $70 million. Energy Storage revenues of between $20 million and $25 million. Adjusted EBITDA to be between $400 million and $410 million.
Positive Outlook
- Electricity segment guidance includes $33 million from the Puna power plant in Hawaii, assuming we will meet our plans to bring it close to full operation in mid-2021.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...