Ormat Q4 2022 Earnings Report
Key Takeaways
Ormat Technologies reported a solid fourth quarter and full year 2022, marked by revenue growth across all segments. The company is optimistic about 2023, anticipating benefits from new geothermal and solar power plants and improved performance in the Product segment.
Total revenues increased by 10.7% for the full year 2022, driven by growth in all three operating segments.
Operating income increased by 10.7% for the fourth quarter and 8.3% for the full year compared to 2021, excluding a one-time non-cash impairment charge of $30.5 million related to Brawley.
Ormat expects to receive approximately $150 million in cash benefit under the Inflation Reduction Act during 2023.
Product segment backlog as of February 22, 2023, grew by approximately 8.0% compared to last quarter driven by a contract signed to supply equipment to the Ijen project in Indonesia, reaching $148.1 million.
Ormat
Ormat
Ormat Revenue by Segment
Forward Guidance
Ormat anticipates total revenues between $823 million and $858 million, electricity segment revenues between $670 million and $685 million, product segment revenues between $120 million and $135 million, energy storage revenues between $33 million and $38 million, and Adjusted EBITDA between $480 million and $510 million.
Positive Outlook
- Total revenues of between $823 million and $858 million.
- Electricity segment revenues between $670 million and $685 million.
- Product segment revenues of between $120 million and $135 million.
- Energy Storage revenues of between $33 million and $38 million.
- Adjusted EBITDA to be between $480 million and $510 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income