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Dec 31, 2023
Ormat Q4 2023 Earnings Report
Ormat reported a solid fourth quarter and a successful year in 2023, with revenue growth driven by the Electricity and Product segments.
Key Takeaways
Ormat Technologies reported a 17.4% increase in total revenues for Q4 2023, driven by growth in both the Electricity and Product segments. The company's operating income increased by 70.8% for the quarter. Ormat is on track to meet its 2026 generating capacity goals of 2.1 to 2.3 GW.
Total revenues for the fourth quarter increased by 17.4% year-over-year.
Operating income increased by 70.8% for the fourth quarter.
Net income attributable to the Company’s stockholders for the fourth quarter increased by 98.0%.
Product segment revenues increased 56.7% for the fourth quarter.
Ormat
Ormat
Ormat Revenue by Segment
Revenue by Segment
Electricity Revenue
CapyFin.comProduct Revenue
CapyFin.comEnergy Storage Revenue
CapyFin.com Forward Guidance
Ormat anticipates an increase of 7% and 10% in total revenues and Adjusted EBITDA, respectively, for 2024. The company announces full year 2024 Adjusted EBITDA outlook of $515 to $545 million, with additional $40 million expected through reduced tax expense as a result of ITC benefits.
Positive Outlook
- Total revenues of between $860 million and $910 million.
- Electricity segment revenues between $710 million and $730 million.
- Product segment revenues of between $115 million and $135 million.
- Energy Storage revenues of between $35 million and $45 million.
- Adjusted EBITDA to be between $515 million and $545 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income