Ormat Technologies, Inc. (NYSE: ORA) today announced financial
results for the second quarter ended June 30, 2020.
FINANCIAL RESULTS
($ MILLIONS, EXCEPT PER SHARE AMOUNTS) |
Q2 2020 |
Q2 2019 |
CHANGE (%) |
Revenues |
|
|
|
Electricity |
128.7 |
|
|
129.1 |
|
|
(0.3 |
) |
% |
Product |
43.7 |
|
|
52.0 |
|
|
(16.0 |
) |
% |
Energy Storage and Management Services |
2.5 |
|
|
3.0 |
|
|
(15.0 |
) |
% |
Total Revenues |
174.9 |
|
|
184.1 |
|
|
(5.0 |
) |
% |
|
|
|
|
Gross Profit |
65.4 |
65.1 |
0.4 |
|
% |
Gross margin (%) |
|
|
|
Electricity |
44.1 |
|
% |
42.8 |
|
% |
|
Product |
20.6 |
|
% |
20.6 |
|
% |
|
Energy Storage & Management Services |
(13.6 |
) |
% |
(29.5 |
) |
% |
|
Gross margin (%) |
37.4 |
|
% |
35.4 |
|
% |
|
|
|
|
|
Operating income |
48.1 |
|
|
46.9 |
|
|
2.5 |
|
% |
Net income attributable to the
Company’s stockholders |
23.0 |
|
|
33.9 |
|
|
(32.1 |
) |
% |
Diluted EPS |
0.45 |
|
|
0.66 |
|
|
(32.8 |
) |
% |
Adjusted Net income attributable
to the Company’s stockholders1 |
23.0 |
|
|
20.6 |
|
|
11.7 |
|
% |
Adjusted diluted EPS1 |
0.45 |
|
|
0.40 |
|
|
11.1 |
|
% |
Adjusted EBITDA1 |
97.9 |
|
|
94.9 |
|
|
3.2 |
|
% |
1 Reconciliation is set forth below in this release
“This was another solid quarter of strong
execution led by the improved profitably of our Electricity
segment,” commented Doron Blachar, Chief Executive Officer. “I am
extremely proud of how our team is operating through the
challenging COVID-19 environment and how we were able to
successfully complete the enhancement of our 19MW Steamboat Hills
complex on time and make significant progress to bring Puna back
online by the end of the year.”
“We continue with our efforts to minimize the
COVID-19 implication on our business, and while we did not
experience material impact on our results so far, the continued
outbreak of the COVID-19 may affect us more in the future.
Specifically, awarding contracts for significant projects in the
Products segment is currently delayed. Nevertheless, our Product
segment is currently on track to meet its revenue forecast for the
full-year 2020,” added Mr. Blachar.
“Since March 31, 2020,” Mr. Blachar continues,
“we have increased our liquidity by over $400 million through the
issuance of long-term debt that gives us the flexibility to
allocate our resources and manufacturing capabilities to support
our organic growth. We are increasing and focusing our efforts on
exploring and developing internal projects with a target to
increase our geothermal portfolio in the US and globally by 2023
and beyond. This quarter reinforces our confidence that Ormat is on
the right path to continue its growth trajectory by relying on
Ormat’s integrated business model, our geographic and revenue
diversity, and our excellent team.”
FINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER OF
2020
- Total revenues of $174.9 million, down 5.0% compared to Q2
2019;
- Electricity segment revenues of $128.7 million compared to
$129.1 million in Q2 2019;
- Product segment revenues of $43.7 million, down 16.0% compared
to Q2 2019;
- Energy Storage & Management Services segment revenues of
$2.5 million compared to $3.0 million in Q2 2019;
- Total gross margin was 37.4%, compared to 35.4% in Q2 2019;
- Electricity segment gross margin was 44.1% compared to 42.8%
for Q2 2019;
- The Company recorded business interruption insurance income of
$3.3 million related to the 2018 volcanic eruption in Hawaii, which
netted to zero Puna’s cost of revenues and reduced general and
administrative costs by $0.6 million; In the second quarter 2019,
the Company recorded business interruption insurance income of $6.8
million that resulted in a positive gross margin of $1.8
million.
- Operating income increased 2.5% due to better gross margins and
lower operating expenses;
- Net income was $25.3 million compared to $36.2 million in Q2
2019; Q2 2019 net income included $13.3 million related to a
one-time Tax benefit;
- Net income attributable to the Company's stockholders was $23.0
million, or $0.45 per diluted share, compared to $33.9 million, or
$0.66 per diluted share in Q2 2019; adjusted net income
attributable to the Company's stockholders1 for Q2 2019 was $20.6
million or $0.40 per diluted share;
- Adjusted EBITDA1 increased 3.2% to $97.9 million, up from
$94.9 million in Q2 2019;
- Product segment backlog was approximately $66 million as of
August 3, 2020; and
- The Company declared a quarterly dividend of $0.11 per share
for the second quarter of 2020.
1 Reconciliation is set forth below in this release
RECENT DEVELOPMENTS
- As of August 2020, Ormat continue its efforts to recommission
its Puna power plant. The Company obtained all necessary permits to
start operation, completed the construction of the substation and
connected a new production well to the power plant. We expect to
resume commercial operation during the fourth quarter with gradual
increase of generation to 29MW by the end of the year, subject to
on time completion of the transmission line by HELCO and additional
field recovery work.
- In July 2020, we completed the acquisition of the 20MW/80MWh
Pomona energy storage asset in California from Alta Gas for a total
net consideration of $43.9 million. The facility is our first
battery storage asset in operation in California, increasing our
existing operating portfolio to 73MW/136MWh and adding to our
battery storage assets in New Jersey, New England and
Texas.
- In July, Ormat issued approximately $290.0 million of corporate
bonds at an effective fixed interest rate of 4.34%. In April and
May the Company has issued approximately $130 million of new
corporate debt.
- In June, Ormat completed the enhancement of its Steamboat Hills
complex and increased its generating capacity by 19MW to a total of
84MW.
2020 GUIDANCE
Mr. Blachar added, “We are narrowing the
upper-end of the guidance for full-year 2020 and expect total
revenues of between $710 million and
$725 million with Electricity segment revenues
between $550 million and $560
million. We expect Product segment revenues of between
$140 million and $150 million.
Revenues from Energy Storage and Management Services segment are
expected to be between $15 million and
$17 million. We expect 2020 Adjusted EBITDA of
between $400 million and $410
million for the full year. We expect annual Adjusted EBITDA
attributable to minority interest to be approximately
$27 million.”
The Company provides a reconciliation of
Adjusted EBITDA, a Non-GAAP financial measure for the three months
ended June 30, 2020. However, the Company is unable to provide a
reconciliation for its Adjusted EBITDA guidance range due to high
variability and complexity with respect to estimating forward
looking amounts for impairments and disposition and acquisition of
business interests, income tax expense, and other non-cash expenses
and adjusting items that are excluded from the calculation of
Adjusted EBITDA.
SECOND QUARTER 2020 FINANCIAL RESULTS (COMPARING THE QUARTER
ENDED JUNE 30, 2020 TO THE QUARTER ENDED JUNE 30, 2019)
Total revenues for the quarter were $174.9
million, down 5.0% compared to the same quarter last year.
Electricity segment revenues of $128.7 million were down slightly
compared to $129.1 million last year. Product segment revenues
decreased 16.0% to $43.7 million, down from $52.0 million in the
same quarter last year due lower contract backlog. Energy Storage
and Management Services segment revenues were $2.5 million compared
to $3.0 million in the same quarter last year.
The Company recorded $3.3 million of business
interruption insurance income related to the 2018 volcanic
eruption, which disrupted operations at its Puna plant. Consistent
with generally accepted accounting practices, $2.7 million was
allocated to offset costs of revenue at Puna, which netted to
zero, and the remaining $0.6 million was allocated to reduce
general and administrative expenses.
General and administrative expenses were $11.3
million, or 6.5% of total revenues, compared to $14.2 million, or
7.7% of total revenues. The decrease was primarily attributable to
a decrease in professional fees, business interruption insurance
income related to Puna and gain of $1.3 million from sale of
concession.
Net income attributable to the Company’s
stockholders was $23.0 million, or $0.45 per diluted share,
compared to $33.9 million, or $0.66 per diluted share. In the
second quarter 2019 net income attributable to the Company’s
stockholders included $13.3 million of one-time Tax benefit.
Adjusted net income attributable to the Company's stockholders1 in
the second quarter 2019 was 20.6 million, or $0.40 per diluted
share.
Adjusted EBITDA1 was $97.9 million compared
to $94.9 million last year.
1 Reconciliation is set forth below in this release
DIVIDEND
On August 4, 2020, the Company’s Board of
Directors declared, approved, and authorized payment of a quarterly
dividend of $0.11 per share pursuant to the Company’s dividend
policy. The dividend will be paid on September 1, 2020 to
stockholders of record as of the close of business on August 18,
2020.
CONFERENCE CALL DETAILS
Ormat will host a conference call to discuss its
financial results and other matters discussed in this press release
on Wednesday, August 5th, at 10 a.m. ET. The call will be available
as a live, listen-only webcast at investor.ormat.com. During the
webcast, management will refer to slides that will be posted on the
website. The slides and accompanying webcast can be accessed
through the News & Events in the Investor Relations section of
Ormat’s website.
An archive of the webcast will be available
approximately 60 minutes after the conclusion of the live call.
Investors may access the call by dialing:
Participant dial in (toll free):
1-877-511-6790 Participant international dial-in:
1-412-902-4141
Conference replay
US Toll Free: 1-877-344-7529
International Toll: 1-412-317-0088
Replay Access Code: 10145766
ABOUT ORMAT TECHNOLOGIES
With over five decades of experience, Ormat
Technologies, Inc. is a leading geothermal company and the only
vertically integrated company engaged in geothermal and recovered
energy generation (“REG”), with the objective of becoming a leading
global provider of renewable energy. The Company owns, operates,
designs, manufactures and sells geothermal and REG power plants
primarily based on the Ormat Energy Converter – a power generation
unit that converts low-, medium- and high-temperature heat into
electricity. With 63 U.S. patents, Ormat’s power solutions have
been refined and perfected under the most grueling environmental
conditions. Ormat has 578 employees in the United States and 830
overseas. Ormat’s flexible, modular solutions for geothermal power
and REG are ideal for vast range of resource characteristics. The
Company has engineered, manufactured and constructed power plants,
which it currently owns or has installed to utilities and
developers worldwide, totaling over 3,000 MW of gross capacity.
Ormat’s current 933 MW generating portfolio is spread globally in
the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe.
Ormat expanded its operations to provide energy storage and energy
management solutions, by leveraging its core capabilities and
global presence as well as through its Viridity Energy Solutions
Inc. subsidiary.
ORMAT’S SAFE HARBOR STATEMENT
Information provided in this press release may
contain statements relating to current expectations, estimates,
forecasts and projections about future events that are
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
generally relate to Ormat's plans, objectives and expectations for
future operations and are based upon its management's current
estimates and projections of future results or trends. Actual
future results may differ materially from those projected as a
result of certain risks and uncertainties.
For a discussion of such risks and
uncertainties, see "Risk Factors" as described in Ormat’s Form 10-K
filed with the Securities and Exchange Commission (“SEC”) on March
2, 2020 and from time to time, in Ormat’s quarterly reports on Form
10-Q that are filed with the SEC.
These forward-looking statements are made only
as of the date hereof, and we undertake no obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIESCondensed Consolidated
Statement of OperationsFor the Three and Six-Month Periods Ended
June 30, 2020 and 2019
|
Three Months Ended June 30, |
Six-Months Ended June 30, |
|
2020 |
2019 |
2020 |
2019 |
|
(Dollars in thousands, except per share data) |
Revenues: |
|
|
|
|
Electricity |
128,685 |
|
|
129,079 |
|
|
271,541 |
|
|
271,987 |
|
|
Product |
43,701 |
|
|
52,030 |
|
|
91,112 |
|
|
104,158 |
|
|
Energy storage and management services |
2,514 |
|
|
2,956 |
|
|
4,360 |
|
|
6,958 |
|
|
Total revenues |
174,900 |
|
|
184,065 |
|
|
367,013 |
|
|
383,103 |
|
|
Cost of revenues: |
|
|
|
|
Electricity |
71,950 |
|
|
73,775 |
|
|
143,318 |
|
|
151,318 |
|
|
Product |
34,709 |
|
|
41,316 |
|
|
71,687 |
|
|
83,422 |
|
|
Energy storage and management services |
2,855 |
|
|
3,827 |
|
|
4,804 |
|
|
9,037 |
|
|
Total cost of revenues |
109,514 |
|
|
118,918 |
|
|
219,809 |
|
|
243,777 |
|
|
Gross profit |
65,386 |
|
|
65,147 |
|
|
147,204 |
|
|
139,326 |
|
|
Operating expenses: |
|
|
|
|
Research and development expenses |
1,172 |
|
|
810 |
|
|
2,791 |
|
|
1,710 |
|
|
Selling and marketing expenses |
4,854 |
|
|
3,276 |
|
|
9,648 |
|
|
7,141 |
|
|
General and administrative expenses |
11,285 |
|
|
14,181 |
|
|
25,633 |
|
|
29,870 |
|
|
Operating income |
48,075 |
|
|
46,880 |
|
|
100,605 |
|
|
100,605 |
|
|
Other income (expense): |
|
|
|
|
Interest income |
441 |
|
|
420 |
|
|
843 |
|
|
713 |
|
|
Interest expense, net |
(19,785 |
) |
|
(21,517 |
) |
|
(37,058 |
) |
|
(42,740 |
) |
|
Derivatives and foreign currency transaction gains
(losses) |
671 |
|
|
19 |
|
|
1,064 |
|
|
491 |
|
|
Income attributable to sale of tax benefits |
5,672 |
|
|
4,637 |
|
|
9,804 |
|
|
12,401 |
|
|
Other non-operating income (expense), net |
304 |
|
|
1,027 |
|
|
382 |
|
|
1,118 |
|
|
Income from operations before income tax and equity in
earnings (losses) of investees |
35,378 |
|
|
31,466 |
|
|
84,167 |
|
|
72,588 |
|
|
Income tax (provision)
benefit |
(11,766 |
) |
|
3,529 |
|
|
(29,914 |
) |
|
(10,510 |
) |
|
Equity in earnings (losses) of
investees, net |
1,658 |
|
|
1,202 |
|
|
923 |
|
|
2,249 |
|
|
Net income |
25,270 |
|
|
36,197 |
|
|
55,176 |
|
|
64,327 |
|
|
Discontinued
operations: |
|
|
|
|
Net income |
25,270 |
|
|
36,197 |
|
|
55,176 |
|
|
64,327 |
Net income attributable to noncontrolling interest |
(2,224 |
) |
|
(2,259 |
) |
|
(6,097 |
) |
|
(4,443 |
) |
|
Net income attributable to the Company's stockholders |
23,046 |
|
|
33,938 |
|
|
49,079 |
|
|
59,884 |
|
|
Earnings per share
attributable to the Company's stockholders: |
|
|
|
|
Basic: |
|
|
|
|
Net income |
0.45 |
|
|
0.67 |
|
|
0.96 |
|
|
1.18 |
|
|
Diluted: |
|
|
|
|
Net income |
0.45 |
|
|
0.66 |
|
|
0.95 |
|
|
1.17 |
|
|
Weighted average number of shares used in computation of earnings
per share attributable to the Company's stockholders: |
|
|
|
|
Basic |
51,043 |
|
|
50,800 |
|
|
51,040 |
|
|
50,757 |
|
|
Diluted |
51,362 |
|
|
51,094 |
|
|
51,448 |
|
|
51,058 |
|
|
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIESCondensed Consolidated
Balance SheetFor the Periods Ended June 30, 2020 and December 31,
2019
|
June 30, 2020 |
|
December 31, 2019 |
ASSETS |
Current assets: |
|
|
|
Cash and cash equivalents |
173,718 |
|
|
|
71,173 |
|
|
Restricted cash and cash equivalents |
76,116 |
|
|
|
81,937 |
|
|
Receivables: |
|
|
|
Trade |
179,757 |
|
|
|
154,525 |
|
|
Other |
18,121 |
|
|
|
22,048 |
|
|
Inventories |
38,932 |
|
|
|
34,949 |
|
|
Costs and estimated earnings in excess of billings on uncompleted
contracts |
19,477 |
|
|
|
38,365 |
|
|
Prepaid expenses and other |
10,948 |
|
|
|
12,667 |
|
|
Total current assets |
517,069 |
|
|
|
415,664 |
|
|
Investment in unconsolidated
companies |
84,414 |
|
|
|
81,140 |
|
|
Deposits and other |
37,278 |
|
|
|
38,284 |
|
|
Deferred income taxes |
116,758 |
|
|
|
129,510 |
|
|
Property, plant and equipment,
net |
2,038,038 |
|
|
|
1,971,415 |
|
|
Construction-in-process |
394,123 |
|
|
|
376,555 |
|
|
Operating leases right of
use |
17,638 |
|
|
|
17,405 |
|
|
Finance leases right of
use |
13,280 |
|
|
|
14,161 |
|
|
Intangible assets, net |
179,659 |
|
|
|
186,220 |
|
|
Goodwill |
20,120 |
|
|
|
20,140 |
|
|
Total assets |
3,418,377 |
|
|
|
3,250,494 |
|
|
|
|
|
|
LIABILITIES AND EQUITY |
Current liabilities: |
|
|
|
Accounts payable and accrued expenses |
149,591 |
|
|
|
141,857 |
|
|
Short term revolving credit lines with banks (full
recourse) |
100,057 |
|
|
|
40,550 |
|
|
Commercial paper |
3,775 |
|
|
|
50,000 |
|
|
Billings in excess of costs and estimated earnings on uncompleted
contracts |
5,599 |
|
|
|
2,755 |
|
|
Current portion of long-term debt: |
|
|
|
Senior secured notes |
28,544 |
|
|
|
24,473 |
|
|
Other loans |
34,341 |
|
|
|
34,458 |
|
|
Full recourse |
76,572 |
|
|
|
76,572 |
|
|
Operating lease liabilities |
3,016 |
|
|
|
2,743 |
|
|
Finance lease liabilities |
3,151 |
|
|
|
3,068 |
|
|
Total current liabilities |
404,646 |
|
|
|
376,476 |
|
|
Long-term debt, net of current
portion: |
|
|
|
Limited and non-recourse: |
|
|
|
Senior secured notes |
325,714 |
|
|
|
339,336 |
|
|
Other loans |
301,318 |
|
|
|
317,395 |
|
|
Full recourse: |
— |
|
|
|
— |
|
|
Senior unsecured bonds |
415,751 |
|
|
|
286,453 |
|
|
Other loans |
64,150 |
|
|
|
68,747 |
|
|
Operating lease liabilities |
14,201 |
|
|
|
14,008 |
|
|
Finance lease liabilities |
10,523 |
|
|
|
11,209 |
|
|
Liability associated with sale
of tax benefits |
118,072 |
|
|
|
123,468 |
|
|
Deferred income taxes |
104,013 |
|
|
|
97,126 |
|
|
Liability for unrecognized tax
benefits |
15,309 |
|
|
|
14,643 |
|
|
Liabilities for severance
pay |
18,835 |
|
|
|
18,751 |
|
|
Asset retirement
obligation |
51,414 |
|
|
|
50,183 |
|
|
Other long-term
liabilities |
7,814 |
|
|
|
8,039 |
|
|
Total liabilities |
1,851,760 |
|
|
|
1,725,834 |
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Redeemable noncontrolling
interest |
9,806 |
|
|
|
9,250 |
|
|
|
|
|
|
Equity: |
|
|
|
The Company's stockholders' equity: |
|
|
|
Common stock |
51 |
|
|
|
51 |
|
|
Additional paid-in capital |
917,403 |
|
|
|
913,150 |
|
|
Retained earnings |
524,864 |
|
|
|
487,873 |
|
|
Accumulated other comprehensive income (loss) |
(13,921 |
) |
|
|
(8,654 |
) |
|
Total stockholders' equity attributable to Company's
stockholders |
1,428,397 |
|
|
|
1,392,420 |
|
|
Noncontrolling interest |
128,414 |
|
|
|
122,990 |
|
|
Total equity |
1,556,811 |
|
|
|
1,515,410 |
|
|
Total liabilities, redeemable noncontrolling interest and
equity |
3,418,377 |
|
|
|
3,250,494 |
|
|
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIESReconciliation of EBITDA
and Adjusted EBITDA For the Three and Six-Month Periods Ended June
30, 2020 and 2019
We calculate EBITDA as net income before
interest, taxes, depreciation and amortization. We calculate
Adjusted EBITDA as net income before interest, taxes, depreciation
and amortization, adjusted for (i) termination fees, (ii)
impairment of long-lived assets, (iii) write-off of unsuccessful
exploration activities, (iv) any mark-to-market gains or losses
from accounting for derivatives, (v) merger and acquisition
transaction costs, (vi) stock-based compensation, (vii) gain or
loss from extinguishment of liabilities, (viii) gain or loss on
sale of subsidiary and property, plant and equipment and (ix) other
unusual or non-recurring items. EBITDA and Adjusted EBITDA are not
measurements of financial performance or liquidity under accounting
principles generally accepted in the United States, or U.S. GAAP,
and should not be considered as an alternative to cash flow from
operating activities or as a measure of liquidity or an alternative
to net earnings as indicators of our operating performance or any
other measures of performance derived in accordance with U.S. GAAP.
We use EBITDA and Adjusted EBITDA as a performance metric because
it is a metric used by our Board of Directors and senior management
in evaluating our financial performance. However, other companies
in our industry may calculate EBITDA and Adjusted EBITDA
differently than we do.
The following table reconciles net income to
EBITDA and Adjusted EBITDA for the three and six - month periods
ended June 30, 2020 and 2019.
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|
2020 |
2019 |
2020 |
2019 |
|
(Dollars in thousands) |
(Dollars in thousands) |
Net income |
25,270 |
|
|
36,197 |
|
|
55,176 |
|
|
64,327 |
|
|
Adjusted for: |
|
|
|
|
Interest expense, net (including amortization of deferred financing
costs) |
19,344 |
|
|
21,097 |
|
|
36,215 |
|
|
42,027 |
|
|
Income tax provision (benefit) |
11,766 |
|
|
(3,529 |
) |
|
29,914 |
|
|
10,510 |
|
|
Adjustment to investment in an unconsolidated company: our
proportionate share in interest expense, tax and depreciation and
amortization in Sarulla |
3,199 |
|
|
2,579 |
|
|
5,876 |
|
|
5,240 |
|
|
Depreciation and amortization |
36,812 |
|
|
35,751 |
|
|
72,100 |
|
|
70,617 |
|
|
EBITDA |
96,391 |
|
|
92,095 |
|
|
199,281 |
|
|
192,721 |
|
|
Mark-to-market gains or losses
from accounting for derivative |
(1,482 |
) |
|
(370 |
) |
|
(2,043 |
) |
|
(1,579 |
) |
|
Stock-based
compensation |
2,264 |
|
|
2,643 |
|
|
4,253 |
|
|
5,003 |
|
|
Merger and acquisition
transaction costs |
618 |
|
|
500 |
|
|
1,158 |
|
|
500 |
|
|
Settlement expenses |
89 |
|
|
— |
|
|
1,277 |
|
|
— |
|
|
Adjusted EBITDA |
97,880 |
|
|
94,868 |
|
|
203,926 |
|
|
196,645 |
|
|
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIESReconciliation of
Adjusted Net Income attributable to the Company's stockholdersFor
the Three-Month Period Ended June 30, 2020 and 2019
Adjusted Net Income attributable to the
Company's stockholders and Adjusted EPS are adjusted for one-time
expense items that are not representative of our ongoing business
and operations. The use of Adjusted Net income attributable to the
Company's stockholders and Adjusted EPS is intended to enhance the
usefulness of our financial information by providing measures to
assess the overall performance of our ongoing business.
The following table reconciles Net income
attributable to the Company's stockholders and Adjusted EPS for the
three-month ended June 30, 2020 and 2019.
|
Three Months Ended June 30, |
|
2020 |
2019 |
|
|
|
Net income attributable to the
Company's stockholders |
23.0 |
|
33.9 |
|
|
One-time tax items |
— |
|
(13.3 |
) |
|
Adjusted Net income
attributable to the Company's stockholders |
23.0 |
|
20.6 |
|
|
Weighted average number of
shares diluted used in computation of earnings per share
attributable to the Company's stockholders: |
51.4 |
|
51.1 |
|
|
Diluted Adjusted
EPS |
0.45 |
|
0.40 |
|
|
|
|
|
Ormat Technologies Contact:Smadar Lavi VP Corporate Finance and
Head of Investor Relations 775-356-9029 (ext. 65726)
slavi@ormat.com
Investor Relations Agency Contact:Rob Fink FNK IR 646-415-8972
rob@FNKIR.com
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