Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy
company, today announced financial results for the second quarter
ended June 30, 2024.
KEY FINANCIAL RESULTS
|
Q2 2024 |
Q2 2023 |
Change (%) |
H1 2024 |
H1 2023 |
Change (%) |
GAAP Measures |
|
|
|
|
|
|
Revenues ($ millions) |
|
|
|
|
|
|
Electricity |
166.2 |
155.3 |
7.0% |
357.5 |
325.6 |
9.8% |
Product |
37.8 |
33.5 |
13.1% |
62.7 |
43.5 |
44.0% |
Energy Storage |
8.9 |
6.0 |
48.1% |
17.0 |
10.9 |
55.9% |
Total
Revenues |
213.0 |
194.8 |
9.3% |
437.1 |
380.0 |
15.0% |
|
|
|
|
|
|
|
Gross margin (%) |
|
|
|
|
|
|
Electricity |
33.5% |
29.6% |
|
36.4% |
37.3% |
|
Product |
13.7% |
10.4% |
|
14.1% |
9.6% |
|
Energy Storage |
5.7% |
1.9% |
|
6.6% |
(0.5)% |
|
Gross margin (%) |
28.8% |
25.4% |
|
32.1% |
33.0% |
|
|
|
|
|
|
|
|
Operating income ($ millions) |
35.1 |
24.2 |
45.0% |
87.7 |
77.4 |
13.3% |
Net income attributable to the
Company’s stockholders |
22.2 |
24.2 |
(8.1)% |
60.8 |
53.2 |
14.3% |
Diluted EPS ($) |
0.37 |
0.40 |
(7.5)% |
1.00 |
0.90 |
11.1% |
|
|
|
|
|
|
|
Non-GAAP Measures1 |
|
|
|
|
|
|
Adjusted Net income
attributable to the Company’s stockholders |
24.3 |
24.2 |
0.3% |
63.9 |
53.2 |
20.0% |
Adjusted Diluted EPS ($) |
0.40 |
0.40 |
0.0% |
1.05 |
0.90 |
16.7% |
Adjusted EBITDA1 ($
millions) |
126.1 |
100.9 |
25.0% |
267.3 |
224.4 |
19.1% |
____________________________________1 Reconciliation is set
forth below in this release.
“Our strong second quarter results demonstrate
Ormat’s track record of translating revenue growth into stronger
results across our three-operating segments. This was evidenced by
the 9.3% increase in total revenues and a 45% and 25.0% increase in
operating income and adjusted EBITDA1, respectively, led by
strategic expansion to our capacity generating portfolio and
improved operating performance," said Doron Blachar, Chief
Executive Officer of Ormat Technologies. “Notably, we are also
continuing to make great progress in transitioning our Energy
Storage business toward becoming a higher-growth segment with
improved margins. These efforts are highlighted by the segment
experiencing a 48.1% increase in revenue primarily as a result of
the additional 83MW we added in the last 12 months, including the
COD at East Flemington this quarter, the signing of our long-term
tolling agreement at our Pomona 2 storage facility, and improved
merchant prices.”
“Our Electricity segment continued to capture
consistent growth during the quarter, which was largely driven by
the addition of the Enel assets that we acquired at the beginning
of the year, the continued improved generation performance at our
Puna facility, and the contributions from a full quarter of
performance at Heber following the recent upgrade.”
Blachar continued, “We are encouraged by the
increased demand for renewable energy and zero emissions power
generation solutions, and we remain confident with our long-term
plans to increase our combined geothermal, energy storage and solar
generating portfolio to approximately 2.1 to 2.3 GW by the end of
2026. We believe that we are well-positioned to capitalize on
favorable industry tailwinds and support our customers’ needs with
our diversified portfolio of geothermal, solar, and energy storage
solutions.”
FINANCIAL AND
RECENT BUSINESS HIGHLIGHTS
- Net income
attributable to the Company’s stockholders for the second quarter
was $22.2 million, compared to $24.2 in the same period last year.
Diluted EPS for the second quarter was $0.37, compared with $0.40
in the prior year period. The net income was impacted by
approximately $2.0 million in after tax write-offs related to the
decommissioning of OREG 4, Recovered Energy Generation facility
(REG), and to an unsuccessful exploration activity.
- Adjusted net
income attributable to the Company’s stockholders for the second
quarter was $24.3 million compared to $24.2 million last year, and
diluted adjusted EPS was $0.40, similar to the prior year period.
In the second quarter 2024, the Company had higher revenues and
improved margins across all three segments that was offset by
higher interest costs.
- Adjusted EBITDA
for the second quarter was $126.1 million, an increase of 25.0%
compared to 2023. The year-over-year increase in Adjusted EBITDA
was driven by higher gross margins across all three business
segments, which drove higher operating income. Better margins were
mainly driven by the improved operation at our Puna power plant and
the contribution of the Heber complex repowering.
- Electricity
segment revenues increased 7% year-over year. Second quarter
revenue growth was primarily driven by the Company’s newly acquired
Enel assets, a step up in operating performance and power
generation at Puna, and the resumption of Heber 1 operations. The
increase was partially offset by an unplanned outage at our Dixie
Valley power plant. Gross margin in the segment grew from 29.6% in
the second quarter 2023 to 33.5% in the same period this year,
mainly due to improved performance at Puna.
- Product segment
revenues in the second quarter increased 13.1% compared to last
year and gross margin improved from 10.4% in the second quarter
2023 to 13.7% in the second quarter 2024, supported by higher
backlog, higher revenue recognition and increased profitability of
our contracts.
- Product segment
backlog stands at approximately $165 million as of August 5,
2024.
- Energy Storage
segment revenues increased 48.1% year-over-year, driven by the
operation of an additional 83 MW since the second quarter of 2023
and improved prices from the Company’s Pomona 2 tolling agreement
combined with higher merchant prices. The segment’s gross margin
grew from 1.9% in the second quarter 2023 to 5.7% in the same
period this year, as the Company benefited from higher
profitability from our contracts and incrementally improved pricing
in merchant markets mainly in the PJM market.
IN ADDITION, IN
THE SECOND
QUARTER, THE
COMPANY:
- Hosted an
Investor Day that highlighted Ormat’s commitment to continued
profitable growth in its Electricity Segment and shared its plans
to transform the Energy Storage segment into a high-growth unit
through strategic organic growth, a strong pipeline, and improved
project returns through higher PPA and tolling agreements combined
with IRA tax benefits. The Company announced that it is targeting a
generating portfolio of 2.6 to 2.8 GW by YE 2028.
- Subsequent to
quarter end, the Company signed a 15-year Resource Adequacy
Purchase and Sale Agreement with the City of Riverside for the
80MW/320MWh Shirk Energy Storage facility, which includes a
guaranteed commercial operation date (COD) of March 1, 2026.
- Commenced
commercial operation of the 6 MW Beowawe geothermal power plant
upgrade.
2024
GUIDANCE
- Total revenues
of between $875 million and $910 million.
- Electricity
segment revenues between $710 million and $720 million.
- Product segment
revenues of between $130 million and $145 million.
- Energy Storage
segment revenues of between $35 million and $45 million.
- Adjusted EBITDA
to be between $520 million and $550 million.
- Adjusted EBITDA
attributable to minority interest of approximately $20
million.
The Company provides a reconciliation of
Adjusted EBITDA, a non-GAAP financial measure for the three and six
months ended June 30, 2024, and 2023. However, the Company does not
provide guidance on net income and is unable to provide a
reconciliation for its Adjusted EBITDA guidance range to net income
without unreasonable efforts due to the high variability and
complexity with respect to estimating certain forward-looking
amounts. These include 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.
DIVIDEND
On August 06, 2024, the Company’s Board of
Directors declared, approved, and authorized payment of a quarterly
dividend of $0.12 per share pursuant to the Company’s dividend
policy. The dividend will be paid on September 03, 2024, to
stockholders of record as of the close of business on August 20,
2024. In addition, the Company expects to pay a quarterly dividend
of $0.12 per share in the next quarter.
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 7, 2024, at 9:00 a.m. ET.
Participants within the United States and
Canada, please dial 1-888-770-2286, approximately 15 minutes prior
to the scheduled start of the call. If you are calling outside of
the United States and Canada, please dial +1-646-960-0440. Access
code for the call is 9122486. Please request the “Ormat
Technologies, Inc. call” when prompted by the conference call
operator. The conference call will also be accompanied by a webcast
live on the Investor Relations section of the Company's
website.
A replay will be available one hour after the
end of the conference call. To access the replay within the United
States and Canada, please dial 1-800-770-2030. From outside of the
United States and Canada, please dial +1-647-362-9199. Please use
the replay access code 9122486. The webcast will also be archived
on the Investor Relations section of the Company's website.
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 robust plans to accelerate
long-term growth in the energy storage market and to establish a
leading position in the U.S. energy storage market. 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. The Company has engineered,
manufactured and constructed power plants, which it currently owns
or has installed for utilities and developers worldwide, totaling
approximately 3,200 MW of gross capacity. Ormat leveraged its core
capabilities in the geothermal and REG industries and its global
presence to expand the Company’s activity into energy storage
services, solar Photovoltaic (PV) and energy storage plus Solar PV.
Ormat’s current total generating portfolio is 1,420MW with a
1,230MW geothermal and solar generation portfolio that is spread
globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and
Guadeloupe, and a 190MW energy storage portfolio that is located in
the U.S.
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. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that we expect or
anticipate will or may occur in the future, including such matters
as our projections of annual revenues, expenses and debt service
coverage with respect to our debt securities, future capital
expenditures, business strategy, competitive strengths, goals,
development or operation of generation assets, market and industry
developments and the growth of our business and operations, are
forward-looking statements. When used in this press release, the
words “may”, “will”, “could”, “should”, “expects”, “plans”,
“anticipates”, “believes”, “estimates”, “predicts”, “projects”,
“potential”, “contemplate” or “targets” or the negative of these
terms or other comparable terminology are intended to identify
forward-looking statements, although not all forward-looking
statements contain such words or expressions. 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. Although we believe that our plans and objectives reflected
in or suggested by these forward-looking statements are reasonable,
we may not achieve these plans or objectives. Actual future results
may differ materially from those projected as a result of certain
risks and uncertainties and other risks described under "Risk
Factors" as described in Ormat’s annual report on Form 10-K filed
with the Securities and Exchange Commission (“SEC”) on February 23,
2024, and in Ormat’s subsequent quarterly reports on Form 10-Q that
are filed from time to time with the SEC.
These forward-looking statements are made only
as of the date hereof, and, except as legally required, 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, 2024, and 2023
|
Three Months Ended June
30, |
Six Months Ended
June 30, |
|
2024 |
2023 |
2024 |
2023 |
|
(Dollars in thousands, except per share data) |
Revenues: |
|
|
|
|
Electricity |
166,226 |
|
155,324 |
|
357,479 |
|
325,634 |
|
Product |
37,829 |
|
33,458 |
|
62,661 |
|
43,500 |
|
Energy storage |
8,908 |
|
6,014 |
|
16,989 |
|
10,894 |
|
Total revenues |
212,963 |
|
194,796 |
|
437,129 |
|
380,028 |
|
Cost of revenues: |
|
|
|
|
Electricity |
110,515 |
|
109,424 |
|
227,245 |
|
204,182 |
|
Product |
32,662 |
|
29,985 |
|
53,816 |
|
39,336 |
|
Energy storage |
8,400 |
|
5,897 |
|
15,872 |
|
10,951 |
|
Total cost of revenues |
151,577 |
|
145,306 |
|
296,933 |
|
254,469 |
|
Gross profit |
61,386 |
|
49,490 |
|
140,196 |
|
125,559 |
|
Operating expenses: |
|
|
|
|
Research and development expenses |
1,730 |
|
2,083 |
|
3,294 |
|
3,371 |
|
Selling and marketing expenses |
4,167 |
|
5,369 |
|
9,293 |
|
9,317 |
|
General and administrative expenses |
18,026 |
|
17,814 |
|
37,563 |
|
35,481 |
|
Write-off of long-lived assets |
957 |
|
— |
|
957 |
|
— |
|
Write-off of unsuccessful exploration activities |
1,379 |
|
— |
|
1,379 |
|
— |
|
Operating income |
35,127 |
|
24,224 |
|
87,710 |
|
77,390 |
|
Other income (expense): |
|
|
|
|
Interest income |
2,604 |
|
4,942 |
|
4,443 |
|
6,793 |
|
Interest expense, net |
(33,716 |
) |
(24,393 |
) |
(64,684 |
) |
(48,024 |
) |
Derivatives and foreign currency transaction gains (losses) |
(332 |
) |
(1,272 |
) |
(1,914 |
) |
(3,209 |
) |
Income attributable to sale of tax benefits |
15,798 |
|
14,979 |
|
33,274 |
|
27,545 |
|
Other non-operating income (expense), net |
74 |
|
79 |
|
100 |
|
139 |
|
Income from operations before income tax and equity in earnings
(losses) of investees |
19,555 |
|
18,559 |
|
58,929 |
|
60,634 |
|
Income tax (provision)
benefit |
3,178 |
|
3,956 |
|
3,325 |
|
(4,929 |
) |
Equity in earnings (losses) of
investees, net |
1,232 |
|
1,996 |
|
2,061 |
|
2,267 |
|
Net income |
23,965 |
|
24,511 |
|
64,315 |
|
57,972 |
|
Net income attributable to noncontrolling interest |
(1,722 |
) |
(320 |
) |
(3,485 |
) |
(4,752 |
) |
Net income attributable to the Company's stockholders |
22,243 |
|
24,191 |
|
60,830 |
|
53,220 |
|
Earnings per share
attributable to the Company's stockholders: |
|
|
|
|
Basic: |
0.37 |
|
0.40 |
|
1.01 |
|
0.91 |
|
Diluted: |
0.37 |
|
0.40 |
|
1.00 |
|
0.90 |
|
Weighted average number of shares used in computation of earnings
per share attributable to the Company's stockholders: |
|
|
|
|
Basic |
60,451 |
|
60,245 |
|
60,419 |
|
58,494 |
|
Diluted |
60,755 |
|
60,634 |
|
60,655 |
|
58,901 |
|
ORMAT TECHNOLOGIES, INC AND
SUBSIDIARIESCondensed Consolidated Balance
SheetFor the Periods Ended June 30, 2024 and December 31,
2023
|
June 30, 2024 |
|
December 31, 2023 |
ASSETS |
Current assets: |
|
|
|
Cash and cash equivalents |
66,262 |
|
|
195,808 |
|
Marketable securities at fair value |
— |
|
|
— |
|
Restricted cash and cash equivalents |
97,480 |
|
|
91,962 |
|
Receivables: |
|
|
|
Trade |
147,328 |
|
|
208,704 |
|
Other |
44,568 |
|
|
44,530 |
|
Inventories |
44,647 |
|
|
45,037 |
|
Costs and estimated earnings in excess of billings on uncompleted
contracts |
29,719 |
|
|
18,367 |
|
Prepaid expenses and other |
86,991 |
|
|
41,595 |
|
Total current assets |
516,995 |
|
|
646,003 |
|
Investment in unconsolidated
companies |
129,664 |
|
|
125,439 |
|
Deposits and other |
48,737 |
|
|
44,631 |
|
Deferred income taxes |
186,194 |
|
|
152,570 |
|
Property, plant and equipment,
net |
3,328,676 |
|
|
2,998,949 |
|
Construction-in-process |
799,868 |
|
|
814,967 |
|
Operating leases right of
use |
26,192 |
|
|
24,057 |
|
Finance leases right of
use |
2,887 |
|
|
3,510 |
|
Intangible assets, net |
316,515 |
|
|
307,609 |
|
Goodwill |
151,074 |
|
|
90,544 |
|
Total assets |
5,506,802 |
|
|
5,208,279 |
|
|
|
|
|
LIABILITIES AND EQUITY |
Current liabilities: |
|
|
|
Accounts payable and accrued expenses |
183,386 |
|
|
214,518 |
|
Short term revolving credit lines with banks (full recourse) |
— |
|
|
20,000 |
|
Commercial paper |
99,974 |
|
|
99,971 |
|
Billings in excess of costs and estimated earnings on uncompleted
contracts |
16,277 |
|
|
18,669 |
|
Current portion of long-term debt: |
|
|
|
Limited and non-recourse (primarily related to VIEs): |
67,921 |
|
|
57,207 |
|
Full recourse |
154,246 |
|
|
116,864 |
|
Financing Liability |
3,620 |
|
|
5,141 |
|
Operating lease liabilities |
4,041 |
|
|
3,329 |
|
Finance lease liabilities |
1,267 |
|
|
1,313 |
|
Total current liabilities |
530,732 |
|
|
537,012 |
|
Long-term debt, net of current
portion: |
|
|
|
Limited and non-recourse: |
540,995 |
|
|
447,389 |
|
Full recourse: |
839,253 |
|
|
698,187 |
|
Convertible senior notes |
424,268 |
|
|
423,104 |
|
Financing liability |
219,682 |
|
|
220,619 |
|
Operating lease liabilities |
20,480 |
|
|
19,790 |
|
Finance lease liabilities |
1,684 |
|
|
2,238 |
|
Liability associated with sale
of tax benefits |
167,188 |
|
|
184,612 |
|
Deferred income taxes |
78,850 |
|
|
66,748 |
|
Liability for unrecognized tax
benefits |
7,520 |
|
|
8,673 |
|
Liabilities for severance
pay |
10,009 |
|
|
11,844 |
|
Asset retirement
obligation |
125,035 |
|
|
114,370 |
|
Other long-term
liabilities |
33,858 |
|
|
22,107 |
|
Total liabilities |
2,999,554 |
|
|
2,756,693 |
|
|
|
|
|
Commitments and
contingencies |
|
|
|
Redeemable noncontrolling
interest |
9,985 |
|
|
10,599 |
|
|
|
|
|
Equity: |
|
|
|
The Company's stockholders' equity: |
|
|
|
Common stock |
61 |
|
|
60 |
|
Additional paid-in capital |
1,624,763 |
|
|
1,614,769 |
|
Treasury stock, at cost |
(17,964 |
) |
|
(17,964 |
) |
Retained earnings |
766,137 |
|
|
719,894 |
|
Accumulated other comprehensive income (loss) |
(1,754 |
) |
|
(1,332 |
) |
Total stockholders' equity attributable to Company's
stockholders |
2,371,243 |
|
|
2,315,427 |
|
Noncontrolling interest |
126,020 |
|
|
125,560 |
|
Total equity |
2,497,263 |
|
|
2,440,987 |
|
Total liabilities, redeemable noncontrolling interest and
equity |
5,506,802 |
|
|
5,208,279 |
|
ORMAT TECHNOLOGIES, INC AND
SUBSIDIARIESReconciliation of EBITDA and Adjusted
EBITDA For the Three- and Six-Month Periods Ended June 30,
2024, and 2023
We calculate EBITDA as net income before
interest, taxes, depreciation, amortization and accretion. We
calculate Adjusted EBITDA as net income before interest, taxes,
depreciation, amortization and accretion, adjusted for (i)
mark-to-market gains or losses from accounting for derivatives not
designated as hedging instruments; (ii) stock-based compensation;
(iii) merger and acquisition transaction costs; (iv) gain or loss
from extinguishment of liabilities; (v) cost related to a
settlement agreement; (vi) non-cash impairment charges; (vii)
write-off of unsuccessful exploration activities; and (viii) other
unusual or non-recurring items. We adjust for these factors as they
may be non-cash, unusual in nature and/or are not factors used by
management for evaluating operating performance. We believe that
presentation of these measures will enhance an investor’s ability
to evaluate our financial and operating performance. 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. Our Board of Directors and senior
management use EBITDA and Adjusted EBITDA to evaluate 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, 2024, and 2023:
|
Three Months Ended June 30, |
|
|
|
Six Months ended June 30, |
|
|
|
2024 |
|
2023 |
|
|
|
2024 |
|
2023 |
|
|
|
(Dollars in thousands) |
|
|
|
(Dollars in thousands) |
|
|
Net income |
23,965 |
|
24,511 |
|
(22.3)% |
|
64,315 |
|
57,972 |
|
10.9% |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
(including amortization of deferred financing costs) |
31,112 |
|
19,451 |
|
|
|
60,241 |
|
41,231 |
|
|
Income tax provision (benefit) |
(3,178) |
|
(3,956) |
|
|
|
(3,325) |
|
4,929 |
|
|
Adjustment to investment in an
unconsolidated companies: our proportionate share in interest
expense, tax and depreciation and amortization in Sarulla and
Ijen |
3,418 |
|
4,050 |
|
|
|
6,770 |
|
7,032 |
|
|
Depreciation and amortization |
62,683 |
|
52,939 |
|
|
|
124,359 |
|
105,335 |
|
|
EBITDA |
118,000 |
|
96,995 |
|
21.7% |
|
252,360 |
|
216,499 |
|
16.6% |
Mark-to-market gains or losses
from accounting for derivative |
466 |
|
(402) |
|
|
|
1,279 |
|
591 |
|
|
Stock-based compensation |
5,077 |
|
4,311 |
|
|
|
9,845 |
|
7,301 |
|
|
Allowance for bad debt |
221 |
|
— |
|
|
|
221 |
|
— |
|
|
Write-off of long-lived
assets |
957 |
|
— |
|
|
|
957 |
|
— |
|
|
Merger and acquisition
transaction costs |
— |
|
— |
|
|
|
1,299 |
|
— |
|
|
Write-off of unsuccessful
exploration activities |
1,379 |
|
— |
|
|
|
1,379 |
|
— |
|
|
Adjusted
EBITDA |
126,100 |
|
100,904 |
|
25% |
|
267,341 |
|
224,392 |
|
19.1% |
ORMAT TECHNOLOGIES, INC AND
SUBSIDIARIESReconciliation of Adjusted
Net Income attributable to the Company's stockholders and Adjusted
EPS For the Three and Six-month Periods Ended June 30,
2024, and 2023
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 and six-month periods ended June 30, 2024 and 2023.
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
(in millions, except for EPS) |
|
|
|
|
|
|
|
GAAP Net income attributable to the Company's
stockholders |
22.2 |
|
24.2 |
|
60.8 |
|
53.2 |
Write-off of long-lived assets |
0.8 |
|
— |
|
0.8 |
|
— |
Write-off of unsuccessful exploration activities |
1.1 |
|
— |
|
1.1 |
|
— |
M&A costs |
— |
|
— |
|
1.0 |
|
— |
Allowance for bad debt |
0.2 |
|
— |
|
0.2 |
|
— |
Adjusted Net income attributable to the Company's
stockholders |
$24.3 |
|
$24.2 |
|
$63.9 |
|
$53.2 |
GAAP diluted EPS |
0.37 |
|
0.40 |
|
1.00 |
|
0.90 |
Write-off of long-lived assets |
0.01 |
|
— |
|
0.01 |
|
— |
Write-off of unsuccessful exploration activities |
0.02 |
|
— |
|
0.02 |
|
— |
M&A costs |
- |
|
— |
|
0.02 |
|
— |
Allowance for bad debt |
0.00 |
|
— |
|
0.00 |
|
— |
Diluted Adjusted EPS |
$0.40 |
|
$0.40 |
|
$1.05 |
|
$0.90 |
Ormat Technologies Contact:Smadar LaviVP Head of IR and ESG
Planning & Reporting 775-356-9029 (ext.
65726)slavi@ormat.com |
|
Investor Relations Agency Contact:Joseph Caminiti or Josh
CarrollAlpha IR Group312-445-2870ORA@alpha-ir.com |
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