Ormat Technologies Inc. · Q4 2019 earnings

Briefing

Ormat reported financial results for the fourth quarter and full year ended December 31, 2019, and announced a transition of its senior management.

Ormat Technologies reported a 1.0% increase in total revenues for Q4 2019, reaching $192.4 million. The electricity segment revenues increased by 4.4%, while product segment revenues decreased by 11.9%. The company's net income attributable to stockholders was $12.6 million, or $0.24 per diluted share.

• Total revenues for the quarter were $192.4 million, up 1.0% compared to the same quarter last year.
• Electricity segment revenues increased 4.4% to $144.4 million, up from $138.3 million last year.
• Product segment revenues decreased 11.9% to $43.8 million, down from $49.7 million in the same quarter last year.
• Net income attributable to the Company’s shareholders was $12.6 million, or $0.24 per diluted share, compared to $18.2 million, or $0.36 per diluted share.

Headline financials

Revenue & EPS history

Ormat expects full-year 2020 total revenues of between $720 million and $740 million with electricity segment revenues between $560 million and $570 million. We expect product segment revenues of between $140 million and $150 million. Revenues from energy storage and demand response activity are expected to be between $15 million and $20 million. We expect 2020 Adjusted EBITDA of between $405 million and $415 million for the full year. We expect annual Adjusted EBITDA attributable to minority interest to be approximately $26 million.