Ormat Technologies Inc

Latest Results (07.08.2024):

Total Revenue Growth

Ormat Technologies Inc. reported a significant 21.0% increase in total revenues for the first quarter of 2024 compared to the same period in 2023. This growth was driven by strong performance across all three of its operating segments: Electricity, Product, and Energy Storage.

Electricity Segment Performance

The Electricity segment achieved record quarterly revenues of $191.3 million, marking a 12.3% year-over-year increase. This was primarily due to improved performance at the Puna facility, which is now operating above 30 MW, and contributions from the Heber facility and newly acquired assets from Enel Green Power North America.

Net Income and EPS

Ormat Technologies Inc. saw a 32.9% increase in net income attributable to its stockholders, reaching $38.6 million for the first quarter of 2024. Additionally, diluted earnings per share (EPS) rose by 25.5% to $0.64, reflecting the company's strong financial performance and strategic growth initiatives.

Adjusted EBITDA

Adjusted EBITDA for the first quarter of 2024 was $141.2 million, representing a 14.4% increase compared to the same period in 2023. This growth was supported by the acquisition of Enel Green Power North America assets, improved operational efficiency, and higher contributions from tax equity transactions.

Dividend Announcement

On May 8, 2024, Ormat Technologies Inc.'s Board of Directors declared a quarterly dividend of $0.12 per share, payable on June 5, 2024, to stockholders of record as of May 22, 2024. The company also expects to maintain this dividend rate for the next two quarters, reflecting its confidence in sustained financial performance.