Shares of Ormat Technologies Inc. (ORA - Free Report) rose 14.1% to reach $71.82 on Feb 25, reflecting investor optimism following the company's fourth-quarter 2021 results.
The company’s fourth-quarter adjusted earnings per share came in at 41 cents, which surpassed the Zacks Consensus Estimate of 32 cents by 28.1%.
Ormat reported GAAP earnings of 34 cents per share compared with 39 cents generated in the year-ago quarter.
The year-over-year decline can be attributed to higher interest expenses as a result of its recent geothermal assets acquisition and losses related to the minority investment in the Sarulla project in Indonesia.
For 2021, the company generated adjusted earnings of $1.39 per share.
Revenues
In the quarter under review, Ormat Technologies generated revenues of $191 million, which exceeded the Zacks Consensus Estimate of $183 million by 4.2%. Moreover, the top line increased 6.5% on a year-over-year basis driven by higher revenues from its Electricity and Energy Storage segments.
Segment Revenues
Electricity Segment: Revenues in this segment amounted to $164.3 million in the fourth quarter, which rose 12.3% year over year.
Product Segment: Revenues in this segment declined 2.6% to $20.3 million.
Energy Storage Segment: Revenues in this division amounted to $6.4 million, up 10% from the prior-year quarter’s figure.
Operational Update
In the reported quarter, Ormat Technologies’ total operating expenses were $20.7 million compared with operating expenses of $21.8 million in the fourth quarter of 2020.
The company’s operating income increased 3.1% year over year to $55 million in the fourth quarter.
The company’s total cost of revenues was $115.4 million, up 10.6% year over year.
Interest expenses were $22.8 million, which increased 19.1% year over year.
Financial Condition
Ormat Technologies had cash and cash equivalents of $239.3 million as of Dec 31, 2021, compared with $448.3 million as of Dec 31, 2020.
The company generated cash from operating activities worth $258.8 million as of Dec 31, 2021 compared with $265 million as of Dec 31, 2020.
Guidance
Ormat Technologies currently projects to generate revenues in the range of $725-$750 million in 2022.
The company anticipates an annual adjusted EBITDA of $430-450 million for 2022.
Zacks Rank
Ormat Technologies currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Sector Releases
SunPower Corporation (SPWR) reported fourth-quarter 2021 adjusted loss of 7 cents per share in contrast to the Zacks Consensus Estimate of earnings of 4 cents. The bottom line also marked a deterioration from the year-ago quarter’s earnings of 14 cents.
Moreover, the adjusted top line improved 13.8% from the year-ago quarter’s $337.5 million. SunPower had cash and cash equivalents of $127.1 million as of Jan 2, 2022, compared with $232.8 million as of Jan 3, 2021.
Enphase Energy (ENPH - Free Report) reported fourth-quarter 2021 adjusted earnings of 73 cents per share, which surpassed the Zacks Consensus Estimate of 57 cents by 28.1%. The bottom line improved 43.1% from 51 cents per share reported in the prior-year quarter.
Its fourth-quarter revenues of $412.7 million beat the Zacks Consensus Estimate of $403 million by 2.4%. The top line soared 55.8% from the year-ago quarter’s $264.8 million, driven by strong demand for its microinverter systems
Evergy (EVRG - Free Report) reported fourth-quarter 2021 operating earnings of 16 cents per share, which surpassed the Zacks Consensus Estimate of 4 cents by 300%. The reported earnings were down 42.9% year over year.
Evergy reaffirmed its 2022 operating earnings per share guidance in the range of $3.43-$3.63 and adjusted EPS annual growth target within 6-8% from 2021 through 2025.
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Shares of Ormat Technologies Inc. (ORA - Free Report) rose 14.1% to reach $71.82 on Feb 25, reflecting investor optimism following the company's fourth-quarter 2021 results.
The company’s fourth-quarter adjusted earnings per share came in at 41 cents, which surpassed the Zacks Consensus Estimate of 32 cents by 28.1%.
Ormat reported GAAP earnings of 34 cents per share compared with 39 cents generated in the year-ago quarter.
The year-over-year decline can be attributed to higher interest expenses as a result of its recent geothermal assets acquisition and losses related to the minority investment in the Sarulla project in Indonesia.
For 2021, the company generated adjusted earnings of $1.39 per share.
Revenues
In the quarter under review, Ormat Technologies generated revenues of $191 million, which exceeded the Zacks Consensus Estimate of $183 million by 4.2%. Moreover, the top line increased 6.5% on a year-over-year basis driven by higher revenues from its Electricity and Energy Storage segments.
Segment Revenues
Electricity Segment: Revenues in this segment amounted to $164.3 million in the fourth quarter, which rose 12.3% year over year.
Product Segment: Revenues in this segment declined 2.6% to $20.3 million.
Energy Storage Segment: Revenues in this division amounted to $6.4 million, up 10% from the prior-year quarter’s figure.
Operational Update
In the reported quarter, Ormat Technologies’ total operating expenses were $20.7 million compared with operating expenses of $21.8 million in the fourth quarter of 2020.
The company’s operating income increased 3.1% year over year to $55 million in the fourth quarter.
The company’s total cost of revenues was $115.4 million, up 10.6% year over year.
Interest expenses were $22.8 million, which increased 19.1% year over year.
Financial Condition
Ormat Technologies had cash and cash equivalents of $239.3 million as of Dec 31, 2021, compared with $448.3 million as of Dec 31, 2020.
The company generated cash from operating activities worth $258.8 million as of Dec 31, 2021 compared with $265 million as of Dec 31, 2020.
Guidance
Ormat Technologies currently projects to generate revenues in the range of $725-$750 million in 2022.
The company anticipates an annual adjusted EBITDA of $430-450 million for 2022.
Zacks Rank
Ormat Technologies currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Sector Releases
SunPower Corporation (SPWR) reported fourth-quarter 2021 adjusted loss of 7 cents per share in contrast to the Zacks Consensus Estimate of earnings of 4 cents. The bottom line also marked a deterioration from the year-ago quarter’s earnings of 14 cents.
Moreover, the adjusted top line improved 13.8% from the year-ago quarter’s $337.5 million. SunPower had cash and cash equivalents of $127.1 million as of Jan 2, 2022, compared with $232.8 million as of Jan 3, 2021.
Enphase Energy (ENPH - Free Report) reported fourth-quarter 2021 adjusted earnings of 73 cents per share, which surpassed the Zacks Consensus Estimate of 57 cents by 28.1%. The bottom line improved 43.1% from 51 cents per share reported in the prior-year quarter.
Its fourth-quarter revenues of $412.7 million beat the Zacks Consensus Estimate of $403 million by 2.4%. The top line soared 55.8% from the year-ago quarter’s $264.8 million, driven by strong demand for its microinverter systems
Evergy (EVRG - Free Report) reported fourth-quarter 2021 operating earnings of 16 cents per share, which surpassed the Zacks Consensus Estimate of 4 cents by 300%. The reported earnings were down 42.9% year over year.
Evergy reaffirmed its 2022 operating earnings per share guidance in the range of $3.43-$3.63 and adjusted EPS annual growth target within 6-8% from 2021 through 2025.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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