Ormat Technologies Inc.’s (ORA - Free Report) third-quarter 2018 adjusted earnings per share (EPS) came in at 31 cents, which missed the Zacks Consensus Estimate of 44 cents by 29.6%. Earnings also declined 39.2% from the prior-year quarter.
Barring one-time items, the company’s GAAP earnings were 21 cents per share compared with 47 cents in the year-ago quarter.
Revenues
In the quarter under review, Ormat Technologies generated revenues of $166.5 million, which missed the Zacks Consensus Estimate of $176 million by 5.4%. However, the top line improved 5.9% on a year-over-year basis.
Segment Revenues
Electricity Segment: Revenues increased 5.4% year over year to $116.9 million from $110.9 million. The increase was primarily attributable to the Platanares, Tungsten Mountain and Olkaria III expansion projects along with the U.S. Geothermal acquisition.
Product Segment: Segment revenues increased 7.9% year over year to $48.4 million from $44.9 million.
Other Segment: Revenues for this division stood at $1.1 million compared with $1.4 million in the prior-year quarter.
Operational Update
In the reported quarter, Ormat Technologies’ total operating expenses were $22.89 million, up 50.4% year over year.
The company’s total cost of revenues was $117.7 million, up 20% year over year.
Interest expenses were $18.7 million, up approximately 60% on a year-over-year basis.
Ormat Technologies, Inc. Price, Consensus and EPS Surprise
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Ormat Technologies Inc.’s (ORA - Free Report) third-quarter 2018 adjusted earnings per share (EPS) came in at 31 cents, which missed the Zacks Consensus Estimate of 44 cents by 29.6%. Earnings also declined 39.2% from the prior-year quarter.
Barring one-time items, the company’s GAAP earnings were 21 cents per share compared with 47 cents in the year-ago quarter.
Revenues
In the quarter under review, Ormat Technologies generated revenues of $166.5 million, which missed the Zacks Consensus Estimate of $176 million by 5.4%. However, the top line improved 5.9% on a year-over-year basis.
Segment Revenues
Electricity Segment: Revenues increased 5.4% year over year to $116.9 million from $110.9 million. The increase was primarily attributable to the Platanares, Tungsten Mountain and Olkaria III expansion projects along with the U.S. Geothermal acquisition.
Product Segment: Segment revenues increased 7.9% year over year to $48.4 million from $44.9 million.
Other Segment: Revenues for this division stood at $1.1 million compared with $1.4 million in the prior-year quarter.
Operational Update
In the reported quarter, Ormat Technologies’ total operating expenses were $22.89 million, up 50.4% year over year.
The company’s total cost of revenues was $117.7 million, up 20% year over year.
Interest expenses were $18.7 million, up approximately 60% on a year-over-year basis.
Ormat Technologies, Inc. Price, Consensus and EPS Surprise
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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