Ormat Technologies Inc.’s ( ORA Quick Quote ORA - Free Report) second-quarter 2020 earnings per share (EPS) came in at 45 cents, which surpassed the Zacks Consensus Estimate of 38 cents by 18.4%. The bottom line however declined 32.8% year over year.
The year-over-year downside can be attributed to an increase in income tax provision.
In the quarter under review, Ormat Technologies generated revenues of $174.9 million, which exceeded the Zacks Consensus Estimate of $167 million by 4.8%. However, the top line dropped 5% on a year-over-year basis due to lower revenues from each of its segments.
Segment Revenues Electricity Segment: Revenues at this segment amounted to $128.7 million in the second quarter, which slipped 0.3% year over year. Product Segment: Revenues at this segment declined 16% year over year to $43.7 million. Energy Storage and Management Services: Revenues at this division amounted to $2.5 million, down 15%from the prior-year quarter. Operational Update
In the reported quarter, Ormat Technologies’ total operating expenses were $17.3 million, compared with operating expenses of $18.3 million in the second quarter of 2019.
The company’s operating income rose 2.6% year over year to $48.1 million in the second quarter.
The company’s total cost of revenues was $109.5 million, down 7.9% year over year.
Interest expenses were $19.8 million, which declined 8.1% year over year.
Ormat Technologies had cash and cash equivalents of $173.7 million as of Jun 30, 2020, compared with $71.2 million as of Dec 31, 2019.
Total long-term debt was $1,132 million as of Jun 30, 2020, compared with $1,012 million as of Dec 31, 2019.
Ormat Technologies updated its expectations for 2020. It now expects 2020 total revenues in the range of $710-$725 million, narrower than the earlier predicted band of $710-$740 million. The Zacks Consensus Estimate for the same, pegged at $719.1 million, lies little above the midpoint of the guided range.
Segment-wise, the company now expects electricity segment revenues of $550-$560 million, compared with theprior guidance of $550-$570 million. However, the company’s Product segment revenues are stillexpected to be $140-$150 million.
Ormat Technologies currently anticipates annual adjusted EBITDA of $400-$410 million, compared with$400-$415 million projected earlier.
Ormat Technologies currently carries a Zacks Rank #5 (Strong Sell).
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