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Ormat Technologies (ORA) Q1 Earnings Top, Revenues Fall Y/Y
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Shares of Ormat Technologies Inc. (ORA - Free Report) declined 4.1% to reach $67.01 on May 11, reflecting investor skepticism following the company's Q1 results.
The company’s first-quarter 2021 earnings per share (EPS) came in at 42 cents, which surpassed the Zacks Consensus Estimate of 36 cents by 16.7%. The bottom line, however, decreased 17.6% year over year.
Revenues
In the quarter under review, Ormat Technologies generated revenues of $166.4 million, which exceeded the Zacks Consensus Estimate of $166 million by 0.4%. However, the top line declined 13.4% on a year-over-year basis due to significantly lower revenues from its product segment.
Ormat Technologies, Inc. Price, Consensus and EPS Surprise
Electricity Segment: Revenues in this segment amounted to $145 million in the first quarter, which rose 1.5% year over year.
Product Segment: Revenues in this segment plunged 81.8% year over year to $8.6 million.
Energy Storage and Management Services: Revenues in this division amounted to $12.7 million, surging a massive 589.1% from the prior-year quarter.
Operational Update
In the reported quarter, Ormat Technologies’ total operating expenses were $23.8 million compared with operating expenses of $20.8 million in the first quarter of 2020.
The company’s operating income declined 18.3% year over year to $49.9 million in the first quarter.
The company’s total cost of revenues was $92.7 million, down 15.9% year over year.
Interest expenses were $19 million, which increased 10.1% year over year.
Financial Condition
Ormat Technologies had cash and cash equivalents of $376.6 million as of Mar 31, 2021, compared with $448.3 million as of Dec 31, 2020.
The company generated cash from operating activities worth $68.9 million as of Mar 31, 2021 compared with $79.8 million as of Mar 31, 2020.
Guidance 2021
Ormat Technologies continues to project full-year 2021 total revenues of $640-$680 million, with electricity segment revenues estimated in the range of $570-$580 million. Likewise, the company’s Product segment revenues are expected to be $50-$70 million.
The Zacks Consensus Estimate for the company’s overall revenues is pegged at $657.7 million, a bit lower than the company’s guided range.
The company still anticipates annual adjusted EBITDA of $400-410 million for 2021. It continues to expect annual adjusted EBITDA attributable to minority interest to be approximately $32 million.
Zacks Rank
Ormat Technologies currently carries a Zacks Rank #4 (Sell).
First Solar Inc. (FSLR - Free Report) reported first-quarter 2021 adjusted earnings of $1.96 per share, which surpassed the Zacks Consensus Estimate of $1.00 by 96%.
Ameresco (AMRC - Free Report) reported earnings of 25 cents per share for the first quarter of 2021, beating the Zacks Consensus Estimate of 10 cents per share.
Evergy, Inc. (EVRG - Free Report) reported first-quarter 2021 operating earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 47 cents by 17%.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
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Ormat Technologies (ORA) Q1 Earnings Top, Revenues Fall Y/Y
Shares of Ormat Technologies Inc. (ORA - Free Report) declined 4.1% to reach $67.01 on May 11, reflecting investor skepticism following the company's Q1 results.
The company’s first-quarter 2021 earnings per share (EPS) came in at 42 cents, which surpassed the Zacks Consensus Estimate of 36 cents by 16.7%. The bottom line, however, decreased 17.6% year over year.
Revenues
In the quarter under review, Ormat Technologies generated revenues of $166.4 million, which exceeded the Zacks Consensus Estimate of $166 million by 0.4%. However, the top line declined 13.4% on a year-over-year basis due to significantly lower revenues from its product segment.
Ormat Technologies, Inc. Price, Consensus and EPS Surprise
Ormat Technologies, Inc. price-consensus-eps-surprise-chart | Ormat Technologies, Inc. Quote
Segment Revenues
Electricity Segment: Revenues in this segment amounted to $145 million in the first quarter, which rose 1.5% year over year.
Product Segment: Revenues in this segment plunged 81.8% year over year to $8.6 million.
Energy Storage and Management Services: Revenues in this division amounted to $12.7 million, surging a massive 589.1% from the prior-year quarter.
Operational Update
In the reported quarter, Ormat Technologies’ total operating expenses were $23.8 million compared with operating expenses of $20.8 million in the first quarter of 2020.
The company’s operating income declined 18.3% year over year to $49.9 million in the first quarter.
The company’s total cost of revenues was $92.7 million, down 15.9% year over year.
Interest expenses were $19 million, which increased 10.1% year over year.
Financial Condition
Ormat Technologies had cash and cash equivalents of $376.6 million as of Mar 31, 2021, compared with $448.3 million as of Dec 31, 2020.
The company generated cash from operating activities worth $68.9 million as of Mar 31, 2021 compared with $79.8 million as of Mar 31, 2020.
Guidance 2021
Ormat Technologies continues to project full-year 2021 total revenues of $640-$680 million, with electricity segment revenues estimated in the range of $570-$580 million. Likewise, the company’s Product segment revenues are expected to be $50-$70 million.
The Zacks Consensus Estimate for the company’s overall revenues is pegged at $657.7 million, a bit lower than the company’s guided range.
The company still anticipates annual adjusted EBITDA of $400-410 million for 2021. It continues to expect annual adjusted EBITDA attributable to minority interest to be approximately $32 million.
Zacks Rank
Ormat Technologies currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Sector Releases
First Solar Inc. (FSLR - Free Report) reported first-quarter 2021 adjusted earnings of $1.96 per share, which surpassed the Zacks Consensus Estimate of $1.00 by 96%.
Ameresco (AMRC - Free Report) reported earnings of 25 cents per share for the first quarter of 2021, beating the Zacks Consensus Estimate of 10 cents per share.
Evergy, Inc. (EVRG - Free Report) reported first-quarter 2021 operating earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 47 cents by 17%.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Access Zacks Top 10 Stocks for 2021 today >>