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Ormat Technologies (ORA) Beats on Q2 Earnings, Ups Revenue View
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Shares of Ormat Technologies Inc. (ORA - Free Report) declined 3.9% to reach $67.59 on Aug 10, reflecting investor skepticism following the company's second-quarter 2021 results.
The company’s second-quarter earnings per share (EPS) came in at 23 cents, which surpassed the Zacks Consensus Estimate of 21 cents by 9.5%. The bottom line, however, decreased 48.9% year over year.
Revenues
In the quarter under review, Ormat Technologies generated revenues of $146.9 million, which missed the Zacks Consensus Estimate of $147 million by a whisker. Moreover, the top line declined 16% 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 $133.9 million in the second quarter, which rose 4% year over year.
Product Segment: Revenues in this segment plunged 83% to $7.4 million.
Energy Storage Segment: Revenues in this division amounted to $5.6 million, surging a solid 123.8% from the prior-year quarter.
Operational Update
In the reported quarter, Ormat Technologies’ total operating expenses were $23.4 million compared with operating expenses of $17.3 million in the second quarter of 2020.
The company’s operating income declined 40.5% year over year to $28.7 million in the second quarter.
The company’s total cost of revenues was $94.9 million, down 13.3% year over year.
Interest expenses were $18.6 million, which decreased 5.9% year over year.
Financial Condition
Ormat Technologies had cash and cash equivalents of $250 million as of Jun 30, 2021, compared with $448.3 million as of Dec 31, 2020.
The company generated cash from operating activities worth $33 million as of Jun 30, 2021 compared with $55.2 million as of Jun 30, 2020.
Guidance 2021
Ormat Technologies currently projects to generate revenues in the range of $650-$685 million in 2021, up from its prior guided range of $640-$680 million..
The Zacks Consensus Estimate for the company’s revenues is pegged at $659.2 million, lower than the mid-point of the company’s guided range.
The company still anticipates annual adjusted EBITDA of $400-410 million for 2021.
Zacks Rank
Ormat Technologies currently carries a Zacks Rank #4 (Sell).
First Solar (FSLR - Free Report) reported second-quarter 2021 adjusted earnings of 77 cents per share, which surpassed the Zacks Consensus Estimate of 60 cents by 28.3%.
Ameresco (AMRC - Free Report) came out with quarterly earnings of 34 cents per share for the second quarter of 2021, beating the Zacks Consensus Estimate of 26 cents by 30.8%.
Evergy (EVRG - Free Report) reported second-quarter 2021 operating earnings of 85 cents per share, which surpassed the Zacks Consensus Estimate of 74 cents by 14.9%.
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Ormat Technologies (ORA) Beats on Q2 Earnings, Ups Revenue View
Shares of Ormat Technologies Inc. (ORA - Free Report) declined 3.9% to reach $67.59 on Aug 10, reflecting investor skepticism following the company's second-quarter 2021 results.
The company’s second-quarter earnings per share (EPS) came in at 23 cents, which surpassed the Zacks Consensus Estimate of 21 cents by 9.5%. The bottom line, however, decreased 48.9% year over year.
Revenues
In the quarter under review, Ormat Technologies generated revenues of $146.9 million, which missed the Zacks Consensus Estimate of $147 million by a whisker. Moreover, the top line declined 16% 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 $133.9 million in the second quarter, which rose 4% year over year.
Product Segment: Revenues in this segment plunged 83% to $7.4 million.
Energy Storage Segment: Revenues in this division amounted to $5.6 million, surging a solid 123.8% from the prior-year quarter.
Operational Update
In the reported quarter, Ormat Technologies’ total operating expenses were $23.4 million compared with operating expenses of $17.3 million in the second quarter of 2020.
The company’s operating income declined 40.5% year over year to $28.7 million in the second quarter.
The company’s total cost of revenues was $94.9 million, down 13.3% year over year.
Interest expenses were $18.6 million, which decreased 5.9% year over year.
Financial Condition
Ormat Technologies had cash and cash equivalents of $250 million as of Jun 30, 2021, compared with $448.3 million as of Dec 31, 2020.
The company generated cash from operating activities worth $33 million as of Jun 30, 2021 compared with $55.2 million as of Jun 30, 2020.
Guidance 2021
Ormat Technologies currently projects to generate revenues in the range of $650-$685 million in 2021, up from its prior guided range of $640-$680 million..
The Zacks Consensus Estimate for the company’s revenues is pegged at $659.2 million, lower than the mid-point of the company’s guided range.
The company still anticipates annual adjusted EBITDA of $400-410 million for 2021.
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 (FSLR - Free Report) reported second-quarter 2021 adjusted earnings of 77 cents per share, which surpassed the Zacks Consensus Estimate of 60 cents by 28.3%.
Ameresco (AMRC - Free Report) came out with quarterly earnings of 34 cents per share for the second quarter of 2021, beating the Zacks Consensus Estimate of 26 cents by 30.8%.
Evergy (EVRG - Free Report) reported second-quarter 2021 operating earnings of 85 cents per share, which surpassed the Zacks Consensus Estimate of 74 cents by 14.9%.