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Shares of Ormat Technologies Inc. (ORA - Free Report) rose 3.8% to reach $91.15 on Aug 8, reflecting investors’ optimism following the company's second-quarter 2022 results.
The company’s second-quarter adjusted earnings per share came in at 22 cents, which surpassed the Zacks Consensus Estimate of 21 cents by 4.8%.
Ormat reported GAAP earnings of 20 cents per share compared with 23 cents generated in the year-ago quarter.
The year-over-year decline can be attributed to an after-tax loss related to foreign currency hedging.
Ormat Technologies, Inc. Price, Consensus and EPS Surprise
In the quarter under review, ORA generated revenues of $169.1 million, which exceeded the Zacks Consensus Estimate of $160 million by 5.5%. Moreover, the top line increased 15.1% on a year-over-year basis, driven by higher revenues from all of its segments.
Segment Revenues
Electricity Segment: Revenues in this segment amounted to $151.2 million in the second quarter, which rose 12.9% year over year.
Product Segment: Revenues in this segment surged 40.2% to $10.4 million.
Energy Storage Segment: Revenues in this division amounted to $7.5 million, up 33.1% from the prior-year quarter’s figure.
Operational Update
In the reported quarter, Ormat Technologies’ total operating expenses were $19 million compared with operating expenses of $23.4 million in the second quarter of 2021.
The company’s operating income surged 35% year over year to $38.6 million in the second quarter.
The company’s total cost of revenues was $111.5 million, up 17.4% year over year.
Net interest expenses were $20.4 million, which increased 9.6% year over year.
Financial Condition
Ormat Technologies had cash and cash equivalents of $263.4 million as of Jun 30, 2022, compared with $239.3 million as of Dec 31, 2021.
Guidance
Ormat Technologies still projects to generate revenues in the range of $710-$735 million in 2022.
Adjusted electricity segment revenues are still expected in the band of $630-$640 million, while product segment revenues are anticipated in the range of $50-$60 million. Energy Storage revenues are projected in the range of $30-$35 million.
The company continues to anticipate annual adjusted EBITDA in the band of $430-450 million for 2022.
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2022 adjusted earnings of $1.07 per share, which improved a solid 101.9% from 53 cents reported in the prior-year quarter.
Enphase Energy’s second-quarter revenues of $530.2 soared 67.7% from the year-ago quarter’s $316.1 million. For the third quarter of 2022, ENPH expects revenues in the range of $590-$630 million.
First Solar, Inc. (FSLR - Free Report) reported second-quarter 2022 earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 30 cents by 73.3%. However, the bottom line declined from the prior-year quarter’s earnings of 77 cents per share.
First Solar’s second-quarter sales were $621 million, which beat the Zacks Consensus Estimate of $599 million by 3.7%.
SunPower Corporation (SPWR - Free Report) reported second-quarter 2022 adjusted earnings of 3 cents per share. The bottom line marked a deterioration from the year-ago quarter’s earnings of 7 cents per share.
SunPower’s adjusted revenues came in at $414.1 million, while its GAAP revenues were $417.8 million. Revenues surpassed the Zacks Consensus Estimate of $363 million by 14%.
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Ormat Technologies (ORA) Q2 Earnings Top, Revenues Rise Y/Y
Shares of Ormat Technologies Inc. (ORA - Free Report) rose 3.8% to reach $91.15 on Aug 8, reflecting investors’ optimism following the company's second-quarter 2022 results.
The company’s second-quarter adjusted earnings per share came in at 22 cents, which surpassed the Zacks Consensus Estimate of 21 cents by 4.8%.
Ormat reported GAAP earnings of 20 cents per share compared with 23 cents generated in the year-ago quarter.
The year-over-year decline can be attributed to an after-tax loss related to foreign currency hedging.
Ormat Technologies, Inc. Price, Consensus and EPS Surprise
Ormat Technologies, Inc. price-consensus-eps-surprise-chart | Ormat Technologies, Inc. Quote
Revenues
In the quarter under review, ORA generated revenues of $169.1 million, which exceeded the Zacks Consensus Estimate of $160 million by 5.5%. Moreover, the top line increased 15.1% on a year-over-year basis, driven by higher revenues from all of its segments.
Segment Revenues
Electricity Segment: Revenues in this segment amounted to $151.2 million in the second quarter, which rose 12.9% year over year.
Product Segment: Revenues in this segment surged 40.2% to $10.4 million.
Energy Storage Segment: Revenues in this division amounted to $7.5 million, up 33.1% from the prior-year quarter’s figure.
Operational Update
In the reported quarter, Ormat Technologies’ total operating expenses were $19 million compared with operating expenses of $23.4 million in the second quarter of 2021.
The company’s operating income surged 35% year over year to $38.6 million in the second quarter.
The company’s total cost of revenues was $111.5 million, up 17.4% year over year.
Net interest expenses were $20.4 million, which increased 9.6% year over year.
Financial Condition
Ormat Technologies had cash and cash equivalents of $263.4 million as of Jun 30, 2022, compared with $239.3 million as of Dec 31, 2021.
Guidance
Ormat Technologies still projects to generate revenues in the range of $710-$735 million in 2022.
Adjusted electricity segment revenues are still expected in the band of $630-$640 million, while product segment revenues are anticipated in the range of $50-$60 million. Energy Storage revenues are projected in the range of $30-$35 million.
The company continues to anticipate annual adjusted EBITDA in the band 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
Enphase Energy, Inc. (ENPH - Free Report) reported second-quarter 2022 adjusted earnings of $1.07 per share, which improved a solid 101.9% from 53 cents reported in the prior-year quarter.
Enphase Energy’s second-quarter revenues of $530.2 soared 67.7% from the year-ago quarter’s $316.1 million. For the third quarter of 2022, ENPH expects revenues in the range of $590-$630 million.
First Solar, Inc. (FSLR - Free Report) reported second-quarter 2022 earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 30 cents by 73.3%. However, the bottom line declined from the prior-year quarter’s earnings of 77 cents per share.
First Solar’s second-quarter sales were $621 million, which beat the Zacks Consensus Estimate of $599 million by 3.7%.
SunPower Corporation (SPWR - Free Report) reported second-quarter 2022 adjusted earnings of 3 cents per share. The bottom line marked a deterioration from the year-ago quarter’s earnings of 7 cents per share.
SunPower’s adjusted revenues came in at $414.1 million, while its GAAP revenues were $417.8 million. Revenues surpassed the Zacks Consensus Estimate of $363 million by 14%.