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.
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.
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.
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