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Ormat Technologies (ORA) Q4 Earnings Miss, Revenues Up Y/Y
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Ormat Technologies Inc.’s (ORA - Free Report) fourth-quarter 2019 adjusted earnings per share (EPS) came in at 24 cents, missing the Zacks Consensus Estimate of 56 cents by a massive 57.1%. Earnings also plummeted 42.9% from the prior-year quarter’s 42 cents per share.
Barring one-time items, the company’s GAAP earnings were 24 cents per share compared with the year-ago quarter’s 36 cents.
For 2019, Ormat Technologies’ operating EPS came in at $1.46, down 29.8% from the prior-year quarter’s $2.08. The reported figure also missed the Zacks Consensus Estimate of $1.77 by 17.5%.
Revenues
In the fourth quarter, Ormat Technologies generated revenues of $192.4 million, which exceeded the Zacks Consensus Estimate of $183.3 million by 5%. Also, the top line improved 1% on a year-over-year basis.
For 2019, Ormat Technologies’ revenues summed $746 million, up 3% from the prior-year quarter’s $719.3 million. The figure also outpaced the Zacks Consensus Estimate of $737 million by 1.22%.
Segment Revenues
Electricity Segment: Revenues increased 4.4% year over year to $144.4 million from the prior-year quarter’s $138.3 million.
Product Segment: Segment revenues declined 11.9% year over year to $43.8 million from the year-earlier quarter’s $49.7 million.
Other Segment: Revenues for this division surged 75.5% year over year to $4.3 million compared with the $2.4 million recorded in the prior-year quarter.
Ormat Technologies, Inc. Price, Consensus and EPS Surprise
In the December-end quarter, Ormat Technologies’ total operating expenses were $20 million, down 12.3% year over year.
Operating income during the quarter totaled $54.5 million compared with the $68 million registered in the year-ago period.
The company’s total cost of revenues in the fourth quarter was $117.9 million, up 18.3% year on year.
Interest expenses were $17.6 million during the quarter, down 20.3% on a year-over-year basis.
Financial Condition
Ormat Technologies had cash and cash equivalents of $71.2 million as of Dec 31, 2019, compared with $98.8 million as of Dec 31, 2018.
Total long-term debt was $1,011.9 million as of Dec 31, 2019, compared with $1,040.7 million as of Dec 31, 2018.
Guidance 2020
Ormat Technologies projects full-year 2020 total revenues of $720-$740 million, with electricity segment revenues estimated at $560-$570 million. Likewise, the company’s Product segment revenues are expected to be $140-$150 million. The Zacks Consensus Estimate for the same is pegged at $787 million, higher than the company’s guided range.
The company also anticipates annual adjusted EBITDA of $405-415 million for 2020. It expects annual adjusted EBITDA attributable to minority interest to be approximately $26 million.
CNX Resources Corporation (CNX - Free Report) reported fourth-quarter 2019 adjusted earnings of 12 cents per share, which compared favorably with the Zacks Consensus Estimate of a loss of 5 cents.
Murphy Oil Corporation (MUR - Free Report) delivered fourth-quarter adjusted earnings of 16 cents per share, which beat the Zacks Consensus Estimate of 12 cents by 33.3%.
Panhandle Oil & Gas (PHX - Free Report) came out with quarterly earnings of 23 cents per share, as against the Zacks Consensus Estimate of a loss of 1 cent per share.
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Ormat Technologies (ORA) Q4 Earnings Miss, Revenues Up Y/Y
Ormat Technologies Inc.’s (ORA - Free Report) fourth-quarter 2019 adjusted earnings per share (EPS) came in at 24 cents, missing the Zacks Consensus Estimate of 56 cents by a massive 57.1%. Earnings also plummeted 42.9% from the prior-year quarter’s 42 cents per share.
Barring one-time items, the company’s GAAP earnings were 24 cents per share compared with the year-ago quarter’s 36 cents.
For 2019, Ormat Technologies’ operating EPS came in at $1.46, down 29.8% from the prior-year quarter’s $2.08. The reported figure also missed the Zacks Consensus Estimate of $1.77 by 17.5%.
Revenues
In the fourth quarter, Ormat Technologies generated revenues of $192.4 million, which exceeded the Zacks Consensus Estimate of $183.3 million by 5%. Also, the top line improved 1% on a year-over-year basis.
For 2019, Ormat Technologies’ revenues summed $746 million, up 3% from the prior-year quarter’s $719.3 million. The figure also outpaced the Zacks Consensus Estimate of $737 million by 1.22%.
Segment Revenues
Electricity Segment: Revenues increased 4.4% year over year to $144.4 million from the prior-year quarter’s $138.3 million.
Product Segment: Segment revenues declined 11.9% year over year to $43.8 million from the year-earlier quarter’s $49.7 million.
Other Segment: Revenues for this division surged 75.5% year over year to $4.3 million compared with the $2.4 million recorded in the prior-year quarter.
Ormat Technologies, Inc. Price, Consensus and EPS Surprise
Ormat Technologies, Inc. price-consensus-eps-surprise-chart | Ormat Technologies, Inc. Quote
Operational Update
In the December-end quarter, Ormat Technologies’ total operating expenses were $20 million, down 12.3% year over year.
Operating income during the quarter totaled $54.5 million compared with the $68 million registered in the year-ago period.
The company’s total cost of revenues in the fourth quarter was $117.9 million, up 18.3% year on year.
Interest expenses were $17.6 million during the quarter, down 20.3% on a year-over-year basis.
Financial Condition
Ormat Technologies had cash and cash equivalents of $71.2 million as of Dec 31, 2019, compared with $98.8 million as of Dec 31, 2018.
Total long-term debt was $1,011.9 million as of Dec 31, 2019, compared with $1,040.7 million as of Dec 31, 2018.
Guidance 2020
Ormat Technologies projects full-year 2020 total revenues of $720-$740 million, with electricity segment revenues estimated at $560-$570 million. Likewise, the company’s Product segment revenues are expected to be $140-$150 million. The Zacks Consensus Estimate for the same is pegged at $787 million, higher than the company’s guided range.
The company also anticipates annual adjusted EBITDA of $405-415 million for 2020. It expects annual adjusted EBITDA attributable to minority interest to be approximately $26 million.
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 Oil-Energy Releases
CNX Resources Corporation (CNX - Free Report) reported fourth-quarter 2019 adjusted earnings of 12 cents per share, which compared favorably with the Zacks Consensus Estimate of a loss of 5 cents.
Murphy Oil Corporation (MUR - Free Report) delivered fourth-quarter adjusted earnings of 16 cents per share, which beat the Zacks Consensus Estimate of 12 cents by 33.3%.
Panhandle Oil & Gas (PHX - Free Report) came out with quarterly earnings of 23 cents per share, as against the Zacks Consensus Estimate of a loss of 1 cent per share.
Zacks Top 10 Stocks for 2020
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2020?
Last year's 2019 Zacks Top 10 Stocks portfolio returned gains as high as +102.7%. 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 2020 today >>