Ormat Technologies Inc.’s ( ORA Quick Quote ORA - Free Report) first-quarter 2020 earnings per share (EPS) came in at 51 cents, which surpassed the Zacks Consensus Estimate of 50 cents by 2%. The bottom line remained flat year over year. Revenues In the quarter under review, Ormat Technologies generated revenues of $192.1 million, which exceeded the Zacks Consensus Estimate of $186 million by 3.3%. However, the top line declined 3.5% on a year-over-year basis due to lower revenues from product and energy storage & management services segments. Segment Revenues Electricity Segment: Revenues at this segment amounted to $142.9 million in the first quarter. Product Segment: Revenues at this segment declined 9% year over year to $47.4 million from $52.1 million. Other Segment: Revenues at this division amounted to $1.85 million compared with $4 million in the prior-year quarter. Operational Update In the reported quarter, Ormat Technologies’ total operating expenses were $20.8 million, compared with operating expenses of $20.5 million in the first quarter of 2019. The company’s operating income increased 13.8% to $61.1 million from $53.7 million in the year-ago quarter. The company’s total cost of revenues was $110.3 million, down 11.7% year over year. Interest expenses were $17.2 million, which declined 18.6% year over year. Ormat Technologies Inc Price, Consensus and EPS Surprise Financial Condition
Ormat Technologies had cash and cash equivalents of $231.1 million as of Mar 31, 2020, compared with $71.1 million as of Dec 31, 2019.
Total long-term debt was $996 million as of Mar 31, 2020, compared with $1,012 million as of Dec 31, 2019. Guidance 2020 Ormat Technologies has updated its expectations for 2020 due to uncertainties concerning the COVID-19 implications as well as the recent update in Puna. It now expects 2020 total revenues of $710-$740 million. The Zacks Consensus Estimate for the same, pegged at $726.2 million, lies just above the midpoint of the company’s guided range. Segment-wise, the company now expects electricity segment revenues of $550-$570 million. Likewise, the company’s Product segment revenues are expected to be $140-$150 million. It also anticipates annual adjusted EBITDA view of $400-$415 million for 2020. 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 Oils-Energy Releases National Fuel Gas Company ( NFG Quick Quote NFG - Free Report) , sporting a Zacks Rank #1, posted second-quarter fiscal 2020 operating earnings of 97 cents per share, in line with the Zacks Consensus Estimate. Devon Energy Corp. ( DVN Quick Quote DVN - Free Report) , a Zacks Rank #3 company, reported first-quarter 2020 adjusted earnings per share (EPS) of 13 cents against the Zacks Consensus Estimate of a loss of 18 cents. TOTAL ( TOT Quick Quote TOT - Free Report) , a Zacks Rank #3 company, reported first-quarter 2020 adjusted EPS of 66 cents, which beat the Zacks Consensus Estimate of 55 cents by 20%. Just Released: Zacks’ 7 Best Stocks for Today Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.1% per year. These 7 were selected because of their superior potential for immediate breakout. See these time-sensitive tickers now >>