U.S. Markets closed
  • S&P Futures

    4,246.75
    +1.00 (+0.02%)
     
  • Dow Futures

    34,460.00
    -2.00 (-0.01%)
     
  • Nasdaq Futures

    14,015.25
    +21.00 (+0.15%)
     
  • Russell 2000 Futures

    2,334.00
    +0.10 (+0.00%)
     
  • Crude Oil

    70.91
    0.00 (0.00%)
     
  • Gold

    1,871.10
    -8.50 (-0.45%)
     
  • Silver

    27.90
    -0.25 (-0.87%)
     
  • EUR/USD

    1.2104
    -0.0003 (-0.0242%)
     
  • 10-Yr Bond

    1.4620
    +0.0030 (+0.21%)
     
  • Vix

    15.65
    -0.45 (-2.80%)
     
  • GBP/USD

    1.4104
    -0.0013 (-0.0917%)
     
  • USD/JPY

    109.8150
    +0.1800 (+0.1642%)
     
  • BTC-USD

    38,999.32
    +3,179.84 (+8.88%)
     
  • CMC Crypto 200

    974.81
    +33.00 (+3.50%)
     
  • FTSE 100

    7,134.06
    +45.88 (+0.65%)
     
  • Nikkei 225

    29,057.83
    +109.10 (+0.38%)
     

Ormat Technologies (ORA) Q1 Earnings Top, Revenues Fall Y/Y

Shares of Ormat Technologies Inc. ORA declined 4.1% to reach $67.01 on May 11, reflecting investor skepticism following the company's Q1 results.

The company’s first-quarter 2021 earnings per share (EPS) came in at 42 cents, which surpassed the Zacks Consensus Estimate of 36 cents by 16.7%. The bottom line, however, decreased 17.6% year over year.

Revenues

In the quarter under review, Ormat Technologies generated revenues of $166.4 million, which exceeded the Zacks Consensus Estimate of $166 million by 0.4%. However, the top line declined 13.4% 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 and EPS Surprise
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 $145 million in the first quarter, which rose 1.5% year over year.

Product Segment: Revenues in this segment plunged 81.8% year over year to $8.6 million.

Energy Storage and Management Services: Revenues in this division amounted to $12.7 million, surging a massive 589.1% from the prior-year quarter.

Operational Update

In the reported quarter, Ormat Technologies’ total operating expenses were $23.8 million compared with operating expenses of $20.8 million in the first quarter of 2020.

The company’s operating income declined 18.3% year over year to $49.9 million in the first quarter.

The company’s total cost of revenues was $92.7 million, down 15.9% year over year.

Interest expenses were $19 million, which increased 10.1% year over year.

Financial Condition

Ormat Technologies had cash and cash equivalents of $376.6 million as of Mar 31, 2021, compared with $448.3 million as of Dec 31, 2020.

The company generated cash from operating activities worth $68.9 million as of Mar 31, 2021 compared with $79.8 million as of Mar 31, 2020.

Guidance 2021

Ormat Technologies continues to project full-year 2021 total revenues of $640-$680 million, with electricity segment revenues estimated in the range of $570-$580 million. Likewise, the company’s Product segment revenues are expected to be $50-$70 million.

The Zacks Consensus Estimate for the company’s overall revenues is pegged at $657.7 million, a bit lower than the company’s guided range.

The company still anticipates annual adjusted EBITDA of $400-410 million for 2021. It continues to expect annual adjusted EBITDA attributable to minority interest to be approximately $32 million.

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 Inc. FSLR reported first-quarter 2021 adjusted earnings of $1.96 per share, which surpassed the Zacks Consensus Estimate of $1.00 by 96%.

Ameresco AMRC reported earnings of 25 cents per share for the first quarter of 2021, beating the Zacks Consensus Estimate of 10 cents per share.

Evergy, Inc. EVRG reported first-quarter 2021 operating earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 47 cents by 17%.

Zacks Top 10 Stocks for 2021

In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?

Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. 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 2021 today >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

First Solar, Inc. (FSLR) : Free Stock Analysis Report

Ormat Technologies, Inc. (ORA) : Free Stock Analysis Report

Ameresco, Inc. (AMRC) : Free Stock Analysis Report

Evergy Inc. (EVRG) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research