Ormat Technologies Inc.’s ORA 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.
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.
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.
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
Ormat Technologies Inc price-consensus-eps-surprise-chart | Ormat Technologies Inc Quote
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.
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.
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.
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