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-eps-surprise-chart
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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
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