Ormat reports FY2022 revenue up 10.7% to $734.1M; guides 2023 adjusted EBITDA up to 17%

ORMAT TECHNOLOGIES, INC.

2022-FY EPS reported $1.17 revenue$734,159,000

FY2022 total revenue $734.1M (+10.7% YoY); GAAP diluted EPS $1.17 (+6.4%); adjusted diluted EPS $1.63 (+17.1%).
Q4 adjusted EBITDA $124.7M (+7.5% YoY); full-year adjusted EBITDA $435.5M (+8.5%).
2023 guidance: revenue $823M-$858M; adjusted EBITDA $480M-$510M (up to 17% YoY).
Expects ~$150M cash benefit from Inflation Reduction Act in 2023; quarterly dividend $0.12/share maintained.
Recorded $30.5M non-cash impairment on Brawley plant; Heber 1 fire settled, repowering expected Q2 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

ORMAT TECHNOLOGIES, INC. reported the fourth fiscal quarter ended December 31, 2022 results: revenue 205.5, net income $18.0 million, EPS $0.32. Guidance initiated.

Period: the fourth fiscal quarter ended December 31, 2022
Revenue: 205.5
Net income: $18.0 million
EPS: $0.32
Guidance: initiated
Result: reported results

Exact text from the filing

Electricity 165.2 164.3 0.6 % 631.7 585.8 7.8 % Product 32.2 20.3 58.2 % 71.4 46.9 52.2 % Energy Storage & Management Services 8.1 6.4 27.3 % 31.0 30.4 2.1 % Total Revenues 205.5 191.0 7.6 % 734.1 663.1 10.7 % Gross margin (%) Electricity 43.5 % 44.1 % 39.8 % 42.5 % Product 22.8 % 10.6 % 15.3 % 11.8 % Energy Storage & Management Services 11.7 % 16.4 % 21.0

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

ORMAT TECHNOLOGIES, INC. updated its full year 2023 guidance (initiated).

Period: full year 2023
Guidance: initiated
Result: guidance update

Exact text from the filing

Ormat announces full year 2023 Adjusted EBITDA outlook of $480 to $510 million, an increase of up to 17% over 2022

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

ORMAT TECHNOLOGIES, INC. reported the fiscal year ended December 31, 2022 results: revenue $734.1 MILLION, net income $65.8 million, EPS $1.17. Guidance initiated.

Period: the fiscal year ended December 31, 2022
Revenue: $734.1 MILLION
Net income: $65.8 million
EPS: $1.17
Guidance: initiated
Result: reported results

Exact text from the filing

REPORTS FOURTH QUARTER AND YEAR-END 2022 FINANCIAL RESULTS 2023 OUTLOOK REFLECTS HIGHEST TOTAL REVENUE EVER AND RECORD ADJUSTED EBITDA GROWTH HIGHLIGHTS ● TOTAL REVENUES OF $734.1 MILLION FOR FULL YEAR 2022 INCREASED BY 10.7% YEAR-OVER-YEAR, DRIVEN BY GROWTH IN ALL THREE OPERATING SEGMENTS ● OPERATING INCOME INCREASED BY 10.7% FOR THE FOURTH QUARTER AND 8.3% FOR

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Source: SEC EDGAR

accession 0001437749-23-004344

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