Ormat Q1 net income +57.5% to $29M; Adjusted EBITDA +14.5% to $123.5M

ORMAT TECHNOLOGIES, INC.

2023-Q1 EPS reported $0.51 revenue$185,232,000

Electricity segment revenue $170.3M (+4.8% YoY) driven by new assets CD4, Tungsten, Heber 2.
Product segment revenue $10M (-31.4% YoY) on timing; backlog $147M; full-year near high end of guidance.
Energy storage revenue $4.9M (-25.6% YoY) on lower PJM rates; new 19MW storage now operational with ITCs.
2023 guidance: total revenue $823-858M; Adjusted EBITDA $480-510M; quarterly dividend $0.12 payable June 6.
Commenced commercial ops for 25MW North Valley geothermal, 6MW Brady solar, and 19MW storage since Jan 2023.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

ORMAT TECHNOLOGIES, INC. reported first quarter ended March 31, 2023 results: revenue 185.2, net income 29.0, EPS 0.51. Guidance initiated.

Period: first quarter ended March 31, 2023
Revenue: 185.2
Net income: 29.0
EPS: 0.51
Guidance: initiated
Result: reported results

Exact text from the filing

Total Revenues 185.2 183.7 0.8 % Gross margin (%) Electricity 44.4 % 41.8 % Product 6.9 % 6.9 % Energy Storage & Management Services (3.6 ) % 13.5 % Gross margin (%) 41.1 % 38.1 % Operating income 53.2 45.1 17.9 % Net income attributable to the Company’s stockholders 29.0 18.4 57.5 % Diluted EPS ($) 0.51 0.33 54.5 %

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Source: SEC EDGAR

accession 0001437749-23-013345

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