Free Post Earnings Research Report: Ormat’s Q3 Earnings Beat Expectations

LONDON, UK / ACCESSWIRE / December 21, 2017 / Active-Investors.com has just released a free earnings report on Ormat Technologies, Inc. (NYSE: ORA). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=ORA . The Company posted its financial results on November 07, 2017, for the third quarter fiscal 2017 (Q3 FY17). The Reno, Nevada-based Company reported a 2.3% y-o-y growth in electricity revenues, while electricity gross margin improved 5.7% during the reported quarter. Register today and get access to over 1000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Ormat Technologies most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=ORA

Earnings Highlights and Summary

In Q3 FY17, Ormat posted total revenues of $157.19 million, which was 14.9% lower than $184.62 million recorded at the end of Q3 FY16. Total revenue numbers for the reported quarter fell short of market expectations of $160.5 million.

The geothermal Company reported net income attributable to the Company’s stockholders of $19.18 million, or $0.38 per diluted share, in Q3 FY17, up from $12.08 million, or $0.24 per diluted share, in Q3 FY16. The Company’s adjusted net income attributable to the Company’s stockholders for Q3 FY17 came in at $21.1 million, or $0.42 per diluted share, compared to $28.1 million, or $0.56 per diluted share, in Q3 FY16. Furthermore, market analysts had forecasted adjusted net income of $0.47 per diluted share for Q3 FY17.

Earnings Metrics

For Q3 FY17, the Company’s total cost of revenues were $97.99 million, which came in lower than the $110.13 million spent in the last year’s same quarter. The Company’s gross profit for the reported quarter was $59.19 million, or 37.7% of total revenues versus $74.49 million, or 40.3% of total revenues, in Q3 FY16. Selling and marketing expenses were down to $3.63 million in Q3 FY17 from $4.79 million in Q3 FY16. General and administrative (G&A) expenses also declined to $10.88 million in Q3 FY17 from $19.09 million in the last year’s comparable quarter. The Company’s operating for the reported quarter stood at $43.97 million, compared to $48.22 million in Q3 FY16. Furthermore, adjusted EBITDA for the reported quarter was $76.45 million compared to $85.42 million in the prior year’s same quarter.

Ormat Technologies’ Segment Performance

During Q3 FY17, the Electricity segment’s revenues increased to $112.27 million from $109.80 million in Q3 FY16. The segment’s cost of revenues was $65.77 million in Q3 FY17 compared to $66.48 million in the prior year’s same quarter. Furthermore, the segment’s gross margin increased to 41.4% in Q3 FY17 from 39.4% in Q3 FY16.

The Product segment reported revenues of $44.91 million in Q3 FY17 compared to $74.82 million, in Q3 FY16. The segment’s cost of revenue came in at $32.22 million for Q3 FY17 compared to $43.65 million in the previous year’s same quarter. Additionally, the segment had the gross margin of 28.3% in Q3 FY17 compared to 41.7% in the prior year’s corresponding quarter.

Cash Matters

In the three-months ended on September 30, 2017, Ormat generated $52.38 million in cash from operations compared to $38.45 million in the prior year’s same period. The Company’s cash and cash equivalents balance stood at $77.21 million, as on September 30, 2017, compared to $230.21 million, at the close of books on December 31, 2016.

Outlook

Ormat has reaffirmed its earnings guidance full-year FY17 total revenues in the range of $686.0 million to $696.0 million with electricity segment’s revenues between $463.0 million and $468.0 million and product segment’s revenues between $223.0 million and $228.0 million. The Company expects FY17 adjusted EBITDA in the range of $343.0 million to $348.0 million.

Stock Performance Snapshot

December 20, 2017 – At Wednesday’s closing bell, Ormat Technologies’ stock was slightly up 0.65%, ending the trading session at $63.28.

Volume traded for the day: 172.59 thousand shares.

Stock performance in the last month – up 0.51%; previous three-month period – up 9.52%; past twelve-month period – up 20.56%; and year-to-date – up 18.02%

After yesterday’s close, Ormat Technologies’ market cap was at $3.18 billion.

Price to Earnings (P/E) ratio was at 27.16.

The stock has a dividend yield of 0.51%.

The stock is part of the Utilities sector, categorized under the Electric Utilities industry.

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