Core Insights - Ormat Technologies Inc. has successfully secured multiple land parcels in Nevada's Annual Bureau of Land Management Auction, which will support its exploration and expansion efforts in renewable energy [1][2][3] - The newly leased parcels are expected to enhance geothermal energy production capabilities, including a new greenfield prospect and expansion opportunities for existing assets [2][3] - The CEO of Ormat emphasizes the high success rate of these parcels in supporting growth in the U.S. and the company's commitment to providing reliable and eco-friendly energy [3] Company Overview - Ormat Technologies is a leading geothermal company with over five decades of experience and is the only vertically integrated company in geothermal and recovered energy generation [4] - The company has a total generating portfolio of 1,420 MW, which includes 1,230 MW from geothermal and solar generation spread across multiple countries, and a 190 MW energy storage portfolio located in the U.S. [4] - Ormat is focused on accelerating long-term growth in the energy storage market and aims to establish a leading position in the U.S. energy storage market [4]

Ormat Technologies, Inc. (ORA) recently revealed that it has signed two seven-year tolling agreements involving Texas-based energy storage facilities with Equilibrium Energy. Both the projects, Lower Rio and Bird Dog, come with a storage capacity of 60 megawatts (MW)/120 megawatt-hours (MWh) each. While it is projected that the Bird Dog facility will be operational in the fourth quarter of 2025, the Lower Rio project is slated to be online in the second quarter of next year. Benefits of the Agreement Factor ...

Ormat Technologies, Inc. (NYSE:ORA) Q2 2024 Earnings Conference Call August 7, 2024 9:00 AM ET Company Participants Josh Carroll - Alpha IR Group, IR Doron Blachar - CEO Assi Ginzburg - CFO Conference Call Participants Noah Kaye - Oppenheimer Justin Clare - Roth MKM Derek Podhaizer - Barclays Jon Windham - UBS Financial Ryan Levine - Citi Julien Dumoulin Smith - Jefferies Jeff Osborne - TD Cowen Operator Good morning and welcome to the Ormat Technologies Second Quarter 2024 Earnings Conference Call. All par ...

Core Insights - Ormat Technologies Inc. reported second-quarter 2024 adjusted earnings per share of 40 cents, exceeding the Zacks Consensus Estimate of 37 cents by 8.1% and matching the year-ago quarter's results [1] - The adjusted earnings were supported by higher revenues and improved margins, although offset by increased interest expenses [1] Revenue Performance - The company generated revenues of $213 million, surpassing the Zacks Consensus Estimate by 0.9% and reflecting a 9.3% year-over-year increase, driven by growth across all three segments [3] - Electricity segment revenues reached $166.2 million, up 7% year over year, primarily due to contributions from newly acquired Enel assets and improved operational performance [4] - Product segment revenues increased by 13.1% to $37.8 million, attributed to a higher backlog and enhanced revenue recognition [5] - Energy segment revenues surged 48.1% to $8.9 million, driven by improved pricing from the Pomona 2 tolling agreement and higher merchant prices [5] Operational Metrics - Total operating expenses were $26.3 million, a 3.9% increase from the previous year, while operating income rose 45% year over year to $35.1 million [6] - Total cost of revenues was $151.6 million, up 4.3% year over year, with net interest expenses increasing by 38.2% to $33.7 million [6] Financial Condition - As of June 30, 2024, the company had cash and cash equivalents of $66.3 million, a decrease from $195.8 million as of December 31, 2023 [7] 2024 Guidance - The company updated its 2024 revenue guidance to a range of $875-$910 million, compared to the previous guidance of $860-$910 million, with the Zacks Consensus Estimate at $881.9 million [8] - Electricity segment revenues are now expected to be between $710-$720 million, while product segment revenues are projected to be $130-$145 million [9] - Annual adjusted EBITDA is projected to be in the range of $520-$550 million, an increase from the prior guidance of $515-$545 million [10]

Ormat Technologies (ORA) came out with quarterly earnings of $0.40 per share, beating the Zacks Consensus Estimate of $0.37 per share. This compares to earnings of $0.40 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 8.11%. A quarter ago, it was expected that this geothermal company would post earnings of $0.68 per share when it actually produced earnings of $0.65, delivering a surprise of -4.41%. Over the last four quarters ...

Core Viewpoint - Ormat Technologies, Inc. reported strong financial results for Q2 2024, with total revenues increasing by 9.3% year-over-year, driven by growth across all operating segments and improved profitability [2][3]. Financial Performance - Total revenues for Q2 2024 reached $213.0 million, up from $194.8 million in Q2 2023, marking a 9.3% increase [3][5]. - Operating income increased by 45% to $35.1 million compared to $24.2 million in the same period last year [3][5]. - Adjusted EBITDA rose by 25% to $126.1 million from $100.9 million year-over-year [3][5]. - The company increased its full-year EBITDA guidance range, reflecting strong execution and confidence in future performance [2]. Segment Performance - The Electricity segment generated revenues of $166.2 million, a 7.0% increase year-over-year, supported by the acquisition of Enel assets and improved generation at the Puna facility [3][5]. - The Energy Storage segment saw a significant revenue increase of 48.1%, driven by the addition of 83 MW of capacity and improved pricing from tolling agreements [3][5]. - The Product segment's revenues increased by 13.1%, with gross margins improving from 10.4% to 13.7% [3][5]. Guidance and Future Outlook - The company provided guidance for total revenues between $875 million and $910 million for the full year 2024 [7]. - The Electricity segment is expected to generate revenues between $710 million and $720 million, while the Energy Storage segment is projected to bring in $35 million to $45 million [7]. - Ormat aims to expand its generating portfolio to approximately 2.1 to 2.3 GW by the end of 2026, capitalizing on favorable industry trends [4][6]. Recent Developments - The company hosted an Investor Day to outline its commitment to growth in the Electricity segment and plans to enhance the Energy Storage segment [6]. - A 15-year Resource Adequacy Purchase and Sale Agreement was signed for the 80MW/320MWh Shirk Energy Storage facility, with a guaranteed commercial operation date of March 1, 2026 [6]. - The company commenced commercial operation of a 6 MW upgrade at the Beowawe geothermal power plant [6]. Dividend Announcement - On August 6, 2024, the Board of Directors declared a quarterly dividend of $0.12 per share, to be paid on September 3, 2024 [9].

The earnings report, which is expected to be released on August 6, 2024, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. This geothermal company is expected to post quarterly earnings of $0.37 per share in its upcoming report, which represents a year-over-year change of -7.5%. Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out ...

Project Overview - The Shirk project is expected to be eligible for a 40% Investment Tax Credit, highlighting Ormat's strategic growth in the Energy Storage segment in California [1] - The project represents Ormat's first storage contract with the City of Riverside and the City's first long-term Resource Adequacy (RA) Agreement [1] - The RA Agreement includes a guaranteed commercial operation date (COD) of March 1, 2026, with potential achievement by the end of 2025, showcasing Ormat's execution capabilities [1] Company Background - Ormat Technologies is a leading geothermal company with over five decades of experience, vertically integrated in geothermal and recovered energy generation (REG) [2] - The company has a total generating portfolio of 1,415MW, including 1,225MW of geothermal and solar generation globally and 190MW of energy storage in the U S [2] - Ormat leverages its core capabilities in geothermal and REG to expand into energy storage services, solar PV, and energy storage plus solar PV [2] Market and Strategic Focus - The Shirk project aligns with Ormat's strategic growth focus on key U S markets like California, transitioning its Energy Storage business to a higher-growth segment [6] - The project supports the City of Riverside's long-term Resource Adequacy needs cost-effectively while advancing battery energy storage deployment within the CAISO balancing authority [2][6] Project Details - The Shirk Battery Energy Storage System (BESS) has a capacity of 80MW/320MWh and is located in Visalia, California [5] - The 15-year Resource Adequacy Purchase and Sale Agreement (RA Agreement) with the City of Riverside underscores Ormat's commitment to renewable energy solutions [5][6]

The Shirk project, which is currently expected to be eligible for a 40% Investment Tax Credit, represents Ormat's continued commitment to strategically growing its Energy Storage segment in the key California energy market. The agreement is Ormat's first storage contract with the City of Riverside and is the City's first long-term RA Agreement. Critically, included in the RA Agreement is a guaranteed commercial operation date (COD) of March 1, 2026, that the Company currently believes can be achieved by the ...

A month has gone by since the last earnings report for Ormat Technologies (ORA) . Shares have added about 9.1% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Ormat Technologies due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Ormat Q1 Earnings Miss Estimates, Rev ...