Ormat Technologies Q4 Earnings Beat Estimates, Revenues Down Y/Y

Core Viewpoint - Ormat Technologies Inc. reported strong fourth-quarter 2024 results, with adjusted earnings per share significantly exceeding expectations, although total revenues fell short of estimates due to declines in specific segments [1][3]. Financial Performance - Adjusted earnings per share for Q4 2024 were 72 cents, beating the Zacks Consensus Estimate of 47 cents by 53.2% and increasing 7.5% from 67 cents in the same quarter last year [1][2]. - GAAP earnings for the quarter were 67 cents per share, compared to 59 cents in the year-ago quarter [2]. - Total revenues for Q4 2024 were $230.7 million, missing the Zacks Consensus Estimate of $234 million and declining 4.4% year over year [3]. Segment Performance - Electricity segment revenues were $180.1 million, down 2.1% year over year, primarily due to a partial outage at the Dixie Valley power plant [4]. - Product segment revenues decreased 21.4% to $39.6 million compared to the previous year, attributed to the timing of revenue recognition [4]. - Energy segment revenues increased significantly by 56.7% to $11 million, driven by new capacity that began operations in 2024 [5]. Operational Metrics - Total operating expenses were $24.5 million, an 8.8% decrease from the previous year [6]. - Operating income declined 4.9% year over year to $49.1 million [6]. - Net interest expenses rose 33.8% year over year to $34.5 million [6]. Financial Condition - As of December 31, 2024, Ormat had cash and cash equivalents of $94.4 million, down from $195.8 million a year earlier [7]. 2025 Guidance - The company expects 2025 revenues to be in the range of $935-$975 million, with the Zacks Consensus Estimate at $961 million [8]. - Anticipated revenues for the Electricity segment are projected between $710-$725 million, while the Product segment is expected to generate $172-$187 million [8]. - The Energy Storage segment is forecasted to bring in revenues between $53 million and $63 million [8]. - Annual adjusted EBITDA is expected to be in the range of $563-$593 million [9].