Continues to Deliver Top Line Growth in Electricity and Energy Storage Segments
Increases 2021 Revenue Annual Guidance, Reflecting Contributions From Recently Acquired Geothermal Assets
Increased Product Segment Backlog to $59 Million
RENO, Nev., Aug. 04, 2021 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) today announced financial results for the second quarter ended June 30, 2021.
KEY FINANCIAL RESULTS
|
Q2 2021 |
Q2 2020 |
Change (%) |
H1 2021 |
H1 2020 |
Change (%) |
|
GAAP Measures |
|
|
|
|
|
|
|
|
|
Revenues ($ millions) |
|
|
|
|
|
|
|
Electricity |
133.9 |
|
128.7 |
|
|
4.0 |
|
% |
278.9 |
|
271.5 |
|
|
2.7 |
|
% |
|
Product |
7.4 |
|
43.7 |
|
|
(83.0 |
) |
% |
16.1 |
|
91.1 |
|
|
(82.4 |
) |
% |
|
Energy Storage |
5.6 |
|
2.5 |
|
|
123.8 |
|
% |
18.3 |
|
4.4 |
|
|
320.8 |
|
% |
|
Total Revenues |
146.9 |
|
174.9 |
|
|
(16.0 |
) |
% |
313.3 |
|
367.0 |
|
|
(14.6 |
) |
% |
|
|
|
|
|
|
|
|
|
Gross margin (%) |
|
|
|
|
|
|
|
Electricity |
37.4 |
% |
44.1 |
|
% |
|
41.3 |
% |
47.2 |
|
% |
|
|
Product |
20.1 |
% |
20.6 |
|
% |
|
12.8 |
% |
21.3 |
|
% |
|
|
Energy Storage |
6.4 |
% |
(13.6 |
) |
% |
|
45.2 |
% |
(10.2 |
) |
% |
|
|
Gross margin (%) |
35.4 |
% |
37.4 |
|
% |
|
40.1 |
% |
40.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
Operating income ($ millions) |
28.6 |
|
48.1 |
|
|
(40.5 |
) |
% |
78.5 |
|
109.1 |
|
|
(28.1 |
) |
% |
|
Net income attributable to the Company’s
stockholders ($ millions) |
13.0 |
23.0 |
(43.5 |
) |
% |
28.3 |
49.1 |
(42.4 |
) |
% |
|
Diluted EPS ($) |
0.23 |
0.45 |
(48.9 |
) |
% |
0.50 |
0.95 |
(47.4) % |
|
|
|
|
|
|
|
|
|
Non-GAAP Measures 1 |
|
|
|
|
|
|
|
Adjusted Net income attributable to the
Company’s stockholders ($ millions) |
13.0 |
23.0 |
(43.5 |
)% |
37.1 |
49.1 |
(24.4 |
)% |
|
Adjusted Diluted EPS ($) |
0.23 |
0.45 |
(48.9 |
) |
% |
0.66 |
0.95 |
(30.5 |
)% |
|
Adjusted EBITDA1 ($ millions) |
84.5 |
|
97.9 |
|
|
(13.6 |
) |
% |
183.8 |
203.9 |
|
|
(9.9 |
) |
% |
|
“We continue to deliver growth in our Energy Storage and Electricity segments, while simultaneously signing new contracts in our Product segment, which increased our backlog by 59%,” commented Doron Blachar, Chief Executive Officer. “In our Energy Storage segment, we again delivered triple-digit year-over-year revenue growth supported by the Pomona asset. Our Electricity segment, with the combination of a successful expansion of our McGinness Hills Phase 3 geothermal power plant and the return of Puna to electricity generation, positively impacted the quarter. The McGinness Hills expansion increased the complex’s total capacity to approximately 160MW, which is higher than originally expected. Furthermore, with the addition of the recently acquired Dixie Valley and Beowawe assets, combined with our internal growth, we are on track to achieve our long-term goal of increasing Ormat’s combined geothermal, energy storage and solar generating portfolio to more than 1.5 GW by 2023.”
“In the second quarter, Electricity segment results were impacted by mostly temporary issues related to the Olkaria, Steamboat and Brawley complexes, which reduced our Electricity gross profit by approximately $8.0 million, and, coupled with lower Product sales, negatively impacted the quarter and our annual guidance,” continued Mr. Blachar. “However, the Covid-related impact on our Products segment has begun to dissipate, as evidenced by the large increase in our Product segment backlog and the steady and accelerating strengthening of our sales pipeline. We believe the recovery of our Product segment along with the significant portfolio growth coming from our Electricity and Energy Storage segments supports our target of an annual run-rate of more than $500 million in Adjusted EBITDA towards the end of 2022.”
FINANCIAL AND BUSINESS HIGHLIGHTS
- Net income attributable to the Company's stockholders was $13.0 million, or $0.23 per diluted share, compared to $23.0 million, or $0.45 per diluted share in the second quarter of last year, representing a decrease of 43.5% and 48.9%, respectively, mainly as a result of the lower revenue in the Product segment and lower gross profit at the Electricity segment;
- Adjusted EBITDA decreased 13.6% to $84.5 million, from $97.9 million in the second quarter of last year, mainly due to a $7.5 million reduction in Product segment gross profit this quarter, the low performance in some of the power plants in the Electricity segment and an increase in SG&A expenses. (a reconciliation of GAAP net income to EBITDA and Adjusted EBITDA is set forth below in this release);
- Electricity segment revenues increased by 4.0% to $133.9 million compared to the second quarter of last year, supported by a contribution from the newly added McGinness Hills Complex expansion and from Puna’s resumed operations, partially offset by under performance in the Olkaria complex in Kenya due a combination of curtailments and lower resource performance. Management expects to restore the Olkaria complex’s generating capacity towards the end of 2021 and expects the Puna complex to generate approximately 30 MW by the end of the year;
- Product segment revenues decreased 83.0% to $7.4 million, down from $43.7 million in the same quarter last year, impacted primarily by COVID-19;
- Energy Storage segment revenues were $5.6 million compared to $2.5 million in the same quarter last year. The increase was mainly related to revenues from our Pomona asset, which was acquired in July 2020, and the commencement of Vallecito, both located in California;
- Product segment backlog grew by 59% to $59.1 million as of August 4, 2021; Ormat secured new agreements including a contract with Star Energy Geothermal to supply products to support the 14 MW Salak geothermal project in Indonesia;
- Ormat completed the acquisition of TG Geothermal Portfolio, LLC (a subsidiary of Terra-Gen, LLC). Ormat paid $171 million in cash for 100% of the equity interests in a portfolio of entities and assumed debt and associated lease obligations of approximately $206 million book value as of June 30, 2021. The acquired entities own, among other things, two operating geothermal power plants in Nevada comprising the 56 MW (net) Dixie Valley geothermal power plant, one of the largest geothermal power plants in Nevada, and the 11.5 MW Beowawe geothermal power plant, as well as the rights to Coyote Canyon, a greenfield development asset adjacent to Dixie Valley with high resource potential, and an underutilized transmission line, capable of handling between 300MW and 400MW of 230KV electricity, connecting Dixie Valley to California;
- The Puna power plant generated approximately 25 MW during the second quarter of 2021, and we recently reached 28 MW following the repair of one of the turbines. We expect the Puna complex to generate approximately 30 MW by the end of the year. While management believes the PUC information requests regarding the new PPA signed with HELCO will ultimately be resolved, Ormat will continue selling electricity under its existing long-term PPA until the new PPA takes effect;
- The expansion of Ormat’s McGinness Hills Phase 3 geothermal power plant in Eastern Nevada was completed, increasing the net capacity by approximately 15 MW and bringing the entire McGinness Hills complex capacity to a total of approximately 160 MW, which is higher than initially expected; and
- Ormat signed a 15-year PPA with the Clean Power Alliance (CPA), the fifth largest electricity provider in California and the single largest provider of 100% renewable energy to customers in the nation.
1 Reconciliation is set forth below in this release
2021 GUIDANCE
- Total revenues of between $650 million and $685 million;
- Electricity segment revenues between $585 million and $595 million;
- Product segment revenues of between $40 million and $60 million;
- Energy Storage revenues of between $25 million and $30 million;
- Adjusted EBITDA to be between $400 million and $410 million;
- Adjusted EBITDA attributable to minority interest of approximately $31 million.
As we noted in previous quarters, Adjusted EBITDA assumed insurance proceeds related to the 2018 insurance Puna claim of $10 million.
The Company provides a reconciliation of Adjusted EBITDA, a Non-GAAP financial measure for the three and six months ended June 30, 2021. However, the Company is unable to provide a reconciliation for its Adjusted EBITDA guidance range due to high variability and complexity with respect to estimating forward looking amounts for impairments and disposition and acquisition of business interests, income tax expense, and other non-cash expenses and adjusting items that are excluded from the calculation of Adjusted EBITDA.
DIVIDEND
On August 4th, 2021, the Company’s Board of Directors declared, approved, and authorized payment of a quarterly dividend of $0.12 per share pursuant to the Company’s dividend policy. The dividend will be paid on September 1st, 2021, to stockholders of record as of the close of business on August 18, 2021. In addition, the Company expects to pay a quarterly dividend of $0.12 per share in the next quarter.
CONFERENCE CALL DETAILS
Ormat will host a conference call to discuss its financial results and other matters discussed in this press release on Thursday, August 5th, at 10 a.m. ET. The call will be available as a live, listen-only webcast at investor.ormat.com. During the webcast, management will refer to slides that will be posted on the website. The slides and accompanying webcast can be accessed through the News & Events in the Investor Relations section of Ormat’s website.
An archive of the webcast will be available approximately 60 minutes after the conclusion of the live call.
Investors may access the call by dialing:
Participant dial in (toll free): |
1-877-511-6790 |
Participant international dial-in: |
1-412-902-4141 |
|
|
Conference replay |
|
US Toll Free: |
1-877-344-7529 |
International Toll: |
1-412-317-0088 |
Replay Access Code: |
10158320 |
ABOUT ORMAT TECHNOLOGIES
With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,200 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1.1 GW that comprises a 1,015 MW of geothermal and Solar portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe and an 83 MW energy storage portfolio that is located in the U.S.
ORMAT’S SAFE HARBOR STATEMENT
Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties.
For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat’s Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 26, 2021 and from time to time, in Ormat’s quarterly reports on Form 10-Q that are filed with the SEC.
These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Condensed Consolidated Statement of Operations
For the Three and Six-Month periods Ended June 30, 2021 and 2020
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|
2021 |
2020 |
2021 |
2020 |
|
(Dollars in thousands, except per share data) |
Revenues: |
|
|
|
|
Electricity |
133,864 |
|
128,685 |
|
278,852 |
|
271,541 |
|
Product |
7,410 |
|
43,701 |
|
16,053 |
|
91,112 |
|
Energy storage |
5,627 |
|
2,514 |
|
18,348 |
|
4,360 |
|
Total revenues |
146,901 |
|
174,900 |
|
313,253 |
|
367,013 |
|
Cost of revenues: |
|
|
|
|
Electricity |
83,736 |
|
71,950 |
|
163,587 |
|
143,318 |
|
Product |
5,924 |
|
34,709 |
|
13,998 |
|
71,687 |
|
Energy storage |
5,266 |
|
2,855 |
|
10,046 |
|
4,804 |
|
Total cost of revenues |
94,926 |
|
109,514 |
|
187,631 |
|
219,809 |
|
Gross profit |
51,975 |
|
65,386 |
|
125,622 |
|
147,204 |
|
Operating expenses: |
|
|
|
|
Research and development expenses |
1,128 |
|
1,172 |
|
2,004 |
|
2,791 |
|
Selling and marketing expenses |
3,988 |
|
4,854 |
|
8,264 |
|
9,648 |
|
General and administrative expenses |
18,240 |
|
11,870 |
|
36,846 |
|
28,615 |
|
Business interruption insurance income |
— |
|
(585 |
) |
— |
|
(2,982 |
) |
Operating income |
28,619 |
|
48,075 |
|
78,508 |
|
109,132 |
|
Other income (expense): |
|
|
|
|
Interest income |
808 |
|
441 |
|
1,071 |
|
843 |
|
Interest expense, net |
(18,626 |
) |
(19,785 |
) |
(37,642 |
) |
(37,058 |
) |
Derivatives and foreign currency transaction gains (losses) |
658 |
|
671 |
|
(16,208 |
) |
1,064 |
|
Income attributable to sale of tax benefits |
7,420 |
|
5,672 |
|
13,775 |
|
9,804 |
|
Other non-operating income (expense), net |
(21 |
) |
304 |
|
(352 |
) |
382 |
|
Income from operations before income tax and equity in
earnings (losses) of investees |
18,858 |
|
35,378 |
|
39,152 |
|
84,167 |
|
Income tax (provision) benefit |
(4,268 |
) |
(11,766 |
) |
(7,275 |
) |
(29,914 |
) |
Equity in earnings (losses) of investees, net |
605 |
|
1,658 |
|
1,147 |
|
923 |
|
Net income |
15,195 |
|
25,270 |
|
33,024 |
|
55,176 |
|
Net income attributable to noncontrolling interest |
(2,169 |
) |
(2,224 |
) |
(4,739 |
) |
(6,097 |
) |
Net income attributable to the Company's stockholders |
13,026 |
|
23,046 |
|
28,285 |
|
49,079 |
|
Earnings per share attributable to the Company's stockholders: |
|
|
|
|
|
|
|
|
|
Basic |
0.23 |
|
0.45 |
|
0.51 |
|
0.96 |
|
|
|
|
|
|
Diluted |
0.23 |
|
0.45 |
|
0.50 |
|
0.95 |
|
Weighted average number of shares used in computation of
earnings per share attributable to the Company's stockholders: |
|
|
|
|
Basic |
55,992 |
|
51,043 |
|
55,990 |
|
51,040 |
|
Diluted |
56,316 |
|
51,362 |
|
56,502 |
|
51,448 |
|
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Condensed Consolidated Balance Sheet
For the Periods Ended June 30, 2021 and December 31, 2020
|
June 30,
2021 |
|
December 31,
2020 |
(Dollars in thousands) |
ASSETS |
Current assets: |
|
|
|
Cash and cash equivalents |
250,009 |
|
|
448,252 |
|
Marketable securities at fair value |
45,960 |
|
|
— |
|
Restricted cash and cash equivalents |
79,868 |
|
|
88,526 |
|
Receivables: |
|
|
|
Trade |
137,688 |
|
|
149,170 |
|
Other |
11,881 |
|
|
17,987 |
|
Inventories |
28,526 |
|
|
35,321 |
|
|
|
|
|
|
|
Costs and estimated earnings in excess of billings on uncompleted contracts |
13,837 |
|
|
24,544 |
|
Prepaid expenses and other |
20,220 |
|
|
15,354 |
|
Total current assets |
587,989 |
|
|
779,154 |
|
Investment in unconsolidated companies |
103,890 |
|
|
98,217 |
|
Deposits and other |
57,347 |
|
|
66,989 |
|
Deferred income taxes |
124,284 |
|
|
119,299 |
|
Property, plant and equipment, net |
2,175,637 |
|
|
2,099,046 |
|
Construction-in-process |
531,634 |
|
|
479,315 |
|
Operating leases right of use |
19,765 |
|
|
16347 |
|
Finance leases right of use |
7,633 |
|
|
11633 |
|
Intangible assets, net |
185,508 |
|
|
194,421 |
|
Goodwill |
24,863 |
|
|
24,566 |
|
Total assets |
3,818,550 |
|
|
3,888,987 |
|
|
|
|
|
LIABILITIES AND EQUITY |
Current liabilities: |
|
|
|
Accounts payable and accrued expenses |
108,408 |
|
|
152,763 |
|
Billings in excess of costs and estimated earnings on uncompleted contracts |
13,452 |
|
|
11,179 |
|
Current portion of long-term debt: |
|
|
|
Senior secured notes |
25,144 |
|
|
24,949 |
|
Other loans |
36,265 |
|
|
35,897 |
|
Full recourse |
56,843 |
|
|
17,768 |
|
Operating lease liabilities |
2,978 |
|
|
2,922 |
|
Finance lease liabilities |
3,139 |
|
|
3,169 |
|
Total current liabilities |
246,229 |
|
|
248,647 |
|
Long-term debt, net of current portion: |
|
|
|
Limited and non-recourse: |
|
|
|
Senior secured notes |
301,330 |
|
|
315,195 |
|
Other loans |
267,310 |
|
|
284,928 |
|
Full recourse: |
|
|
|
Senior unsecured bonds |
674,643 |
|
|
717,534 |
|
Other loans |
54,961 |
|
|
59,556 |
|
Operating lease liabilities |
16,531 |
|
|
12,897 |
|
Finance lease liabilities |
5,190 |
|
|
9,104 |
|
Liability associated with sale of tax benefits |
101,883 |
|
|
111,476 |
|
Deferred income taxes |
88,156 |
|
|
87,972 |
|
Liability for unrecognized tax benefits |
3,464 |
|
|
1,970 |
|
Liabilities for severance pay |
17,691 |
|
|
18,749 |
|
Asset retirement obligation |
65,342 |
|
|
63,457 |
|
Other long-term liabilities |
6,094 |
|
|
6,235 |
|
Total liabilities |
1,848,824 |
|
|
1,937,720 |
|
|
|
|
|
|
|
|
|
Redeemable noncontrolling interest |
9,871 |
|
|
9,830 |
|
|
|
|
|
Equity: |
|
|
|
The Company's stockholders' equity: |
|
|
|
Common stock |
56 |
|
|
56 |
|
Additional paid-in capital |
1,267,448 |
|
|
1,262,446 |
|
Retained earnings |
565,225 |
|
|
550,103 |
|
Accumulated other comprehensive income (loss) |
(7,646 |
) |
|
(6,620 |
) |
Total stockholders' equity attributable to Company's stockholders |
1,825,083 |
|
|
1,805,985 |
|
Noncontrolling interest |
134,772 |
|
|
135,452 |
|
Total equity |
1,959,855 |
|
|
1,941,437 |
|
Total liabilities, redeemable noncontrolling interest and equity |
3,818,550 |
|
|
3,888,987 |
|
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Reconciliation of EBITDA and Adjusted EBITDA
For the Three and Six-Month Periods Ended June 30, 2021 and 2020
We calculate EBITDA as net income before interest, taxes, depreciation and amortization. We calculate Adjusted EBITDA as net income before interest, taxes, depreciation and amortization, adjusted for (i) termination fees, (ii) impairment of long-lived assets, (iii) write-off of unsuccessful exploration activities, (iv) any mark-to-market gains or losses from accounting for derivatives, (v) merger and acquisition transaction costs, (vi) stock-based compensation, (vii) gain or loss from extinguishment of liabilities, (viii) gain or loss on sale of subsidiary and property, plant and equipment and (ix) other unusual or non-recurring items. EBITDA and Adjusted EBITDA are not measurements of financial performance or liquidity under accounting principles generally accepted in the United States, or U.S. GAAP, and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. We use EBITDA and Adjusted EBITDA as a performance metric because it is a metric used by our Board of Directors and senior management in evaluating our financial performance. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do.
The following table reconciles net income to EBITDA and Adjusted EBITDA for the Three and Six-Month periods ended June 30, 2021 and 2020.
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|
2021 |
2020 |
2021 |
2020 |
|
(Dollars in thousands) |
(Dollars in thousands) |
Net income |
15,195 |
|
|
25,270 |
|
|
33,024 |
|
|
55,176 |
|
Adjusted for: |
|
|
|
|
Interest expense, net (including amortization of deferred financing
costs) |
17,818 |
|
|
19,344 |
|
|
36,571 |
|
|
36,215 |
|
Income tax provision (benefit) |
4,268 |
|
|
11,766 |
|
|
7,275 |
|
|
29,914 |
|
Adjustment to investment in an unconsolidated company: our
proportionate share in interest expense, tax and depreciation and
amortization in Sarulla |
2,899 |
|
|
3,199 |
|
|
5,364 |
|
|
5,876 |
|
Depreciation and amortization |
42,126 |
|
|
36,812 |
|
|
82,955 |
|
|
72,100 |
|
EBITDA |
82,306 |
|
|
96,391 |
|
|
165,189 |
|
|
199,281 |
|
Mark-to-market gains or losses from accounting for derivative |
(990 |
) |
|
(1,482 |
) |
|
1,096 |
|
|
(2,043 |
) |
Stock-based compensation |
2,623 |
|
|
2,264 |
|
|
4,720 |
|
|
4,253 |
|
|
|
|
|
|
|
|
|
Reversal of a contingent liability |
— |
|
|
— |
|
|
(418 |
) |
|
— |
|
Allowance for bad debts related to February power crisis in Texas |
— |
|
|
— |
|
|
2,980 |
|
|
— |
|
Hedge Losses resulting from February power crisis in Texas |
|
|
|
|
9,133 |
|
|
|
Merger and acquisition transaction costs |
474 |
|
|
618 |
|
|
958 |
|
|
1,158 |
|
Other write-off |
134 |
|
|
— |
|
|
134 |
|
|
— |
|
Settlement expenses |
— |
|
|
89 |
|
|
— |
1,277 |
|
Adjusted EBITDA |
84,547 |
|
|
97,880 |
|
|
183,792 |
|
|
203,926 |
|
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Reconciliation of Adjusted Net Income attributable to the Company's stockholders and Adjusted EPS
For the Three and Six-Month Periods Ended June 30, 2021 and 2020
Adjusted Net Income attributable to the Company's stockholders and Adjusted EPS are adjusted for one-time expense items that are not representative of our ongoing business and operations. The use of Adjusted Net income attributable to the Company's stockholders and Adjusted EPS is intended to enhance the usefulness of our financial information by providing measures to assess the overall performance of our ongoing business.
The following tables reconciles Net income attributable to the Company's stockholders and Adjusted EPS for the Three and Six-month periods ended June 30, 2021 and 2020.
|
Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions, except per share data) |
Net income attributable to the Company's stockholders |
$ |
13.0 |
|
$ |
23.0 |
|
$ |
28.3 |
|
$ |
49.1 |
|
|
|
|
|
|
|
|
|
|
|
|
One-time net expense related to February power crisis in Texas |
|
— |
|
|
— |
|
|
8.8 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net income attributable to the Company's stockholders |
$ |
13.0 |
|
$ |
23.0 |
|
$ |
37.1 |
|
$ |
49.1 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares diluted used in computation of
earnings per share attributable to the Company's stockholders: |
56.3 |
|
|
51.4 |
|
|
56.5 |
|
|
51.4 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Adjusted EPS ($) |
|
0.23 |
|
|
0.45 |
|
|
0.66 |
|
|
0.95 |
Ormat Technologies Contact:
Smadar Lavi
VP Corporate Finance and Head of Investor Relations
775-356-9029 (ext. 65726)
slavi@ormat.com |
|
Investor Relations Agency Contact:
Rob Fink
FNK IR
646-415-8972
rob@FNKIR.com |