Ormat Technologies, Inc. (NYSE: ORA) stock rose over 3% on 7th May, 2019 (As of 10:17 am GMT-4; Source: Google finance) as the company has posted better than expected results for the first quarter of FY 19. Adjusted Net income attributable to the company’s stockholders was $25.9 million, compared to $25.1 million in the same quarter last year.
ORA in the first quarter of FY 19 have reported the adjusted earnings per share of 51 cents, beating the analysts’ estimates for the adjusted earnings per share of 50 cents, as per Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 8.2 percent to $199.04 million in the first quarter of FY 19, beating the analysts’ estimates for revenue by 8.12%. This is despite the volcano-related shutdown of Ormat’s Puna power plant in Hawaii. Electricity segment revenues of $142.9 million, which is up 7.9% compared to Q1 2018, due to the growth resulting from recently expanded operations at McGuinness Hills and Olkaria, as well as contributions from recently acquired USG, combined to mitigate the loss of revenues resulting from the temporary shutdown of the Puna power plant. The revenue growth was mainly attributable to the MGH phase 3 and Olkaria III expansion, which came online in the second half of 2018, as well as the USG acquisition in April 2018, partially offset by the temporary shutdown of the Puna plant. Product segment revenues increased 7.1% to $52.1 million, up from $48.7 in the same quarter last year. Other segment revenues were $4.0 million compared to $2.9 million.
Additionally, ORA declared a quarterly dividend of $0.11 per share pursuant to the Company’s dividend policy. The dividend will be paid on May 28, 2019 to shareholders of record as of the close of business on May 20, 2019.
ORA expects the full-year 2019 total revenues to be in the range of $720 million and $742 million with Electricity segment revenues to be in the range of $530 million and $540 million, excluding any impact from Puna during 2019. The company expect Product segment revenues to be in the range of $180 million and $190 million. Revenues from energy storage and demand response activity are expected to be between $10 million and $12 million. The company expects 2019 Adjusted EBITDA to be between $370 million and $380 million for the full year 2019, with no Puna-related EBITDA. The company expect annual Adjusted EBITDA attributable to minority interest to be approximately $23 million, assuming no contribution from Puna during 2019.