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

Shares of Ormat Technologies Inc. ORA rose 1% to $68.94 on Feb. 27, 2025, following the company’s fourth-quarter 2024 results release.

Ormat reported fourth-quarter 2024 adjusted earnings per share of 72 cents, which beat the Zacks Consensus Estimate of 47 cents by 53.2%. The bottom line also increased 7.5% from 67 cents in the year-ago quarter.

Find the latest earnings estimates and surprises on Zacks Earnings Calendar.

The company reported GAAP earnings of 67 cents per share compared with 59 cents in the year-ago quarter.

For 2024, Ormat generated adjusted earnings of $2.20 per share, up from $2.05 reported in the previous year.

ORA’s Total Revenues
 

ORA generated revenues of $230.7 million, which lagged the Zacks Consensus Estimate of $234 million. The top line also declined 4.4% year over year due to lower revenues from its electricity and product segment.

For 2024, the company generated revenues worth $879.7 million, up 6.1% from $829.4 million recorded in 2023.

ORA’s Segmental Performance
 

Electricity: Revenues in this segment amounted to $180.1 million, down 2.1% year over year. This downside was primarily due to a partial outage at the Dixie Valley power plant, which returned to full operation in November 2024.

Product: This segment’s revenues declined 21.4% to $39.6 million from the year-ago quarter’s level. The decline was due to the timing of revenue recognition.

Energy: Revenues in this division amounted to $11 million, up 56.7% from the prior-year quarter’s figure. This was due to a total of 120MW/360 MWh of new capacity that started operation since the beginning of 2024 and new assets that came online during the second half of 2023.

ORA’s Operational Update
 

Ormat’s total operating expenses were $24.5 million, which decreased 8.8% from the year-ago quarter’s level.

The operating income declined 4.9% year over year to $49.1 million.

The total cost of revenues was $157.2 million, down 3.5% year over year.

Net interest expenses were $34.5 million, up 33.8% year over year.

Ormat’s Financial Condition
 

ORA had cash and cash equivalents of $94.4 million as of Dec. 31, 2024 compared with $195.8 million as of Dec. 31, 2023.

ORA’s 2025 Guidance
 

The company initiated its guidance for 2025. It expects to generate revenues in the range of $935-$975 million. The Zacks Consensus Estimate is pegged at $961 million, higher than the midpoint of the guided range.

Revenues for the Electricity segment are anticipated in the band of $710-$725 million. The Product segment’s revenues are expected to be in the range of $172-$187 million. Revenues for the Energy Storage segment are expected between $53 million and $63 million.

ORA anticipates annual adjusted EBITDA in the band of $563-$593 million.

ORA’s Zacks Rank
 

Ormat currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Sector Releases
 

CNX Resources Corporation CNX reported fourth-quarter 2024 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 43 cents by 32.6%. However, the bottom line decreased 16.2% from 68 cents in the year-ago quarter.

The company reported revenues of $386 million, which missed the Zacks Consensus Estimate of $411 million by 6.2%. However, the top line increased 2.7% from the prior-year quarter’s $376 million.

ONEOK Inc. OKE reported fourth-quarter 2024 operating earnings per share (EPS) of $1.57, which beat the Zacks Consensus Estimate of $1.45 by 8.3%. The bottom line also improved 33.1% from the year-ago quarter’s figure of $1.18.

Operating revenues for the quarter totaled $7 billion, which surpassed the Zacks Consensus Estimate of $6.56 billion by 6.8%. The top line also improved 33.7% from $5.24 billion in the prior-year quarter.

TotalEnergies SE TTE reported fourth-quarter 2024 operating earnings of $1.90 (€1.78) per share, which surpassed the Zacks Consensus Estimate of $1.87 by 1.6%. The bottom line declined 12% from the year-ago figure of $2.16 (€2.02).

Total revenues for the fourth quarter were $47.11 billion, which declined from the year-ago reported figure of $47.26 billion by 0.3%. Revenues were down 13.9% year over year.

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