08.11.17

Trotz Schwäche im dritten Quartal: Ormat Technologies bekräftigt Prognose

Die Geothermie-Spezialistin Ormat Technologies aus den USA hat kräftigte Einbußen beim Umsatz erlitten. Ormat kündigte aber die Zahlung einer Dividende für das dritte Quartal 2017 an und hält an seiner Jahresprognose fest. Wir veröffentlichen die Mitteilung des Unternehmens dazu in englischer Sprache.

Die untenstehende Meldung ist eine Original-Meldung der Unternehmen. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.

Ormat Technologies Reports 2017 Third Quarter Earnings
Management Affirms Full-Year Total Revenue and Adjusted EBITDA Guidance


RENO, NV -- Ormat Technologies, Inc. (NYSE: ORA) today announced financial results for the third quarter ended September 30, 2017.




Third quarter 2017 highlights and recent developments:

- Total revenues of $157.2 million, down 14.9% compared to the third quarter of 2016;
- Electricity segment revenues of $112.3 million, up 2.3% compared to the third quarter of 2016, mainly due to higher performance of our Puna plant in Hawaii, our Bouillante power plant in Guadeloupe and partial contribution of the recently commenced Platanares power plant in Honduras, as well as revenue generated from our demand response and storage activity;
- Product segment revenues of $44.9 million, down 40.0% compared to the third quarter of 2016, mainly due to near-completion of our Sarulla contract; Revenue for the full year 2017 are expected to remain on track with our full year guidance;
- Electricity generation decreased 2.2%, compared to the third quarter of 2016, from 1.26 million MWh to 1.23 million MWh;
- Gross margin was 37.7% of total revenues compared to 40.3% in the third quarter of 2016, due to lower revenues and lower margins in the Product segment, as expected; Electricity segment gross margin increased to 41.4% from 39.4%;
- Operating income decreased 8.8% to $44.0 million compared to $48.2 million in the third quarter of 2016;
- Net income attributable to the company's shareholders was $19.2 million, or $0.38 per diluted share, compared to $12.1 million, or $0.24 per diluted share, in the third quarter of 2016;
- Adjusted net income attributable to the company's shareholders of $21.1 million, or $0.42 per diluted share, compared to $28.1 million, or $0.56 per diluted share, in the third quarter of 2016;
- Adjusted EBITDA of $76.4 million, down 10.5% compared to $85.4 million in the third quarter of 2016;
- Declared a quarterly dividend of $0.08 per share for the third quarter of 2017;
- Commenced commercial operation of the 35 MW Platanares power plant, the first geothermal power plant in Honduras that is expected to generate approximately $33 million of annual revenues; and
- Commenced commercial operation of the second unit of the Sarulla geothermal power plant, located in Indonesia's North Sumatra and expanded its generating capacity to 220 MW (28 MW Ormat's share);

"This was a strategically important quarter in our electricity segment, as we increased revenue and gross margin mainly due to the performances of our Bouillante power plant in Guadeloupe, and our Puna plant in Hawaii," commented Isaac Angel, Chief Executive Officer. "Our revenues and gross margin from our electricity segment continue to benefit from our ongoing efforts to improve efficiencies, and we expect further improvements in 2018 and beyond. Our Platanares power plant in Honduras commences operation toward the end of the third quarter and contributed to the electricity segment results as well. We are very excited about the long-term potential in Honduras and with Platanares, our first facility in the region. We expect the Tungsten Mountain project in Nevada to come online by the end of 2017. Tungsten Mountain will increase our portfolio to 800 MW and will further strengthen our results and contribute to our innovative portfolio PPA with SCPPA."

"Product segment revenue for the full year 2017 is expected to remain strong," added Mr. Angel. "As we have previously indicated, quarterly fluctuations in our product segment do occur based on the status and timing of our sales orders, delivery of raw materials and the completion of manufacturing of such orders. Such fluctuations may cause lower revenues and profitability on a quarterly basis as it did in the quarter. Our efforts to secure new orders bore fruit and we reached a backlog of $182 million as of November 7, 2017, strengthening and supporting our product segment revenue in 2018."

Guidance

Mr. Angel added, "We remain confident in our full-year outlook, and are narrowing our guidance range, and slightly increasing the expectations for the total revenue and Adjusted EBITDA, based on increasing visibility into our fourth quarter results.

We reiterate our guidance and we expect full-year 2017 total revenues between $686.0 million and $696.0 million with electricity segment revenues between $463.0 million and $468.0 million and product segment revenues between $223.0 million and $228.0 million. We expect 2017 Adjusted EBITDA between $343.0 million and $348.0 million for the full year. We expect annual Adjusted EBITDA attributable to non-controlling interest to be approximately $23.0 million."

Third Quarter 2017 Financial Results

For the three months ended September 30, 2017, total revenues were $157.2 million, down from $184.6 million for the three months ended September 30, 2016, a decrease of 14.9%. Electricity segment revenues increased 2.3% to $112.3 million for the three months ended September 30, 2017, up from $109.8 million for the three months ended September 30, 2016. Product segment revenues decreased 40.0% to $44.9 million for the three months ended September 30, 2017, from $74.8 million for the three months ended September 30, 2016.

General and administrative expenses for the three months ended September 30, 2017 were $10.9 million, or 6.9% of total revenues, compared to $19.1 million, or 10.3% of total revenues, for the three months ended September 30, 2016. The decrease was primarily attributable to $11.0 million expenses in the three months ended September 30, 2016, related to a settlement of a previously outstanding claim. The decrease was partially offset by general and administrative expenses attributable to the demand response and storage activity that we acquired on March 15, 2017.

The company reported net income attributable to the company's shareholders of $19.2 million, or $0.38 per diluted share, compared to net income attributable to the company's shareholders of $12.1 million, or $0.24 per diluted share, for the same period last year. This increase in net income was primarily attributable to a decrease of $5.4 million in interest expense, net, related to the early repayment of two higher interest loans and a decrease in other non-operating expense of $4.0 million, partially offset by a decrease in operating income of $4.3 million. Adjusted net income attributable to the company's shareholders was $21.1 million, or $0.42 per diluted share, which excludes $1.9 million or $0.04 per diluted share of attributable to the make whole premium associated with the full prepayment of the OFC Senior Secured Notes and DEG loan.

Adjusted EBITDA for the three months ended September 30, 2017 was $76.4 million, compared to $85.4 million for the three months ended September 30, 2016, a decrease of 10.5%. The reconciliation of GAAP net cash provided by (used in) operating activities and net income to EBITDA and Adjusted EBITDA and additional cash flow information is set forth below in this release.

Backlog

Ormat's Product segment backlog, as of November 8, 2017, was $182.0 million, which included revenues for the period between October 1, and November 8, 2017.

Dividend

On November 7, 2017, the Company's Board of Directors approved and authorized payment of a quarterly dividend of $0.08 per share pursuant to the company's dividend policy. The dividend will be paid on December 5, 2017 to shareholders of record as of the close of business on November 21, 2017.
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