ORMAT TECHNOLOGIES Reports 15.2% Increase in Total Revenue for Q2 of FY 2023

☀️Earnings Overview

On August 3 2023, ORMAT TECHNOLOGIES ($NYSE:ORA) reported their second quarter fiscal year 2023 earnings results, which saw total revenue increase by 15.2% compared to the same period in the previous year, amounting to USD 194.8 million. Net income rose by an impressive 114.8%, reaching USD 24.2 million year over year.

Analysis

GoodWhale recently performed an analysis of ORMAT TECHNOLOGIES‘s health and concluded that it was strong in dividend, medium in asset, profitability and weak in growth. Using the Star Chart, ORMAT TECHNOLOGIES is classified as a ‘cow’, a type of company that has the track record of paying out consistent and sustainable dividends. As such, this company would be suitable for investors who are risk averse and are looking for consistent returns. Furthermore, ORMAT TECHNOLOGIES has an intermediate health score of 5/10 considering its cashflows and debt, which gives investors confidence that it might be able to safely ride out any crisis without the risk of bankruptcy. Therefore, investors who are looking for steady returns but with relatively low risk can invest in ORMAT TECHNOLOGIES. More…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Ormat Technologies. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Ormat Technologies. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Ormat Technologies. More…

Key Ratios Snapshot

Some of the financial key ratios for Ormat Technologies are shown below. More…

Peers

It operates in more than 30 countries and has a strong presence in the US, Europe, and Asia. The company has a diversified portfolio of renewable energy assets and is constantly innovating to stay ahead of its competitors. Some of its major competitors are EDP Renovaveis SA, Northland Power Inc, and Atlantica Sustainable Infrastructure PLC.

– EDP Renovaveis SA ($LTS:0ML1)

EDP Renovaveis SA is a leading renewable energy company in Europe. The company has a market cap of 19.36B as of 2022 and a ROE of 10.17%. The company has a strong presence in the wind and solar energy markets and is one of the largest renewable energy companies in the world. The company has a strong focus on renewable energy and is committed to providing clean, sustainable energy for the future.

– Northland Power Inc ($TSX:NPI)

Northland Power Inc is a Canadian power producer that owns and operates a diversified portfolio of power-generating facilities. The company has a market capitalization of 8.84 billion as of 2022 and a return on equity of 23.88%. Northland Power’s power-generating facilities are located in Canada, the United States, and Germany. The company’s primary business is the generation and sale of electricity to utilities and other large customers.

– Atlantica Sustainable Infrastructure PLC ($NASDAQ:AY)

As of 2022, Atlantica Sustainable Infrastructure PLC has a market cap of 2.93B and a ROE of 10.83%. The company is involved in the development, acquisition, and operation of sustainable infrastructure projects, including solar, wind, and water assets.

Summary

Investors analyzing ORMAT Technologies should note the company’s strong financial performance in the second quarter of fiscal year 2023. Total revenue increased 15.2% year over year to USD 194.8 million, and net income rose by 114.8% to USD 24.2 million. Despite the impressive figures, the stock price moved down that day. Analysts should consider the market dynamics and investor sentiment surrounding the company to determine whether this could be a buying opportunity or if more caution is warranted.