ORMAT TECHNOLOGIES Reports Q2 FY2023 Earnings Results
August 12, 2023
🌥️Earnings Overview
FORMAT TECHNOLOGIES ($NYSE:ORA) announced their second quarter earnings results for FY2023, concluding June 30th 2023. The company reported total revenue of USD 194.8 million, increasing 15.2% from the same period last year, and net income of USD 24.2 million, a 114.8% rise year-over-year.
Stock Price
ORMAT TECHNOLOGIES reported its second quarter financials for fiscal year 2023 on Thursday. The stock opened at $80.6 and closed at $75.8, a decrease of 4.1% from the prior closing price of $79.1. Investors were not pleased as the company fell drastically in after-hours trading.
Despite the increase in renewable energy, investors seemed to be unimpressed by the company’s performance, sending shares lower in after-hours trading. ORMAT TECHNOLOGIES will need to continue to focus on expanding their renewable energy presence if they hope to compete with major market players in the industry. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Ormat Technologies. More…
| Total Revenues | Net Income | Net Margin |
| 761.4 | 89.37 | 16.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Ormat Technologies. More…
| Operations | Investing | Financing |
| 280.97 | -523.41 | 126.27 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Ormat Technologies. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 5.01k | 2.59k | 37.76 |
Key Ratios Snapshot
Some of the financial key ratios for Ormat Technologies are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 1.4% | -4.2% | 25.7% |
| FCF Margin | ROE | ROA |
| -37.1% | 5.9% | 2.4% |
Analysis
At GoodWhale, we analyzed the fundamentals of ORMAT TECHNOLOGIES and concluded that the company has an intermediate health score of 5/10 with regard to its cashflows and debt. This leads us to believe that ORMAT TECHNOLOGIES is likely to sustain future operations in times of crisis. Additionally, in terms of its other financials, ORMAT TECHNOLOGIES is strong in dividend, medium in asset, profitability and weak in growth. Based on this information, we classified ORMAT TECHNOLOGIES as a ‘cow’ – a type of company that has the track record of paying out consistent and sustainable dividends. As such, we believe that investors who are looking for stable dividend yield with moderate risk would be interested in such a company. Those who are seeking high capital growth may wish to consider investing in other companies instead. 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
ORMAT Technologies reported strong second quarter financial results for FY2023, with total revenues of $194.8 million and net income of $24.2 million, representing year-over-year growth of 15.2% and 114.8% respectively. Despite this strong performance, the stock price moved down on the same day. Investors should consider the sustainability of the company’s growth in the long-term and analyse its current market position. Factors such as cash flows, competitive advantage and market opportunities should also be taken into account when evaluating the investment potential in ORMAT Technologies.
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