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Ormat Technologies Inc.

Published : May 04th, 2016

Ormat Technologies Reports First Quarter Revenue of $151.6 Million and Adjusted EBITDA of $80.2 Mill

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Headline: Ormat Technologies Reports First Quarter Revenue of $151.6 Million and Adjusted EBITDA of $80.2 Million
Strong Gross Margin Increases Net income and Adjusted EBITDA

Date: 05-04-2016

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RENO, Nev., May 04, 2016 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA) today announced financial results for the first quarter ended March 31, 2016.

First Quarter Highlights and Recent Developments:

  • Total revenues of $151.6 million, up 26.1% compared to the first quarter of 2015;
  • Product segment revenues of $43.7 million, up 44.4% compared to the first quarter of 2015;
  • Electricity segment revenues of $107.9 million, up 19.9% compared to the first quarter of 2015;
  • Electricity generation increased 16.4% to 1.4 million MWh;
  • Gross margin increased to 42.1% of total revenues compared to 36.6% in the first quarter of 2015;
  • Operating income grew 69.3% to $50.5 million compared to $29.9 million in the first quarter of 2015;
  • Adjusted EBITDA of $80.2 million, up 22.8% compared to $65.3 million in the first quarter of 2015;
  • Net income attributable to the company's shareholders of $29.3 million, or $0.59 per diluted share,  compared to $10.0 million, or $0.21 per diluted share, in the first quarter of 2015;
  • Declared a quarterly dividend of $0.07 per share for the first quarter of 2016;
  • Signed definitive agreements to acquire geothermal power plant in the Island of Guadeloupe; and
  • Signed an agreement to jointly build, own, and operate the Rabbit Hill Energy Storage Project located in Georgetown, Texas which moves us for the first time into the energy storage arena.

�This was a strong start to 2016, as our focus on manufacturing and operational efficiency drove both top-line growth and margin expansion, enabling us to deliver a 22.8% increase in Adjusted EBITDA and a 191.8% increase in net income compared to the first quarter last year,� noted Isaac Angel, Chief Executive Officer. �We expect our gross margins in the products segment during 2016 to be higher than normal, thanks to lower commodity prices, the contribution of several large contracts, and higher revenue contribution. Gross margins should normalize in 2017. In the electricity segment, the contribution of second phase at our McGinness Hills and Don A. Campbell plants as well as the fourth plant at Olkaria are driving margin expansion, as additional capacity typically operates at higher gross margins due to more efficient utilization of infrastructure and related personnel expenses. Overall, our diversified revenue streams, and our methodical focus on operational excellence is enabling us to overcome challenges related to lower oil and natural gas prices and we were able to deliver strong and improving results.�

�In our electricity segment, we continue to expect to add 160 to 190 megawatts of capacity by the end of 2018,� continued Mr. Angel. �We will achieve this by bringing new plants online, expanding existing plants and adding capacity from our acquisition of a geothermal power plant in the Island of Guadeloupe in the Caribbean�. During the quarter, we also made our first announcement related to one of the key component in our long-term strategic goals. We signed an agreement to jointly build, own, and operate with Alevo, an energy storage project in Georgetown, Texas. Entering the energy storage market will advance our goals of transitioning from a geothermal company to a recognized leader in the renewable energy industry�.

Guidance

Mr. Angel added, �We reiterate our guidance and expect full-year 2016 total revenue of between $620 million and $640 million with product segment revenue of between $210 million and $220 million. For the electricity segment, we expect revenues to be between $410 million and $420 million. We expect 2016 Adjusted EBITDA of $300 to $310 million for the full year. We expect annual Adjusted EBITDA attributable to minority�s interest to be approximately $17 million. This amount assumes the inclusion of the second phase of the Don A. Campbell power plant in the joint venture with Northleaf.�

Financial Summary

First Quarter Results

For the three months ended March 31, 2016, total revenues were $151.6 million, up from $120.2 million in the first quarter of 2015, an increase of 26.1%. Electricity revenues increased 19.9% to $107.9 million in the three months ended March 31, 2016, up from $90.0 million in the three months ended March 31, 2015. Product revenues increased 44.4% to $43.7 million in the three months ended March 31, 2016, up from $30.3 million in the three months ended March 31, 2015.

The company reported net income attributable to the company�s shareholders of $29.3 million, or $0.59 per diluted share, compared to net income attributable to the company�s shareholders of $10.0 million, or $0.21 per diluted share, for the same period last year.

Adjusted EBITDA for the three months ended March 31, 2016 was $80.2 million, compared to $65.3 million for the three months ended March 31, 2015, an increase of 22.8%. The reconciliation of GAAP net cash provided by (used in) operating activities and net income to EBITDA and Adjusted EBITDA and additional cash flows information is set forth below in this release.

On May 4, 2016, ORMAT�s Board of Directors approved a payment of a quarterly dividend of $0.07 per share pursuant to the company�s dividend policy. The dividend will be paid on May 24, 2016 to shareholders of record as of closing of business on May 18, 2016. In addition, the company expects to pay quarterly dividends of $0.07 per share in the next two quarters.

Conference Call Details

Ormat will host a conference call to discuss its financial results and other matters discussed in this press release at 10 a.m. ET on Wednesday, May 5, 2016. The call will be available as a live, listen-only webcast at investor.ormat.com. During the webcast, management will refer to slides that will be posted on the website. The slides and accompanying webcast can be accessed through the Events & Presentations in the Investor Relations section of Ormat's website.

An archive of the webcast will be available approximately 30 minutes after the conclusion of the live call.

Please ask to be joined into the Ormat Technologies, Inc. call. 

PARTICIPANT TELEPHONE NUMBERS
PARTICIPANT DIAL IN (TOLL FREE):  1-877-511-6790
PARTICIPANT INTERNATIONAL DIAL IN:  1-412-902-4141
Canada Toll Free  1-855-669-9657

CONFERENCE REPLAY
US Toll Free:  1-877-344-7529
International Toll:  1-412-317-0088
Replay Access Code:  10084157

About Ormat Technologies

With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (REG), with the objective of becoming a leading global provider of renewable energy. The company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter - a power generation unit that converts low-, medium- and high-temperature heat into electricity. With 72 U.S. patents, Ormat�s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 450 employees in the United States and over 600 overseas. Ormat�s flexible, modular solutions for geothermal power and REG are ideal for the vast range of resource characteristics. The company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling over 2,000 MW of gross capacity. Ormat�s current 697 MW generating portfolio is spread globally in the U.S., Guatemala and Kenya.

Ormat�s Safe Harbor Statement

Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat Technologies, Inc.'s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2016.

These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise

Ormat Technologies, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
For the Three-Month Periods Ended March 31, 2016 and 2015
(Unaudited)?

   Three Months Ended March 31
  2016   2015
           
   (In thousands, except per share data)
Revenues:          
Electricity $   107,868     $   89,953  
Product     43,726         30,278  
Total revenues     151,594         120,231  
Cost of revenues:          
Electricity     63,686         55,581  
Product     24,035         20,625  
Total cost of revenues     87,721         76,206  
Gross margin     63,873         44,025  
Operating expenses:          
Research and development expenses     349         363  
Selling and marketing expenses     3,675         3,433  
General and administrative expenses     8,749         10,204  
Write-off of unsuccessful exploration activities     557         174  
Operating income     50,543         29,851  
Other income (expense):          
Interest income     320         9  
Interest expense, net     (16,023 )       (17,828 )
Foreign currency translation and transaction gains (losses)     1,962         (1,366 )
Income attributable to sale of tax benefits     4,398         5,552  
Other non-operating expense, net     191         283  
Income before income taxes and equity in          
 losses of investees     41,391         16,501  
Income tax provision (benefit)     (9,509 )       (5,459 )
Equity in losses of investees, net     (937 )       (775 )
           
Net income     30,945         10,267  
Net income attributable to noncontrolling interest     (1,674 )       (235 )
Net income attributable to the Company's stockholders $   29,271      $   10,032  
           
Earnings per share attributable to the Company's stockholders - Basic and diluted:          
Basic:          
Net Income  $   0.60      $   0.21  
           
Diluted:          
Net Income  $   0.59      $   0.21  
           
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:          
Basic     49,173         47,244  
Diluted     49,782         48,079  
           

Ormat Technologies, Inc. and Subsidiaries 
Condensed Consolidated Balance Sheets 
As of March 31, 2016 and December 31, 2015?

     March 31,    December 31,
    2016   2015
             
       (In thousands)
 ASSETS
Current assets:            
Cash and cash equivalents    $     148,498      $     185,919  
Restricted cash, cash equivalents and marketable securities         64,129           49,503  
Receivables:            
Trade         76,465           55,301  
Other         8,646           7,885  
Inventories         16,795           18,074  
Costs and estimated earnings in excess of billings on uncompleted contracts         29,897           25,120  
Prepaid expenses and other         35,135           33,334  
Total current assets         379,565           375,136  
Deposits and other         17,415           17,968  
Deferred charges         42,613           42,811  
Property, plant and equipment, net         1,570,074           1,559,335  
Construction-in-process         220,981           248,835  
Deferred financing and lease costs, net         4,430           4,022  
Intangible assets, net         25,056           25,875  
Total assets   $     2,260,134     $     2,273,982  
 LIABILITIES AND EQUITY
Current liabilities:            
Accounts payable and accrued expenses    $     82,487      $     91,955  
Short term revolving credit lines with banks (full recourse)         9,000          
Billings in excess of costs and estimated earnings on uncompleted contracts....         30,917           33,892  
Current portion of long-term debt:            
Limited and non-recourse:            
Senior secured notes         29,917           29,930  
Other loans         21,495           21,495  
Full recourse         11,229           11,229  
Total current liabilities         185,045           188,501  
Long-term debt, net of current portion:            
Limited and non-recourse:            
Senior secured notes         290,201           294,476  
Other loans         270,869           275,888  
Full recourse:            
Senior unsecured bonds         249,665           249,698  
Other loans         17,036           18,687  
Unconsolidated investments         12,216           8,100  
Liability associated with sale of tax benefits         6,714           11,665  
Deferred lease income         57,516           58,099  
Deferred income taxes         16,502           32,654  
Liability for unrecognized tax benefits         10,639           10,385  
Liabilities for severance pay         19,118           19,323  
Asset retirement obligation         21,262           20,856  
Other long-term liabilities         5,018           1,776  
Total liabilities         1,161,801           1,190,108  
             
Equity:            
The Company's stockholders' equity:            
Common stock         49           49  
Additional paid-in capital         854,260           849,223  
Retained earnings (accumulated deficit)         162,195           148,396  
Accumulated other comprehensive income (loss)         (10,849 )         (7,667 )
          1,005,655           990,001  
Noncontrolling interest         92,678           93,873  
Total equity         1,098,333           1,083,874  
Total liabilities and equity    $     2,260,134      $     2,273,982  
             

Ormat Technologies, Inc. and Subsidiaries
Reconciliation of EBITDA, Adjusted EBITDA and Additional Cash Flows Information
For the Three-Month Periods Ended March 31, 2016 and 2015
(Unaudited)

We calculate EBITDA as net income before interest, taxes, depreciation and amortization. We calculate Adjusted EBITDA as net income before interest, taxes, depreciation and amortization, adjusted for (i) termination fees, (ii) impairment of long-lived assets, (iii) write-off of unsuccessful exploration activities,(iv) any mark-to-market gains or losses from accounting for derivatives, (v) merger and acquisition transaction cost, (vi) stock-based compensation, (vii) gain from extinguishment of liability, and (viii) gain on sale of subsidiary and property, plant and equipment. EBITDA and Adjusted EBITDA are not a measurement of financial performance or liquidity under accounting principles generally accepted in the United States of America and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with accounting principles generally accepted in the United States of America. EBITDA and Adjusted EBITDA are presented because we believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of a company�s ability to service and/or incur debt. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do.

The following tables reconcile net cash provided by (used in) operating activities and net income to EBITDA and Adjusted EBITDA for the three-month periods ended March 31, 2016 and 2015.

     Three Months Ended March 31
    2016   2015
             
     (in thousands)
Net cash provided by operating activities    $     27,044      $     83,147  
Adjusted for:            
Interest expense, net (excluding amortization            
of deferred financing costs)         14,127           15,972  
Interest income         (320 )         (9 )
Income tax provision         9,509           5,459  
Adjustments to reconcile net income or loss to net cash            
provided by operating activities (excluding            
depreciation and amortization)         30,082           (47,220 )
EBITDA   $     80,442     $     57,349  
             
Mark to market on derivative instruments which represents swap contracts on natural gas and oil prices         174           4,129  
Stock-based compensation         842           1,127  
Merger and acquisition transaction costs         147           3,400  
Write-off of unsuccessful exploration activities         557           174  
Mark to market on derivatives which represents currency forward contracts         (1,920 )         (860 )
Adjusted EBITDA   $     80,242      $     65,319  
             
             
Net cash used in investing activities   $     (44,620 )    $     (47,257 )
Net cash used in financing activities   $     (19,845 )    $     (5,396 )
             
     Three Months Ended March 31
    2016   2015
             
     (in thousands)
Net income     $     30,945      $     10,267  
Adjusted for:            
Interest expense, net (including amortization            
of deferred financing costs)         15,703           17,819  
Income tax provision         9,509           5,459  
Depreciation and amortization         24,285           23,804  
EBITDA   $     80,442     $     57,349  
             
Mark to market on derivative instruments which represents swap contracts on natural gas and oil prices         174           4,129  
Stock-based compensation         842           1,127  
Merger and acquisition transaction costs         147           3,400  
Write-off of unsuccessful exploration activities         557           174  
Mark to market on derivatives which represents currency forward contracts         (1,920 )         (860 )
Adjusted EBITDA   $     80,242      $     65,319  


Ormat Technologies Contact:
Smadar Lavi
Investor Relations
775-356-9029 (ext. 65726)
slavi@ormat.com

Investor Relations Agency Contact:
Rob Fink/Brett Maas
Hayden - IR
646-415-8972/646-536-7331
rob@haydenir.com / brett@haydenir.com

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Ormat Technologies Inc.

CODE : ORA
ISIN : US6866881021
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Ormat technologies is based in United states of america.

Ormat technologies holds various exploration projects in Indonesia and in USA.

Its main exploration properties are HEBER in USA and SARULLA in Indonesia.

Ormat technologies is listed in Germany and in United States of America. Its market capitalisation is US$ 4.3 billions as of today (€ 3.7 billions).

Its stock quote reached its highest recent level on February 26, 2021 at US$ 98.73, and its lowest recent point on January 09, 2023 at US$ 84.40.

Ormat technologies has 50 597 124 shares outstanding.

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AU$ 0.32+3.23%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.30+0.88%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 62.20+1.58%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+12.00%Trend Power :