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Ormat raises 2019 adjusted EBITDA guidance on higher Q2 results

Ormat Technologies Inc. on Aug. 7 reported second-quarter adjusted EBITDA of $94.9 million, up 17.4% from $80.8 million in the comparable quarter of 2018.

The S&P Global Market Intelligence consensus adjusted EBITDA estimate for the quarter $86.0 million.

Excluding any impact from the closure of the company's Puna Geothermal Venture I facility in Hawaii, Ormat's second-quarter adjusted EBITDA was $90.8 million in 2019 and $81.4 million in 2018.

Adjusted net income attributable to the company's stockholders was $20.6 million, or 40 cents per share, compared to $16.6 million, or 32 cents per diluted share, a year earlier.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 34 cents.

Net income attributable to the company's shareholders during the quarter totaled $33.9 million, or 66 cents per share, compared to a net loss of $300,000, or 1 cent per share, a year ago.

Revenues for the quarter totaled $184.1 million, an increase from $178.3 million a year ago. Operating income also increased to $46.9 million from $36.6 million in the second quarter of 2018.

Ormat raised its 2019 adjusted EBITDA guidance to a range of $375 million to $385 million, from the previous range of $370 million to $380 million. Excluding impact from Puna, the company also continues to expect total revenues in the range of $720 million to $742 million.