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Ormat Q2 earnings grow on strong results at electricity, products segments

Ormat Technologies Inc. posted an 8.5% year-over-year increase in second-quarter adjusted EBITDA to $88.1 million, from $81.2 million a year earlier, results released Aug. 3 showed.

Adjusted net income attributable to the company's stockholders was $29.5 million, or 58 cents per share, compared to $24.3 million, or 49 cents per share, in the second quarter of 2016. The result excludes $5.5 million, or 11 cents per share, of one-time benefit related to tax restructuring.

Revenues totaled $179.4 million for the 2017 second quarter, up 12.2% from $159.9 million in the second quarter of 2016. The electricity segment contributed $118.8 million in revenues, while the product segment contributed $67.6 million in the most recent quarter. These compare to contributions of $104.0 million from the electricity segment and $55.9 million from the product segment in the 2016 second quarter.

"Continued growth in our electricity segment and a strong quarter for our products segment enabled us to deliver 12.2% top-line growth in the second quarter," CEO Isaac Angel said.

Ormat posted second-quarter net income attributable to its shareholders of $35 million, or 69 cents per share, compared to $24.3 million, or 49 cents per share, in the year-ago period.

Second-quarter operating income was up 2.4% year over year to $53.2 million from $51.9 million in the comparable quarter of 2016.

Ormat continues to expect adjusted EBITDA in the range of $340 million and $350 million and revenues in the range of $680 million and $700 million for full-year 2017.

The company will pay a quarterly dividend of 8 cents per share on Aug. 29 to shareholders of record Aug. 15.