Ormat Technologies Inc. on March 1 reported fourth-quarter 2017 adjusted EBITDA of $87.4 million, up 13.6% from $76.9 million in the corresponding quarter of 2016.
Fourth-quarter 2017 operating income was $48.4 million, compared to $51.2 million in the prior-year period. Revenues for Ormat in the fourth quarter of 2017 were largely flat at $166.4 million, compared with $166.5 million in fourth-quarter 2016.
For full-year 2017, Ormat recorded adjusted EBITDA of $343.8 million, up 6.2% year over year from $323.8 million in 2016.
Operating income for 2017 was $205.0 million, up from $201.9 million in 2016. Full-year 2017 revenues came in at $692.8 million, compared to $662.6 million in 2016.
Looking ahead, Ormat is expecting adjusted EBITDA between $355 million and $365 million in 2018. The company also is targeting total revenues between $688 million and $712 million.
"During 2017, we added approximately 90 MW of new capacity from our Platanares and Tungsten Mountain power plants, and our share of the Sarulla power plants, and reached a total portfolio of approximately 800 MW. The new power plants will contribute to our earnings growth and margin expansion in 2018 and beyond," Ormat CEO Isaac Angel said in a March 1 earnings release. "Looking ahead, our pipeline remains strong, and we are targeting an incremental 190-200 MW from organic growth by the end of 2020."
Additionally, Ormat's board of directors also approved a quarterly dividend of 23 cents per share payable on March 29, to stockholders as of March 14. The company also expects to pay a quarterly dividend of 10 cents per share in each of the next three quarters.
The company also noted it will file a Form 12-b-25, notification of late filing of its annual report on Form 10-K for the 2017, with the U.S. Securities and Exchange Commission. The delay is due to the need to complete additional review procedures primarily with respect to the company's accounting for income taxes and financial reporting.
