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Ormat books 22.8% YOY increase in Q1 adjusted EBITDA

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Ormat books 22.8% YOY increase in Q1 adjusted EBITDA

OrmatTechnologies Inc. posted first-quarter adjusted EBITDA of $80.2million, a 22.8% year-over-year increase due to top-line growth and marginexpansion. Ormat had booked $65.3 million in adjusted EBITDA a year ago.

The S&P Global Market Intelligence consensus adjustedEBITDA estimate for the quarter was $65.6 million.

The company generated $151.6 million in revenues during themost recent quarter, up 26.1% from $120.2 million in the first quarter of 2015.The result was driven by a 19.9% year-over-over increase in the electricitysegment revenue to $107.9 million and a 44.4% increase in the product segmentrevenue to $43.7 million.

"[Our] diversified revenue streams, and our methodicalfocus on operational excellence is enabling us to overcome challenges relatedto lower oil and natural gas prices and we were able to deliver strong andimproving results," said Ormat CEO Isaac Angel.

Ormat's operating income increased 69.3% year over year to$50.5 million from $29.9 million in the corresponding quarter of 2015.

Net income attributable to the company's shareholders almosttripled to $29.3 million, or 59 cents per share, during the most recentquarter, from $10.0 million, or 21 cents per share, in the 2015 first quarter.

The S&P Global Market Intelligence normalized consensusEPS estimate 35 cents.

The company maintained its full-year 2016 guidance range of$300 million to $310 million for adjusted EBITDA, and $620 million to $640million for revenue.

Ormat declared a quarterly dividend of 7 cents per share,payable May 24 to shareholders of record May 18. The company expects to pay thesame amount of quarterly dividends in the next two quarters.