The following is a summary of the Ormat Technologies, Inc. (ORA) Q1 2024 Earnings Call Transcript:
Financial Performance:
Ormat Technologies reported a 21% increase in total revenues, reaching $224.2 million in Q1 2024, and a 25.5% rise in earnings per share.
The net income was $38.6 million or $0.64 per diluted share, a considerable increase from the same period in the prior year.
Adjusted EBITDA of $141.2 million indicates a 14.4% growth when compared to Q1 2023.
The company recorded a $17.5 million income related to tax benefits, primarily due to higher Production Tax Credits (PTCs) and Income Tax Credit (ITC) benefits generated by storage facilities.
Strong Q1 operating cash flow, supported notably by significant revenue collections from Kenya, resulted in collections of over $25 million in four months.
Business Progress:
The company added 130 megawatts of new generating capacity to its portfolio since the start of 2024.
Expansion was driven by higher performance at existing facilities and the successful execution of the strategic plan, contributing to over 50% of the increase in revenues and EBITDA.
The acquisition of a portfolio of geothermal and solar assets from Enel Green Power North America significantly contributed to Q1 revenues and EBITDA.
Ormat reported six energy storage projects under development which will add 335 megawatts or 1,040 megawatt-hours to its storage portfolio by the end of 2025.
The company is positioned favorably to leverage the strong demand for renewable energy from data centers and power purchase agreements, as well as the successful drilling campaign in Kenya.
More details: Ormat Technologies IR
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