Yahoo Finance

• Total Revenue for 2024: $879.7 million, a growth of 6.1% year over year.

• Fourth Quarter Revenue: $230.7 million, down 4.4% year over year.

• Gross Profit for 2024: $272.6 million, a 3.3% increase compared to 2023.

• Fourth Quarter Net Income: $40.8 million or $0.67 per diluted share, compared to $35.7 million or $0.59 per diluted share last year.

• Adjusted Net Income for Fourth Quarter: $43.6 million or $0.72 per diluted share, an increase of 7.7% and 7.5% respectively.

• Full Year Net Income for 2024: $123.7 million or $2.04 per diluted share, compared to $124.4 million or $2.08 per diluted share last year.

• Adjusted EBITDA for 2024: $550.5 million, a 14.3% increase compared to 2023.

• Fourth Quarter Adjusted EBITDA: $145.5 million, an increase of 4.6% compared to the fourth quarter of last year.

• Electricity Segment Revenue for Fourth Quarter: Decreased by 2.1% to $180.1 million.

• Product Segment Revenue for Fourth Quarter: Declined by 21.4% to $39.6 million.

• Energy Segment Revenue for Fourth Quarter: Increased by 56.7%.

• Gross Margin for Electricity Segment: 34.9% in the fourth quarter and 34.6% for the full year.

• Net Debt as of December 31, 2024: $2.2 billion, equivalent to 4 times net debt to EBITDA.

• Cash and Cash Equivalents as of December 31, 2024: Approximately $206 million.

• Total Debt as of December 31, 2024: Approximately $2.4 billion.

• Dividend Declared: $0.12 per share payable on March 26, 2025.

• 2025 Revenue Guidance: Expected to be between $935 million and $975 million.

• 2025 Adjusted EBITDA Guidance: Expected to range between $563 million and $593 million.

• Warning! GuruFocus has detected 8 Warning Signs with ORA.

Release Date: February 27, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Ormat Technologies Inc (NYSE:ORA) reported a 6.1% increase in total revenues for 2024, driven by growth across all three business segments.

• The company achieved a 14.3% increase in adjusted EBITDA, showcasing strong financial performance.

• Successful acquisition of strategic assets significantly boosted revenues and EBITDA in the electricity segment.

• Ormat secured three new PPAs with higher rates, reflecting strong demand for geothermal energy.

• The energy storage segment saw a 56.7% revenue increase in Q4 and 30.6% for the full year, driven by new facilities coming online.

Negative Points

• Fourth-quarter revenue decreased by 4.4% year over year, primarily due to curtailment impacts in the electricity segment.

• Gross profit in the fourth quarter declined by 6.2%, affected by unexpected operational challenges.

• The company anticipates continued curtailment issues in 2025, potentially impacting revenues by $10 million to $15 million.

• Product segment revenues declined by 21.4% in the fourth quarter, indicating volatility in this segment.

• The energy storage segment reported lower margins in Q4, influenced by market conditions and supply chain challenges.