Ormat Technologies ( (ORA) ) has released its Q3 earnings. Here is a breakdown of the information Ormat Technologies presented to its investors.
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Ormat Technologies, Inc. is a leading renewable energy company specializing in geothermal and recovered energy generation, with a strong presence in energy storage and solar PV sectors. The company operates globally, holding a significant portfolio of geothermal and energy storage projects across several countries.
Ormat Technologies recently announced its financial results for the third quarter of 2024, highlighting growth in revenue and adjusted EBITDA. The company reported an increase in electricity segment revenues and successfully expanded its energy storage capabilities with the commercial operation of its largest storage project to date.
Key financial metrics showed a 16.3% increase in adjusted EBITDA and a modest rise in total revenues by 1.8% compared to the same period last year. The electricity segment saw a revenue increase of 4.7%, while the product and energy storage segments reported declines in revenue. The company also highlighted strategic accomplishments, including new contracts and expansions in its energy storage portfolio.
Despite a decrease in net income and EPS compared to the previous year, due in part to tax adjustments in Kenya, Ormat is optimistic about future profitability. The company raised its adjusted EBITDA guidance for the year, reflecting confidence in its strategic direction and operational execution.
Looking forward, Ormat Technologies is well-positioned to capitalize on global trends in renewable energy demand, with continued focus on expanding its geothermal and energy storage operations to enhance profitability and growth.
