Ormat Technologies, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 08, 2023 at 04:30 pm EST
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Ormat Technologies, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 208.06 million compared to USD 175.89 million a year ago. Revenue was USD 208.06 million compared to USD 175.89 million a year ago. Net income was USD 35.45 million compared to USD 18.11 million a year ago. Basic earnings per share from continuing operations was USD 0.59 compared to USD 0.32 a year ago. Diluted earnings per share from continuing operations was USD 0.59 compared to USD 0.32 a year ago.
For the nine months, sales was USD 588.08 million compared to USD 528.67 million a year ago. Revenue was USD 588.08 million compared to USD 528.67 million a year ago. Net income was USD 88.67 million compared to USD 47.8 million a year ago. Basic earnings per share from continuing operations was USD 1.5 compared to USD 0.85 a year ago. Diluted earnings per share from continuing operations was USD 1.49 compared to USD 0.85 a year ago.
Ormat Technologies, Inc. is a geothermal company that is engaged in geothermal and recovered energy generation (REG). The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter, a power generation unit that converts low, medium and high-temperature heat into electricity. It owns or has installed for utilities and developers worldwide, totaling approximately 3,200 megawatts (MW) of gross capacity. Its segments include Electricity Segment, Product Segment and Energy Storage Segment. Electricity segment develops, builds, owns, and operates geothermal and solar Photovoltaic (PV). Product segment designs, manufactures, and sells equipment for geothermal and recovered energy-based electricity generation. Energy Storage segment owns and operates a grid connected In Front of the Meter (IFM) Battery Energy Storage System (BESS) facilities. Its portfolio includes 1,385 MW with 1,215 MW geothermal and solar generation.
ORMAT TECHNOLOGIES, INC. 
