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Investing.com -- Ormat Technologies, Inc. (NYSE:ORA) reported first-quarter earnings and revenue that surpassed analyst expectations, sending shares up 3% in after-hours trading.
The renewable energy company posted adjusted earnings per share of $0.68, exceeding the consensus estimate of $0.60. Revenue for the quarter came in at $229.8 million, slightly above analysts’ projections of $228.54 million and up 2.5% YoY.
Ormat’s Energy Storage segment was a standout performer, with revenues surging 119.7% to $17.8 million. This growth was attributed to new capacity additions and higher merchant prices in the PJM market. The Product segment also saw strong growth, with revenues increasing 27.9% to $31.8 million.
However, the Electricity segment, Ormat’s largest by revenue, experienced a 5.8% decline to $180.2 million due to previously disclosed curtailments in California and Nevada.
"Ormat had a strong start to 2025, achieving a 2.5% increase in revenue, a 4.6% rise in net income attributable to the Company’s stockholders, and a 6.4% increase in adjusted EBITDA," said CEO Doron Blachar.
The company maintained its full-year 2025 guidance, projecting total revenues between $935 million and $975 million. Adjusted EBITDA is expected to be between $563 million and $593 million.
Ormat also announced the acquisition of the 20MW Blue Mountain geothermal power plant from Cyrq Energy for $88 million, with plans to upgrade and expand the facility.
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