Ormat Technologies reports Q2 adjusted EPS 40c vs 40c last year

Reports Q2 revenue $213M vs $194.8M last year. “Our strong second quarter results demonstrate Ormat’s track record of translating revenue growth into stronger results across our three-operating segments. This was evidenced by the 9.3% increase in total revenues and a 45% and 25.0% increase in operating income and adjusted EBITDA1, respectively, led by strategic expansion to our capacity generating portfolio and improved operating performance,” said Doron Blachar, Chief Executive Officer of Ormat Technologies. “Notably, we are also continuing to make great progress in transitioning our Energy Storage business toward becoming a higher-growth segment with improved margins. These efforts are highlighted by the segment experiencing a 48.1% increase in revenue primarily as a result of the additional 83MW we added in the last 12 months, including the COD at East Flemington this quarter, the signing of our long-term tolling agreement at our Pomona 2 storage facility, and improved merchant prices.”