Ormat Technologies Inc. (ORA, Financial) filed Quarterly Report for the period ended 2013-06-30.
Ormat Technologies, Inc. has a market cap of $1.09 billion; its shares were traded at around $24.10 with a P/E ratio of 22.90 and P/S ratio of 2.20. The dividend yield of Ormat Technologies, Inc. stocks is 0.20%.
Operating income for the three months ended June 30, 2013 was $37.9 million, compared to $24.4 million for the three months ended June 30, 2012. The increase in operating income was principally attributable to the increase in our gross margin in both our Electricity and Product segments which resulted primarily from the increase in both our electricity and product revenues discussed above. Operating income attributable to our Electricity Segment for the three months ended June 30, 2013 was $22.6 million, compared to $16.6 million for the three months ended June 30, 2012. Operating income attributable to our Product Segment for the three months ended June 30, 2013 was $15.2 million, compared to $7.8 million for the three months ended June 30, 2012.
Revenues attributable to our Electricity Segment for the six months ended June 30, 2013 were $156.0 million, compared to $161.2 million for the six months ended June 30, 2012, which represented a 3.2% decrease. This decrease was primarily due to: (i) a $11.0 million decrease resulting from the impact of low natural gas prices on the energy rates in our SO#4 PPAs in California, which at the beginning of May 2012 changed from a fixed rate to a variable rate that is subject mainly to the fluctuations in natural gas prices; (ii) a $9.5 million net decrease due to reduced generation in some of our power plants and a reduction in energy rates in our Puna and Amatitlan power plants; and (iii) a net loss of $1.1 million on derivative contracts on oil and natural gas prices, compared to a net gain of $3.8 million, over the corresponding period in 2012. This decrease was partially offset by: (i) a $20.2 million increase in revenues from our Olkaria III Plant 2, which commenced commercial operation at the end of April 2013, our McGinness Hills power plant, which commenced commercial operation in July 2012, and our Tuscarora power plant which started to receive commercial rates in the second quarter of 2012. The generation of power in our power plants increased by 8.7% from 1,937,996 MWh in the six months ended June 30, 2012 to 2,106,951 MWh in the six months ended June 30, 2013.
Operating income for the six months ended June 30, 2013 was $45.5 million, compared to $49.0 million for the six months ended June 30, 2012. The decrease in operating income was principally attributable to the decrease in our electricity gross margin which was primarily associated with the decrease in electricity revenues (which contributed to lower operating income for this segment) and the one-time early termination fee included in selling and marketing expenses discussed above. This decrease was partially offset due to an increase in our product gross margin due to the increase in product revenues, as discussed above. Operating income attributable to our Electricity Segment for the six months ended June 30, 2013 was $21.3 million, compared to an operating income of $31.4 million for the six months ended June 30, 2012. Operating income attributable to our Product Segment for the six months ended June 30, 2013 was $24.2 million, compared to $17.7 million for the six months ended June 30, 2012.
Net cash provided by operating activities for the six months ended June 30, 2013 was $20.0 million, compared to $72.1 million for the six months ended June 30, 2012. The net decrease of $52.1 million resulted primarily from (i) a decrease in billings in excess of costs and estimated earnings on uncompleted contracts, net of $21.1 million in our Product Segment in the six months ended June 30, 2013, compared to $13.9 million in the six months ended June 30, 2012, as a result of timing in billing of our customers and our receipt of payments; (ii) a decrease in accounts payable and accrued expenses of $8.8 million in the six months ended June 30, 2013, compared to an increase of $14.9 million in the six months ended June 30, 2012 as a result of timing of payments to our vendors; and (iii) an increase in receivables of $17.7 million in the six months ended June 30, 2013, compared to a decrease of $10.3 million in the six months ended June 30, 2012, as a result of timing of collection from our customers. The decrease was partially offset due to the increase in net income of $7.5 million, from a net income of $16.7 million for the six months ended June 30, 2012 to $24.2 million for the six months ended June 30, 2013 as described above.
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Ormat Technologies, Inc. has a market cap of $1.09 billion; its shares were traded at around $24.10 with a P/E ratio of 22.90 and P/S ratio of 2.20. The dividend yield of Ormat Technologies, Inc. stocks is 0.20%.
Highlight of Business Operations:
Revenues attributable to our Electricity Segment for the three months ended June 30, 2013 were $87.7 million, compared to $81.9 million for the three months ended June 30, 2012, which represented a 7.1% increase in such revenues. This increase was primarily due to an $11.3 million increase in revenues from our Plant 2 in the Olkaria III complex, which commenced commercial operation at the beginning of May 2013, and McGinness Hills power plant, which commenced commercial operation in July 2012. This increase was partially offset by a $5.5 million decrease, resulting from lower generation mainly in Amatitlan and Mammoth and lower energy rates in Puna and Amatitlan. The generation of power in our power plants increased by 13.0% from 944,564 MWh in the three months ended June 30, 2012 to 1,066,676 MWh in the three months ended June 30, 2013 mainly due to the commercial operation of McGinness and Plant 2 in the Olkaria III complex.Operating income for the three months ended June 30, 2013 was $37.9 million, compared to $24.4 million for the three months ended June 30, 2012. The increase in operating income was principally attributable to the increase in our gross margin in both our Electricity and Product segments which resulted primarily from the increase in both our electricity and product revenues discussed above. Operating income attributable to our Electricity Segment for the three months ended June 30, 2013 was $22.6 million, compared to $16.6 million for the three months ended June 30, 2012. Operating income attributable to our Product Segment for the three months ended June 30, 2013 was $15.2 million, compared to $7.8 million for the three months ended June 30, 2012.
Revenues attributable to our Electricity Segment for the six months ended June 30, 2013 were $156.0 million, compared to $161.2 million for the six months ended June 30, 2012, which represented a 3.2% decrease. This decrease was primarily due to: (i) a $11.0 million decrease resulting from the impact of low natural gas prices on the energy rates in our SO#4 PPAs in California, which at the beginning of May 2012 changed from a fixed rate to a variable rate that is subject mainly to the fluctuations in natural gas prices; (ii) a $9.5 million net decrease due to reduced generation in some of our power plants and a reduction in energy rates in our Puna and Amatitlan power plants; and (iii) a net loss of $1.1 million on derivative contracts on oil and natural gas prices, compared to a net gain of $3.8 million, over the corresponding period in 2012. This decrease was partially offset by: (i) a $20.2 million increase in revenues from our Olkaria III Plant 2, which commenced commercial operation at the end of April 2013, our McGinness Hills power plant, which commenced commercial operation in July 2012, and our Tuscarora power plant which started to receive commercial rates in the second quarter of 2012. The generation of power in our power plants increased by 8.7% from 1,937,996 MWh in the six months ended June 30, 2012 to 2,106,951 MWh in the six months ended June 30, 2013.
Operating income for the six months ended June 30, 2013 was $45.5 million, compared to $49.0 million for the six months ended June 30, 2012. The decrease in operating income was principally attributable to the decrease in our electricity gross margin which was primarily associated with the decrease in electricity revenues (which contributed to lower operating income for this segment) and the one-time early termination fee included in selling and marketing expenses discussed above. This decrease was partially offset due to an increase in our product gross margin due to the increase in product revenues, as discussed above. Operating income attributable to our Electricity Segment for the six months ended June 30, 2013 was $21.3 million, compared to an operating income of $31.4 million for the six months ended June 30, 2012. Operating income attributable to our Product Segment for the six months ended June 30, 2013 was $24.2 million, compared to $17.7 million for the six months ended June 30, 2012.
Net cash provided by operating activities for the six months ended June 30, 2013 was $20.0 million, compared to $72.1 million for the six months ended June 30, 2012. The net decrease of $52.1 million resulted primarily from (i) a decrease in billings in excess of costs and estimated earnings on uncompleted contracts, net of $21.1 million in our Product Segment in the six months ended June 30, 2013, compared to $13.9 million in the six months ended June 30, 2012, as a result of timing in billing of our customers and our receipt of payments; (ii) a decrease in accounts payable and accrued expenses of $8.8 million in the six months ended June 30, 2013, compared to an increase of $14.9 million in the six months ended June 30, 2012 as a result of timing of payments to our vendors; and (iii) an increase in receivables of $17.7 million in the six months ended June 30, 2013, compared to a decrease of $10.3 million in the six months ended June 30, 2012, as a result of timing of collection from our customers. The decrease was partially offset due to the increase in net income of $7.5 million, from a net income of $16.7 million for the six months ended June 30, 2012 to $24.2 million for the six months ended June 30, 2013 as described above.
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