The share price of geothermal energy company Ormat Technologies (NYSE: ORA; TASE: ORA) fell about 9.5% on the Tel Aviv Stock Exchange, after the company announced its full fourth-quarter and 2020 results this morning. Ormat recorded a 64% increase in net profit for the fourth quarter of last year, compared to the fourth quarter of 2019, to reach $ 20.7 million, or $ 0.39 per share. The quarterly revenue fell 7% to $ 179 million, which was $ 3 million less than analysts’ estimates. Earnings per share was $ 0.05 higher than the consensus estimate. RELATED MATERIALS Ormat jumps in to its Texas Ormat energy storage acquisition, raising $ 307 million in stock offerings for 2020.As a whole, Ormat’s revenue was slightly higher than in 2019, at $ 541 million. The annual net profit shrank 3% to $ 85 million. The company announced that it would increase its quarterly profit by 9% to $ 0.12. For 2021, Ormat sees revenues of $ 640-675 million and adjusted EBITDA of $ 400-410 million. Ormat, headed by Doron Blachar, is building geothermal power plants, some of which are also in operation. In recent years, the company has also entered the growing field of energy storage. Its share price rose about 12% in the twelve months to the opening day. Posted by Globes, Israel business news – en.globes.co.il – February 25, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021
Ormat slips on the Q4 results
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