Ormat Technologies (ORA) FY2014 results: revenue $560 million, up 4.9% on the year
Ormat Technologies, Inc. (ORA) reported revenue of $560 million for fiscal 2014, the year ended 31 December 2014, up 4.9% on the year before. Net income was $54 million, up 31.4%, and diluted earnings per share $1.18. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2015.
Revenue
$560 million
+4.9% on the year
FY2008FY2014
Operating margin
25.6%
18.2% a year earlier
FY2008FY2014
Net income
$54 million
+31.4% on the year
FY2008FY2014
Diluted EPS
$1.18
+29.7% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
560
533
502
+4.9%
Cost of revenue
356
373
373
-4.7%
Gross profit
204
160
129
+27.5%
Gross margin
36.4%
30.0%
25.7%
Research and development
0.8
5.0
6.1
-84.2%
Operating income
143
97.0
-160
+48.0%
Operating margin
25.6%
18.2%
-31.9%
Interest expense
84.7
73.8
64.1
+14.7%
Pre-tax income
85.8
51.1
-212
+67.9%
Income tax
27.6
13.6
1.8
+103.7%
Effective tax rate
32.2%
26.5%
n/a
Net income
54.2
41.2
-213
+31.4%
Net margin
9.7%
7.7%
-42.5%
Diluted EPS
$1.18
$0.91
-$4.69
+29.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
213
86.8
89.5
+145.8%
Capital expenditure
159
205
233
-22.4%
Free cash flow
54.5
-118
-144
Free cash flow margin
9.7%
-22.1%
-28.6%
Cash from investing
-129
-157
-101
Cash from financing
-101
61.1
-21.9
Depreciation and amortisation
101
92.9
99.5
+8.5%
Share-based compensation
5.6
6.3
6.4
-11.0%
Dividends paid
9.6
3.6
3.6
+162.8%
Dividend per share
$0.21
$0.08
$0.08
+162.5%
Diluted shares, weighted
46m
45m
45m
+0.8%
Shares outstanding at period end
46m
45m
45m
+0.2%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
778
733
695
+6.1%
Non-controlling interest
11.8
12.4
7.1
-4.4%
Deposits
17.3
21.3
21.7
-18.8%
Debt
1,001
1,078
1,031
-7.1%
Other liabilities
314
315
333
-0.5%
Total liabilities and equity
2,122
2,159
2,088
-1.8%
Fixed assets
1,438
1,452
1,253
-1.0%
Intangible assets
28.7
31.9
35.5
-10.3%
Investments
n/a
n/a
3.0
Cash and equivalents
40.2
57.4
66.6
-29.9%
Receivables
48.6
95.4
55.7
-49.0%
Inventory
16.9
22.3
20.7
-24.0%
Other assets
549
500
653
+9.9%
Total assets
2,122
2,159
2,088
-1.8%
10-K for the year ended 31 December 2014, filed 26 February 2015: the filing.