Ormat Technologies (ORA) FY2017 results: revenue $693 million, up 4.6% on the year
Ormat Technologies, Inc. (ORA) reported revenue of $693 million for fiscal 2017, the year ended 31 December 2017, up 4.6% on the year before. Net income was $132 million, up 49.3%, and diluted earnings per share $2.61. The figures are the company's own, from the 10-K it filed with the SEC on 16 March 2018.
Revenue
$693 million
+4.6% on the year
FY2010FY2017
Operating margin
29.6%
30.5% a year earlier
FY2010FY2017
Net income
$132 million
+49.3% on the year
FY2010FY2017
Diluted EPS
$2.61
+47.5% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
693
663
595
+4.6%
Cost of revenue
424
392
376
+8.3%
Gross profit
268
271
218
-0.9%
Gross margin
38.7%
40.9%
36.7%
Research and development
3.2
2.8
1.8
+14.3%
Operating income
205
202
164
+1.6%
Operating margin
29.6%
30.5%
27.6%
Interest expense
54.1
67.4
72.6
-19.7%
Pre-tax income
171
141
114
+21.0%
Income tax
21.7
37.1
-16.1
-41.5%
Effective tax rate
12.7%
26.3%
-14.1%
Net income
132
88.7
120
+49.3%
Net margin
19.1%
13.4%
20.2%
Diluted EPS
$2.61
$1.77
$2.45
+47.5%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
246
159
190
+54.2%
Capital expenditure
259
152
152
+70.6%
Free cash flow
-13.7
7.4
37.6
Free cash flow margin
-2.0%
1.1%
6.3%
Cash from investing
-346
-174
-91.0
Cash from financing
-67.9
43.5
46.6
Depreciation and amortisation
115
106
107
+8.7%
Share-based compensation
8.8
5.2
4.0
+69.9%
Dividends paid
20.5
25.7
12.7
-20.1%
Dividend per share
$0.41
$0.52
$0.26
-21.2%
Diluted shares, weighted
51m
50m
49m
+1.3%
Shares outstanding at period end
51m
50m
49m
+1.9%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
1,211
1,078
993
+12.3%
Non-controlling interest
84.3
91.6
93.9
-7.9%
Redeemable equity
6.4
11.1
n/a
-42.1%
Deposits
15.6
14.4
15.9
+8.3%
Debt
914
957
920
-4.5%
Other liabilities
393
310
250
+26.8%
Total liabilities and equity
2,624
2,462
2,274
+6.6%
Fixed assets
1,735
1,556
1,559
+11.5%
Goodwill
21.0
6.7
n/a
+216.3%
Intangible assets
85.4
52.8
25.9
+61.9%
Cash and equivalents
47.8
230
186
-79.2%
Receivables
110
80.8
55.3
+36.6%
Inventory
19.6
12.0
18.1
+62.9%
Other assets
605
523
429
+15.7%
Total assets
2,624
2,462
2,274
+6.6%
10-K for the year ended 31 December 2017, filed 16 March 2018: the filing.