Ormat Technologies (ORA) FY2018 results: revenue $719 million, up 3.8% on the year
Ormat Technologies, Inc. (ORA) reported revenue of $719 million for fiscal 2018, the year ended 31 December 2018, up 3.8% on the year before. Net income was $98 million, down 26.0%, and diluted earnings per share $1.92. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2019.
Revenue
$719 million
+3.8% on the year
FY2011FY2018
Operating margin
25.7%
29.6% a year earlier
FY2011FY2018
Net income
$98 million
-26.0% on the year
FY2011FY2018
Diluted EPS
$1.92
-26.4% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
719
693
663
+3.8%
Cost of revenue
449
424
392
+5.8%
Gross profit
270
268
271
+0.7%
Gross margin
37.6%
38.7%
40.9%
Research and development
4.2
3.2
2.8
+32.5%
Operating income
185
205
202
-9.7%
Operating margin
25.7%
29.6%
30.5%
Interest expense
70.9
54.1
67.4
+31.0%
Pre-tax income
137
171
141
-19.7%
Income tax
34.7
21.7
37.1
+60.3%
Effective tax rate
25.3%
12.7%
26.3%
Net income
98.0
132
88.7
-26.0%
Net margin
13.6%
19.1%
13.4%
Diluted EPS
$1.92
$2.61
$1.77
-26.4%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
146
246
159
-40.6%
Capital expenditure
259
259
152
-0.3%
Free cash flow
-113
-13.7
7.4
Free cash flow margin
-15.7%
-2.0%
1.1%
Cash from investing
-342
-346
-174
Cash from financing
251
-67.9
43.5
Depreciation and amortisation
132
115
106
+14.8%
Share-based compensation
10.2
8.8
5.2
+16.6%
Dividends paid
26.8
20.5
25.7
+30.8%
Dividend per share
$0.53
$0.41
$0.52
+29.3%
Diluted shares, weighted
51m
51m
50m
+0.4%
Shares outstanding at period end
51m
51m
50m
+0.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,320
1,211
1,078
+9.0%
Non-controlling interest
125
84.3
91.6
+48.5%
Redeemable equity
8.6
6.4
11.1
+34.1%
Deposits
12.0
15.6
14.4
-23.1%
Debt
1,268
914
957
+38.8%
Operating lease liabilities
0.0
n/a
n/a
Finance lease liabilities
0.0
n/a
n/a
Other liabilities
388
393
310
-1.2%
Total liabilities and equity
3,121
2,624
2,462
+19.0%
Fixed assets
1,960
1,735
1,556
+13.0%
Goodwill
19.9
21.0
6.7
-5.2%
Intangible assets
200
85.4
52.8
+134.0%
Cash and equivalents
98.8
47.8
230
+106.6%
Receivables
138
110
80.8
+24.6%
Inventory
45.0
19.6
12.0
+130.3%
Other assets
661
605
523
+9.2%
Total assets
3,121
2,624
2,462
+19.0%
10-K for the year ended 31 December 2018, filed 1 March 2019: the filing.