Ormat Technologies (ORA) FY2019 results: revenue $746 million, up 3.7% on the year
Ormat Technologies, Inc. (ORA) reported revenue of $746 million for fiscal 2019, the year ended 31 December 2019, up 3.7% on the year before. Net income was $88 million, down 10.1%, and diluted earnings per share $1.72. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2020.
Revenue
$746 million
+3.7% on the year
FY2012FY2019
Operating margin
26.0%
25.7% a year earlier
FY2012FY2019
Net income
$88 million
-10.1% on the year
FY2012FY2019
Diluted EPS
$1.72
-10.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
746
719
693
+3.7%
Cost of revenue
477
449
424
+6.2%
Gross profit
269
270
268
-0.4%
Gross margin
36.1%
37.6%
38.7%
Research and development
4.6
4.2
3.2
+11.1%
Operating income
194
185
205
+4.7%
Operating margin
26.0%
25.7%
29.6%
Interest expense
80.4
70.9
54.1
+13.3%
Pre-tax income
137
137
171
+0.1%
Income tax
45.6
34.7
21.7
+31.3%
Effective tax rate
33.2%
25.3%
12.7%
Net income
88.1
98.0
132
-10.1%
Net margin
11.8%
13.6%
19.1%
Diluted EPS
$1.72
$1.92
$2.61
-10.4%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
236
146
246
+62.2%
Capital expenditure
280
259
259
+8.3%
Free cash flow
-43.5
-113
-13.7
Free cash flow margin
-5.8%
-15.7%
-2.0%
Cash from investing
-255
-342
-346
Cash from financing
-5.8
251
-67.9
Depreciation and amortisation
149
132
115
+12.5%
Share-based compensation
9.4
10.2
8.8
-8.4%
Dividends paid
22.4
26.8
20.5
-16.6%
Dividend per share
$0.44
$0.53
$0.41
-17.0%
Diluted shares, weighted
51m
51m
51m
+0.5%
Shares outstanding at period end
51m
51m
51m
+0.7%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,392
1,320
1,211
+5.5%
Non-controlling interest
123
125
84.3
-1.8%
Redeemable equity
9.2
8.6
6.4
+7.5%
Deposits
n/a
12.0
15.6
Debt
1,238
1,268
914
-2.4%
Operating lease liabilities
14.0
0.0
n/a
Finance lease liabilities
11.2
0.0
n/a
Other liabilities
463
388
393
+19.3%
Total liabilities and equity
3,250
3,121
2,624
+4.1%
Fixed assets
1,971
1,960
1,735
+0.6%
Goodwill
20.1
19.9
21.0
+1.0%
Intangible assets
186
200
85.4
-6.8%
Cash and equivalents
71.2
98.8
47.8
-28.0%
Receivables
155
138
110
+12.3%
Inventory
34.9
45.0
19.6
-22.4%
Other assets
812
661
605
+22.9%
Total assets
3,250
3,121
2,624
+4.1%
10-K for the year ended 31 December 2019, filed 2 March 2020: the filing.