Ormat Technologies (ORA) Q3 FY2023 earnings: revenue $208 million, up 18.3% on the year

Ormat Technologies, Inc. (ORA) reported revenue of $208 million for Q3 FY2023, the quarter ended 30 September 2023, up 18.3% on the same quarter a year earlier. Net income was $35 million, up 95.8% on the year, and diluted earnings per share $0.59. The figures are the company's own, from the 10-Q it filed with the SEC on 9 November 2023.

Revenue$208 millionup 18.3%

Net income$35 millionup 95.8%

Diluted EPS$0.59

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	208	n/a	n/a	n/a
Cost of revenue	148	n/a	n/a	n/a
Gross profit	60.0	n/a	n/a	n/a
Gross margin	28.8%	n/a	n/a
Research and development	1.4	n/a	n/a	n/a
Operating income	37.6	n/a	n/a	n/a
Operating margin	18.1%	n/a	n/a
Interest expense	25.1	n/a	n/a	n/a
Pre-tax income	29.6	n/a	n/a	n/a
Income tax	-7.1	n/a	n/a	n/a
Effective tax rate	-24.1%	n/a	n/a
Net income	35.5	n/a	n/a	n/a
Net margin	17.0%	n/a	n/a
Diluted EPS	$0.59	n/a	n/a	n/a

$ million except per share.

Free 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	39.8	n/a	n/a	n/a
Capital expenditure	182	n/a	n/a	n/a
Free cash flow	-142	n/a	n/a	n/a
Free cash flow margin	-68.4%	n/a	n/a
Cash from investing	-183	n/a	n/a	n/a
Cash from financing	-65.5	n/a	n/a	n/a
Depreciation and amortisation	57.5	n/a	n/a	n/a
Share-based compensation	3.9	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	7.2	n/a	n/a	n/a
Dividend per share	$0.12	n/a	n/a	n/a
Diluted shares, weighted	61m	n/a	n/a	n/a
Shares outstanding at period end	60m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	2,279	n/a	n/a	n/a
Non-controlling interest	126	n/a	n/a	n/a
Redeemable equity	10.0	n/a	n/a	n/a
Short-term borrowings	35.0	n/a	n/a	n/a
Operating lease liabilities	19.8	n/a	n/a	n/a
Finance lease liabilities	2.6	n/a	n/a	n/a
Other liabilities	2,538	n/a	n/a	n/a
Total liabilities and equity	5,011	n/a	n/a	n/a
Goodwill	90.3	n/a	n/a	n/a
Intangible assets	314	n/a	n/a	n/a
Cash and equivalents	78.1	n/a	n/a	n/a
Receivables	165	n/a	n/a	n/a
Inventory	44.8	n/a	n/a	n/a
Other assets	4,319	n/a	n/a	n/a
Total assets	5,011	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	208	241	224	213	212	231	230	234	250	276	404	259
Cost of revenue	148	163	145	152	153	157	157	177	186	197	284	190
Gross profit	60.0	78.5	78.8	61.4	58.9	73.6	72.9	56.9	64.0	78.8	120	68.7
Gross margin	29%	33%	35%	29%	28%	32%	32%	24%	26%	29%	30%	27%
R&D	1.4	2.5	1.6	1.7	1.8	1.4	2.5	1.4	1.3	1.0	1.1	1.5
Operating income	37.6	51.6	52.6	35.1	35.7	49.1	50.9	35.3	40.4	42.6	80.3	34.2
Operating margin	18%	21%	23%	16%	17%	21%	22%	15%	16%	15%	20%	13%
Interest expense	25.1	25.8	31.0	33.7	34.8	34.5	34.5	36.7	35.7	35.0	45.0	43.9
Pre-tax income	29.6	48.8	39.4	19.6	24.7	31.7	37.6	22.0	20.0	26.2	28.6	17.2
Tax rate	-24%	17%	-0%	-16%	-5%	-37%	-10%	-25%	-21%	-26%	-54%	-56%
Net income	35.5	35.7	38.6	22.2	22.1	40.8	40.4	28.0	24.1	31.4	44.1	27.1
Net margin	17%	15%	17%	10%	10%	18%	18%	12%	10%	11%	11%	10%
Diluted EPS	$0.59	$0.59	$0.64	$0.37	$0.36	$0.67	$0.66	$0.46	$0.39	$0.50	$0.71	$0.43
Operating cash flow	39.8	139	115	30.7	106	159	88.0	96.9	45.2	105	78.6	50.6
Capital expenditure	182	170	103	147	110	128	193	135	147	145	114	138
Free cash flow	-142	-30.4	11.8	-116	-3.3	30.9	-105	-37.9	-102	-40.0	-35.2	-87.4
Buybacks	0.0	n/a	n/a	n/a	n/a	n/a	0.0	0.0	n/a	n/a	24.4	0.0
Dividends paid	7.2	7.2	7.2	7.3	7.3	7.3	7.3	7.3	7.3	7.2	7.5	7.2
Shares outstanding	60m	60m	60m	60m	60m	60m	61m	61m	61m	61m	61m	61m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 9 November 2023, accession 0001437749-23-031120: the filing on EDGAR. All of Ormat Technologies, Inc.'s filings: EDGAR company page.

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