Ormat Technologies, Inc. (ORA) has reported a 20.64 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $35.31 million, or $0.70 a share in the quarter, compared with $29.27 million, or $0.59 a share for the same period last year. Revenue during the quarter grew 25.27 percent to $189.90 million from $151.59 million in the previous year period. Gross margin for the quarter contracted 295 basis points over the previous year period to 39.18 percent. Total expenses were 68.67 percent of quarterly revenues, up from 66.66 percent for the same period last year. That has resulted in a contraction of 201 basis points in operating margin to 31.33 percent.
Operating income for the quarter was $59.50 million, compared with $50.54 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $91.83 million compared with $80.24 million in the prior year period. At the same time, adjusted EBITDA margin contracted 457 basis points in the quarter to 48.36 percent from 52.93 percent in the last year period.
"This was another good quarter, benefitting from outstanding execution in both our electricity and products segment," commented Isaac Angel, chief executive officer. “As we have noted, our goal in the electricity segment has been to adjust output at our facilities to maximize efficiency, and the progress we are making in this area is evidenced by the improvement in gross margin to 43.0%. The addition of the Bouillante facility, coupled with full output again at Puna, has helped us increase revenue in the segment by more than 7%. I am encouraged with our progress in this segment."
For fiscal year 2017, Ormat Technologies, Inc. forecasts revenue to be in the range of $680 million to $700 million.
Working capital increases
Ormat Technologies, Inc. has recorded an increase in the working capital over the last year. It stood at $221.26 million as at Mar. 31, 2017, up 13.75 percent or $26.74 million from $194.52 million on Mar. 31, 2016. Current ratio was at 2.07 as on Mar. 31, 2017, up from 2.05 on Mar. 31, 2016. Days sales outstanding went down to 34 days for the quarter compared with 45 days for the same period last year.
Days inventory outstanding has decreased to 7 days for the quarter compared with 18 days for the previous year period.
Debt moves up
Ormat Technologies, Inc. has witnessed an increase in total debt over the last one year. It stood at $956.10 million as on Mar. 31, 2017, up 6.30 percent or $56.69 million from $899.41 million on Mar. 31, 2016. Total debt was 38.25 percent of total assets as on Mar. 31, 2017, compared with 39.79 percent on Mar. 31, 2016. Debt to equity ratio was at 0.80 as on Mar. 31, 2017, down from 0.82 as on Mar. 31, 2016. Interest coverage ratio improved to 3.99 for the quarter from 3.15 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
