Ormat's Electricity Margins Show Strength, Product Margins Continue Decline
We are reaffirming our $47 fair value estimate for Ormat Technologies after the company reported first-quarter adjusted EBITDA of $101.8 million, up from $98.4 million in the year-ago period. Management reaffirmed its 2019 revenue guidance of $720 million-$742 million and adjusted EBITDA expectations of $370 million-$380 million, excluding any effects from Puna.Blended gross margins for the quarter were 37.3%, down from 39.9% in the year-ago period. Our full-year expectation for blended margin...
Ormat Technologies is a holding company. Through its subsidiaries, the company is engaged in the geothermal and recovered energy business. The company's segments include: Electricity, which develops, builds, owns and operates geothermal and recovered energy-based power plants in the U.S. and geothermal power plants in other countries and sells the electricity it generates; and Product, which designs, manufactures and sells equipment for geothermal and recovered energy-based electricity generation and remote power units and provides services relating to the engineering, procurement, construction, operation and maintenance of geothermal, Solar photovoltaic and recovered energy-based power plants.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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