Ormat Technologies, Inc. announced its fourth quarter and full year 2024 financial results on February 26, 2025, reporting full-year revenue of $879.7 million, an increase of 6.1% from 2023.
Full-year Adjusted EBITDA increased by 14.3%, and the company added 253MW of new capacity, comprising 133MW in its Electricity segment and 120MW in its Energy Storage business.
For the fourth quarter of 2024, Ormat reported revenue of $230.7 million and diluted EPS of $0.36, with adjusted EPS of $0.42, which topped Wall Street expectations.
The company reiterated its 2025 guidance, projecting total revenues between $935 million and $975 million, representing a 9% increase at the midpoint, and Adjusted EBITDA between $563 million and $593 million, a 5% increase at the midpoint.
Ormat also confirmed it safe harbored all geothermal projects with expected CODs through 2028 for PTC eligibility and all energy storage projects through 2026 for ITC benefits, strengthening its growth trajectory.
The Board of Directors declared a quarterly dividend of $0.12 per share, payable on March 26, 2025, to stockholders of record as of March 12, 2025.
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