Ormat Technologies (NYSE: ORA) reported Q3 EPS of $0.31, $0.11 worse than the analyst estimate of $0.42. Revenue for the quarter came in at $116.9 million versus the consensus estimate of $172.97 million.

“Total revenues increased nearly 6% and electricity revenues increased more than 5%,” commented Isaac Angel, Chief Executive Officer. “This steady growth was achieved despite the recent shutdown of our operations at Puna and highlights the diversification we have built into the Ormat operating model and the strength of our overall portfolio of projects around the world. Now that the lava flow near Puna has ceased, we are working to bring that plant back online, and are confident that Ormat is well positioned for continued growth.”

Outlook

Mr. Angel added, “We are reaffirming our full-year 2018 guidance for the Electricity segment revenues to be between $500 million and $510 million. We expect Product segment revenues to be between $190 million and $200 million and revenues from energy storage and demand response activity to be between $8 million and $12 million. As such, our guidance for total revenues is between $698 million and $722 million. Our 2018 Adjusted EBITDA guidance is expected to be between $370 million and $380 million for the full year, assuming successful resolution of our insurance claim for our losses relating to Puna situation by the end of 2018.

In the event we do not reach a resolution of our insurance claim by the end of 2018, the 2018 Adjusted EBITDA might be negatively impacted by approximately $20 million.

We expect annual Adjusted EBITDA attributable to minority interest to be approximately $30 million. The minority interest includes our partners share in the insurance claim for the Puna Plant.”

GUIDANCE:

Ormat Technologies sees FY2018 revenue of $698-722 million, versus the consensus of $709.86 million.

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