Q2 2024 Enlight Renewable Energy Ltd Earnings Call Transcript
Key Points
- Revenue grew 42% year-over-year to $175 million in the first half of 2024.
- Adjusted EBITDA increased by 33% to $126 million for the same period.
- Enlight raised its full-year 2024 revenue guidance to $345 million to $360 million.
- The company completed construction on 0.5 GW and 1.4 GWh of capacity, including the Atrisco Solar and Energy project.
- Enlight's European projects, like Gecama, are benefiting from robust market conditions with increased profitability.
- Net income dropped to $34 million, a decrease from the previous year.
- Cash flow from operations decreased by 4% to $91 million in the first half of 2024.
- The CO Bar complex in Arizona faced delays due to interconnection queue reform.
- Second quarter net income decreased by 58% year-over-year to $9 million.
- The company experienced a significant indexation impact on its Shekel-denominated debt, resulting in a non-cash financial expense.
Good morning, everyone and thank you for joining our second quarter 2024 earnings conference call for Enlight Renewable Energy. Before beginning this call, I would like to draw participants attention to the following. Certain statements made on the call today, including but not limited to statements regarding business strategy and plans, our project portfolio, market opportunity, utility demand, and potential growth. Discussions with commercial counterparties and financing sources, pricing trends for materials, progress of company projects, including anticipated timing of related approvals and project completion and anticipated production delays, expected impact from various regulatory developments, completion of development, the potential impact of the current conflicts in Israel on our operations and financial condition and company actions designed to mitigate such impact, and the companyâs future, financial, and operational results and guidance, including revenue and adjusted EBITDA, are forward-looking statements within the
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