Ormat Industries Ltd. (TASE: ORMT) US subsidiary Ormat Technologies Inc. (NYSE: ORA) posted higher revenue and profits for the second quarter of 2011, achieved a record orders backlog, and reiterated its full-year guidance.
Revenue rose to $104.6 million for the second quarter from $96.3 million for the corresponding quarter of 2010. Electricity revenue rose 18% to $81.2 million from $68.8 million, but product revenue fell to $23.4 million from $27.5 million. Electricity generation rose 11.2%, and the average rate rose to $83 per megawatt/hour in the second quarter from $78 in the corresponding quarter.
Net profit was $8.2 million ($0.18 per share) for the second quarter compared with a net loss of $1.5 million for the corresponding quarter.
Ormat Technologies CEO Yehudit Bronicki reiterated the company's full year guidance of $315-325 million electricity segment revenue and $90-100 million product segment revenue.
Bronicki said that the company's new $130 million contract to build and operate a geothermal power station in New Zealand was the company's largest product order in its 46-year history, and boosted the product backlog to $225 million.
Ormat Technologies' share price fell 1.8% in New York yesterday to $19.54, giving a market cap of $887 million, but Ormat Industries' share price rose 1.7% by midday on the TASE today to NIS 21.28, giving a market cap of NIS 2.48 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on August 4, 2011
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