Ormat Technologies revenue rises 24%

Net profit rose to $8.7 million ($0.19 per share) for the second quarter from $8.2 million for the corresponding quarter, beating the analysts' consensus.

2 August 12 11:35, Globes' correspondent

Ormat Industries Ltd. (TASE: ORMT) subsidiary Ormat Technologies Inc. (NYSE: ORA) reported double-digit revenue growth and higher profits for the second quarter, beating the analysts' consensus, and reiterated its guidance for the year.

Revenue rose 24% to $129.8 million for the second quarter from $104.6 million for the corresponding quarter. Product revenue nearly doubled to $44.8 million from $23.4 million, and electricity revenue rose 4.7% to $85 million from $81.2 million.

Net profit rose to $8.7 million ($0.19 per share) for the second quarter from $8.2 million for the corresponding quarter.

Ormat beat the analysts' consensus of earnings per share of $0.14 on $119.8 million revenue.

Ormat CEO Yehudit Bronicki reiterated the company's full-year product revenue guidance of $165-175 million, and narrowed the range of its electricity guidance revenue to $320-330 million.

Ormat had $71.9 million in cash, cash equivalents and marketable securities at the end of June, and $64.8 million in unused credit lines out of a total of $466.8 million in credit.

Ormat will pay a dividend of $0.04 per share on August 23, and said that it expects to pay another dividend of the same amount for the third quarter.

Bronicki said, "We continued to win orders and strengthen our already robust backlog. In July, we announced the closing of a $61.4 million engineering, procurement and construction contract with Enel Green Power North America, maintaining our robust product backlog of $242 million. On the electricity side, we recently received off-taker approval of the commercial operation date for our Tuscarora power plant. In addition, we successfully completed the construction of the 30-MW McGinness Hills geothermal power plant demonstrating the strength of our vertically integrated structure to move from green field to production. This power plant, which has been in full operation since June, increased the total generating capacity of our portfolio to 586 MW."

Ormat Technologies' share price fell 2.2% yesterday to $17.61, giving a market cap of $800 million, but Ormat Industries' share price rose 5.4% in morning trading on the TASE to NIS 18.51, giving a market cap of NIS 2.1 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on August 2, 2012

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