Ormat Technologies with higher revenues and profits for Q2, 2011
Ormat Technologies reports higher revenues and profits for the second quarter of 2011, with revenues at $104.6 million up $8.1 million and a net profit of $8.2 million.
Reported by the company, “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.”
Source: Globes (Israel)