Ormat Technology reports 35% higher revenues for 4th quarter
Alexander Richter
25 Feb 2009
Ormat Technologies Inc., the Reno, Nevada based producer of geothermal power plants, reported that fourth-quarter net income rose 31% on 35% higher revenue.
Just announced by the company (via marketwatch), “Ormat Technologies Inc., the Reno, Nev., producer of geothermal power plants, reported that fourth-quarter net income rose 31% on 35% higher revenue.
Key highlights:
- Revenues increased 35.2% for the quarter to $95.5 million and 16.5% for the year to $344.8 million.
- Net income increased 31.3% to $11.7 million in the quarter and 82.0% to $49.8 million for the year.
- Earnings per share increased 18.2 % to $0.26 in the quarter and 60% to $1.12 for the year.
- Product backlog reached a record high of $194.0 million.
- Ormat-owned generating capacity increased by 109 MW, an increase of over 25% during 2008.
The subsidiary of Israel’s Ormat Industries earned US$11.7 million, or 26 cents a share, compared with US$8.9 million, or 22 cents, in the year-earlier quarter. Revenue reached US$95.5 million from US$70.7 million.
A survey of analysts by FactSet Research produced consensus estimates of 24 cents of profit on revenue of US$85.6 million. Revenue from electricity rose 12% in the quarter to US$62.1 million, while revenue from products more than doubled to US$33.4 million.
For 2009, Ormat Technologies expect electricity revenue of US$280 million to US$290 million, up as much as 15% from 2008’s US$252.3 million. In products, the company expects the year’s revenue to rise as much as 30% to a range of US$100 million to US$120 million from 2008’s US$92.6 million.”
Source: Market Watch, further details at PR Newswire
