News

Ormat Technologies with a revenue increase of 20% for 2009

Alexander Richter 3 Mar 2010

Ormat Technologies announces results for 2009, with increased revenues and net income, as well as increased total generation of 3,400 GWh for the year.

Ormat Technologies, Inc. announced  results for the fourth quarter and full year ended December 31, 2009 last week. According to the announcement by the company, “highlights of the Company performance include.

Revenues increased 20.4% for the year to $415.2 million and remained consistent with the fourth quarter of 2008.

Annual net income increased to $68.6 million and fourth quarter net income increased to $16.1 million (in each case, after giving effect to the restatement described below).

Earnings per share (diluted) increased to $1.51 per share of common stock for the year and to $0.35 per share of common stock in the quarter (in each case, after giving effect to the restatement described below).

Total generation increased by 14% to 3.4 million MWh during 2009.

The Product Segment backlog as of today is approximately $90 million.

Commenting on the annual results, Dita Bronicki, Chief Executive Officer of Ormat, stated: “Ormat reported record revenues for the year and Product Segment revenue was exceptionally strong during 2009. While we do not expect revenues and corresponding margins in the Product Segment to continue at this level in 2010, the improving global economy combined with funding and regulatory benefits in the United States should contribute to our future revenues in this segment.

We had success in improving the performance of our existing power plants. Generation in our Electricity Segment increased year-over-year by 14% from improved performance of existing power plants and new power plants that came on-line in 2009. Revenue for the segment was stable even when taking into account that the Puna power plant experienced lower availability due to maintenance related issues.

We are in varying stages of exploration and development on land where we have been acquiring rights to use the geothermal resource over the past few years. Results from several sites are encouraging and should yield several commercial projects over the next few years. Closing of the purchase of the Hot Sulphur Springs (“HSS”) project is expected by the end of the first quarter 2010. This acquisition includes a project in an advanced stage of development and is expected to come online in 2012 and sell its output under a long-term PPA that we recently signed with NV Energy.”

Source: company announcement via PR Newswire