Ormat Technologies lifts product revenue projections for 2011
Nov 4, 2011 - US geothermal power firm Ormat Technologies (NYSE:ORA) raised its product revenues forecast for 2011 to USD 100 million (EUR 73m) from a range of USD 90 million-100 million.
The company confirmed its electricity revenue projections for the year at USD 315 million to USD 325 million.
In the nine months through September, Ormat saw its net profit decline to USD 300,000 from USD 32.7 million a year ago, when it booked a USD-36.9-million gain from the acquisition of a controlling stake in the Mammoth complex.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to USD 121.6 million, down from USD 134.9 million.
Sales for the nine-month period grew by 11.7% year-on-year to USD 313.3 million. Electricity revenues went up by 12.8% in annual terms to USD 246.3 million, the company said. Product revenues grew 7.8% to USD 67 million.