Ormat Technologies's net profit rises in Q2 2012

Aug 2, 2012 - US geothermal power firm Ormat Technologies (NYSE:ORA) yesterday said its net profit had increased to USD 8.7 million (EUR 7.1m) for the second quarter of 2012 from USD 8.2 million a year ago.

The board decided to pay a quarterly dividend of USD 0.04 per share on August 23 to shareholders of record as of August 14.

Operating profit rose 34% on the year to USD 26 million thanks to lower maintenance costs at the electricity segment and higher product revenues.

Revenue grew 24% to USD 129.8 million as product segment revenues surged to USD 44.8 million from USD 23.4 million, while electricity revenues rose 4.7% to USD 85 million.

Product orders backlog was USD 242 million as of August 1.

Cash flow from operations stood at USD 30.2 million as of June 30, compared to USD 26.4 million a year ago.

During the quarter, Ormat Technologies finished the construction and put in full operation its 30-MW McGinness Hills geothermal plant, bringing the company's total power generating capacity to 586 MW.

Ormat Technologies plans to pay a dividend of USD 0.04 per share for the third quarter. The company confirmed its full-year product revenue forecast of USD 165 million-175 million and raised the lower end of its guidance range for electricity revenue to USD 320 million from USD 315 million while the upper end remained 330 million.

(USD 1 = EUR 0.816)

Choose your newsletter by Renewables Now. Join for free!