Ormat Technologies: 2Q Earnings Snapshot
RENO, Nev. (AP) _ Ormat Technologies Inc. (ORA) on Wednesday reported second-quarter net income of $33.9 million, after reporting a loss in the same period a year earlier.
The Reno, Nevada-based company said it had profit of 66 cents per share. Earnings, adjusted for non-recurring gains, came to 40 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.
The geothermal company posted revenue of $184.1 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $175.5 million.
Ormat Technologies expects full-year revenue in the range of $720 million to $742 million.
Ormat Technologies shares have climbed 25% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $65.15, an increase of 25% in the last 12 months.