Ormat Technologies: 2Q Earnings Snapshot
RENO, Nev. (AP) _ Ormat Technologies Inc. (ORA) on Tuesday reported a second-quarter loss of $343,000, after reporting a profit in the same period a year earlier.
On a per-share basis, the Reno, Nevada-based company said it had a loss of 1 cent. Earnings, adjusted for non-recurring costs, were 32 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 48 cents per share.
The geothermal company posted revenue of $178.3 million in the period, topping Street forecasts. Three analysts surveyed by Zacks expected $176.1 million.
Ormat Technologies expects full-year revenue in the range of $698 million to $722 million.
Ormat Technologies shares have declined 18 percent since the beginning of the year. The stock has decreased nearly 10 percent in the last 12 months.