Ormat Tech. Swings To Profit, But Misses Estimates; Lifts FY Outlook

(RTTNews) - Ormat Technologies Inc. (ORA), a geothermal company, Tuesday reported third-quarter net income of $13 million or $0.28 per share compared with a net loss of $0.06 million or $0.01 per share last year.

Results for the prior-year quarter included a $7.3 million impairment loss related to the OREG 4 recovered energy generation power plant.

Revenues for the quarter were lower at $130.7 million compared with $132.3 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.31 per share on revenues of $131.69 million for the quarter. Analysts' estimates typically exclude special items.

Cost of revenues for the quarter totaled $91 million, compared with $102 million last year, thereby leading to better gross margins, the company said.

Looking ahead to fiscal year 2013, the company lifted its outlook and now expects revenues of $525 million to $535 million, up from prior guidance of $510 million to $530 million. Analysts expect revenues of $523.30 million.

Ormat said its board approved a payment of a quarterly dividend of $0.04 per share, payable on December 4 to shareholders of record as on November 20.