Ormat Technologies Q2 Profit Rises; Resumes Dividend - Quick Facts

(RTTNews) - Ormat Technologies Inc. (ORA), a holding company engaged in the geothermal and recovered energy power business, reported Wednesday that its second-quarter net income attributable to the company's shareholders climbed to $25.2 million or $0.55 per share from last year's $8.6 million or $0.19 per share.

Attributable net income, excluding a $3.6 million gain related to oil and gas derivative instruments and a $3.6 million gain on the sale of the Momotombo plant in Nicaragua, was $18.0 million or $0.41 per share, compared to last year's $4.8 million or $0.11 per share.

On average, three analysts polled by Thomson Reuters expected earnings of $0.19 per share for the quarter. Analysts' estimates typically exclude special items.

EBITDA grew 37.3 percent to $69.7 million. Quarterly revenues increased 20.5 percent to to $152.7 million from $126.7 million last year, mainly with strong product revenue. Analysts expected $129.15 million.

The company's backlog remains strong and stands at approximately $170 million with approximately $90 to $100 million for recognition in 2014.

Looking ahead, Dita Bronicki, Chief Executive Officer of Ormat, stated, "For the full year 2013, we are updating our electricity segment guidance, in light of the sale of the Momotombo plant, which reduced our expected revenues for the full year by $11.0 million. We expect the electricity segment revenues to be between $325 million and $335 million. In the product segment we are increasing our guidance to be between $185 million and $195 million. The total revenue for the full year 2013 is expected to be between $510 million to $530 million."

Analysts expect full-year revenues of $528.58 million.

The company also said its quarterly dividend payments are resumed. On August 6, Board of Directors approved a payment of a quarterly dividend of $0.04 per share pursuant to the company's dividend policy.

The company expects to pay a dividend of $0.04 per share in the next quarter.