Ormat 2nd-quarter profit rises 44 percent on increased domestic electric generating capacity
REOrmat Technologies Inc., which builds and operates geothermal power plants, said Wednesday its second-quarter profit jumped 44 percent on an increase in domestic electric generating capacity offset by lower product revenue.
The company reported net income of $12.2 million, or 28 cents per share, in the second quarter of 2008 compared with $8.5 million, or 22 cents per share, in the second quarter of 2007.
Revenue slipped to $80.2 million from $84.1 million.
Analysts surveyed by Thomson Financial, on average, expected earnings of 24 cents per share on revenue of $80.4 million.
Ormat said its products backlog increased to $186 million. Projects scheduled to come online over the next two years will contribute 101 megawatts by year's end and 73 megawatts in 2009, the company said.