Ormat Technologies quarterly operating income zooms

Ormat Technologies, a Northern Nevada-based geothermal energy company, reports that quarterly financial results included operating revenues of nearly $30 million.

“Operating income for the three months ended Sept. 30, 2013 was $29.8 million,” the company said, “compared to $12.1 million for the three months ended Sept. 30, 2012.”

Other highlights of the company’s third quarter included a 14.7 percent increase in electricity revenue to $89 million, growth of the firm’s gross margin to 30.4 percent, and net income attributable to shareholders of $13 million, or 28 cents per diluted share.

The company declared a dividend on the stock, which trades as ORA on the New York Stock Exchange, amounting to four cents per share. The stock closed on the NYSE Wednesday at $26.70, up 65 cents.

The Reno-based renewable-energy firm also announced that Yehudit Bronicki, chief executive officer, will retire from that post effective June 30. She will continue as a company director.

The company also announced that Gillon Beck will step down as chairman of the board of directors, also in mid-2014, and that Yoram Bronicki has been chosen by the board to succeed him. Beck will continue as a director.

Ormat works in geothermal and recovered energy generation. It has more than 1,000 employees.


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