Ormat reports good year, final quarter

RENO — Ormat Technologies reports that 2013 revenues increased 6.3 percent and fourth-quarter revenues jumped 15.5 percent.

The geothermal energy company said Tuesday that annual revenues increased from $501.8 million to $533.2 million, and quarterly revenues for the three months that ended Dec. 31 went from $113.3 million to $130.9 million.

The Northern Nevada alternative energy firm declared a dividend of six cents per share for the fourth quarter.

Other results included in a news release were widening of gross margins from 25.7 percent to 30 percent, completing a 58-megawatt expansion of the Olkaria III geothermal complex in Kenya, completing acquisition of the Platanares project in Honduras, completing the 16-megawatt Campbell geothermal power plant in Nevada, and securing purchase agreements related to California power.

Dita Bronicki, chief executive officer, looked forward to 2014 opportunities. She said the company expects electricity revenues of $370 million or $380 million and product segment revenues of $170 million to $180 million, which adds up to $540 million or $560 million anticipated for this year.

Ormat’s stock is listed as ORA and trades on the New York Stock Exchange. It closed Wednesday at $27.33 a share, up $1.76.


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