Ormat posts solid quarterly earnings

RENO — Ormat Technologies reported net income for the first quarter this year of $21.6 million, or 47 cents per share, attributable to company shareholders.

Quarterly financial highlights for the geothermal energy company included an increase in revenues of 19.8 percent to $142.4 million and a boost in gross margins from 22.5 percent to 37.5 percent.

The firm declared a dividend of a nickel per share.

The quarterly net income of $21.6 million compared with a loss of $5 million previously, the firm reported.

Electricity generation increased by 15.5 percent year-over-year.

Ormat trades under the symbol ORA, and shares closed Friday at $28.81, up $2.22.


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