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.