Ormat revenues down, margins are healthy
Ormat Technologies, Inc., the Northern Nevada geothermal company, Tuesday reported second quarter revenues of $127.6 million, a 16.4 percent drop from the same quarter in 2013.
The Reno firm, which has a global reach in the field of power, said the decrease was a result of an anticipated reduction in product segment revenues and added gross margins reached 31.3 percent for the second quarter and 34.6 percent for the first half of the year.
Net income attributable to company shareholders was $9.1 million, or 20 cents per share, for the second quarter. It was $30.7 million and 67 cents per share for the first half of 2014.
“Overall,” said Isaac Angel, the firm’s new chief executive officer as of July 1, “we are well positioned to continue to execute our growth strategy.” He reaffirmed 2014 guidance, anticipating revenues of between $540- and $560- million overall.
Ormat has four decades of experience as a geothermal company and is the only vertically integrated firm solely engaged in geothermal and recovered energy generation.