Ormat’s Q2 results strong; dividend coming Aug. 29 | NevadaAppeal.com

Ormat’s Q2 results strong; dividend coming Aug. 29

Nevada Appeal Staff Report

Ormat Technologies, a Reno-based geothermal power company, on Wednesday reported 2013 second-quarter business results that included revenue growth of 20.5 percent.

The year-over-year boost was in part due to product-revenue growth of 44.9 percent and electricity-revenue growth of 7.1 percent.

Ormat’s board of directors this week approved a quarterly dividend of four cents per share, which will be paid Aug. 29 to shareholders of record at the close of business Aug. 19.

Other second-quarter results: operating income grew 55.3 percent, to $37.9 million; electricity generation increased by 12.9 percent; and net income attributable to company shareholders amounted to $25.2 million.

“We are pleased with the good operational performance and the strong financial results achieved in this quarter,” said Dita Bronicki, chief executive officer of the Northern Nevada firm. “In the electricity segment, our focus on prudently expanding generation capacity is paying off as reflected in the results.”

He also said that in the product segment, the results were “exceptionally strong.”

Quarterly revenues reached $152.7 million, up from $126.7 million in the same quarter of 2012.

As of June 30, the company’s cash, cash equivalents and a short-term bank deposit amounted to $31.9 million. The firm on that date also had available lines of credit with commercial banks aggregating $484.3 million, of which $185.7 million was unused.