Ormat Technologies doubles 2006 profit to $34.4m
Ormat Technologies CEO Dita Bronicki predicts $310m revenue in 2007.
Adi Ben-Israel 28 Feb 07 12:35
Ormat Industries Ltd. (TASE: ORMT) subsidiary Ormat Technologies Inc. (NYSE: ORA) today published its financial reports for the fourth quarter of 2006 and the year as a whole. The company showed growth in both profits and revenue, compared with 2005, and predicts that the trend will continue this year.
The company posted $66.7 million revenue for the fourth quarter, 13.4% more than the $58.8 million for the corresponding quarter of 2005. Net profit was $4.2 million ($0.12 per share), including compensation expenses of $0.5 million, compared with a net loss of $5.1 million ($0.16 per share) for the corresponding quarter.
The company missed the analysts’ consensus of earnings per share of $0.23 on $67.1 million revenue.
Ormat Technologies posted $268.9 million revenue in 2006, 13% more than the $238 million in 2005. Net profit more than doubled to $34.4 million ($1 per share) from $15.2 million. The 2006 profit includes a one-time after-tax charge of $10.3 million for refinancing the debt relating to the Heber Projects, as well as $1.6 million in compensation expenses after the company adopted Statement of Financial Accounting Standards (FAS) 123R.
Ormat's board has approved a quarterly cash dividend of $0.07 per share under the company’s policy of an annual dividend ratio of at least 20% of its net profit.
Ormat Technologies president and CEO Dita Bronicki said that the company expected electricity segment revenue of $220 million based on today's oil prices, plus another $18 million from the company’s share of electricity revenue generated by subsidiaries. She added that the company expected $65-72 million revenue from the products segment.
Published by Globes [online], Israel business news - www.globes.co.il - on February 28, 2007
