Ormat Technologies (ORA) Releases Earnings Results, Beats Expectations By $0.07 EPS

Ormat Technologies (ORA) reported quarterly earnings results on Tuesday, Aug-2-2016. The company said it had a profit of $0.49 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.07. Analysts had a consensus of $0.42. The company posted revenue of $159.86 million in the period, compared to analysts expectations of $152.88 million. The company’s revenue was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.28 EPS.

Many Wall Street Analysts have commented on Ormat Technologies. Ormat Technologies was Downgraded by JP Morgan to ” Neutral” on May 6, 2016.

Ormat Technologies opened for trading at $45.63 and hit $46.13 on the upside on Friday, eventually ending the session at $45.64, with a gain of 0.29% or 0.13 points. The heightened volatility saw the trading volume jump to 1,27,872 shares. Company has a market cap of $2,254 M.

In a different news, on Jul 5, 2016, Shimon Hatzir (Executive V.P. Engineering.) sold 2,857 shares at $43.50 per share price. According to the SEC, on Jun 9, 2016, Shlomi Argas (Executive V.P., Projects) sold 6,344 shares at $44.60 per share price. On Jun 8, 2016, Nir Wolf (E.V.P. Market Develop.) sold 5,793 shares at $43.90 per share price, according to the Form-4 filing with the securities and exchange commission.

Ormat Technologies Inc. is engaged in the geothermal and recovered energy power business. The Company designs develops builds owns and operates geothermal and recovered energy-based power plants various countries including the United States of America Kenya and Guatemala. The company’s equipment manufacturing operations are located in Israel. The Company conducts its business activities in two business segments: Electricity Segment and Product Segment. The Product Segment designs manufactures and sells equipment for geothermal and recovered energy-based electricity generation remote power units and other power generating units and provide services relating to the engineering procurement construction operation and maintenance of geothermal and recovered energy-based power plants. The Company’s customers include Southern California Edison Sierra Pacific Power Company Nevada Power Company HELCO and SCPPA.

Ormat Technologies

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