U.S. Markets open in 2 hrs 11 mins

Ormat Technologies tops Street 4Q forecasts

RENO, Nev. (AP) _ Ormat Technologies Inc. (ORA) on Tuesday reported fourth-quarter earnings of $28.2 million.

The Reno, Nevada-based company said it had net income of 56 cents per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.

The geothermal company posted revenue of $166.5 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $147.1 million.

For the year, the company reported profit of $93.9 million, or $1.87 per share. Revenue was reported as $662.6 million.

Ormat Technologies shares have increased nearly 3 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $55.13, an increase of 44 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ORA at https://www.zacks.com/ap/ORA


Keywords: Ormat Technologies, Earnings Report