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Ormat Technologies Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 10, 2012 06:17AM

Ormat Technologies Inc. (ORA) filed Quarterly Report for the period ended 2012-03-31. Ormat Tech Inc has a market cap of $874.6 million; its shares were traded at around $20.69 with a P/E ratio of 30.1 and P/S ratio of 2. Ormat Tech Inc had an annual average earning growth of 4.2% over the past 5 years.



Highlight of Business Operations:

For the three months ended March 31, 2012, total Electricity Segment revenues were $82.2 million, compared to $78.3 million for the three months ended March 31, 2011, an increase of 5.1%, while Product Segment revenues were $50.1 million for the three months ended March 31, 2012, compared to $19.6 million for the three months ended March 31, 2011, an increase of 156.3%.

Total revenues for the three months ended March 31, 2012 were $132.4 million, compared to $97.8 million for the three months ended March 31, 2011, which represented a 35.3% increase in total revenues. This increase is attributable to both our Electricity and Product Segments, whose revenues increased by 5.1% and 156.3%, respectively, over the same period last year.

Total cost of revenues attributable to our Electricity Segment for the three months ended March 31, 2012 was $57.9 million, compared to $65.9 million for the three months ended March 31, 2011, which represented a 12.1% decrease in total cost of revenues for such segment. We incurred lower costs associated with operating and maintaining the North Brawley power plant in the first quarter of 2012 ($7.2 million), compared to the first quarter of 2011 ($14.3 million). The cost per MWh in the current quarter was lower than in the first quarter of 2011, as a result of lower maintenance costs in most of our other power plants and specifically at North Brawley over the same quarter last year. As a percentage of total electricity revenues, the total cost of revenues attributable to our Electricity Segment for the three months ended March 31, 2012 was 70.4%, compared to 84.2% for the three months ended March 31, 2011.

Operating income for the three months ended March 31, 2012 was $25.7 million, compared to $3.1 million for the three months ended March 31, 2011. Such increase of $22.6 million in operating income was principally attributable to an increase in our gross margin due to the increase in revenues, as described above. Operating income attributable to our Electricity Segment for the three months ended March 31, 2012 was $15.9 million, compared to $4.0 million for the three months ended March 31, 2011. Operating income attributable to our Product Segment for the three months ended March 31, 2012 was $9.9 million, compared to an operating loss of $0.9 million for the three months ended March 31, 2011.

2012, compared to an increase of $14.4 million in the three months ended March 31, 2011, as a result of timing of collections from our customers; (iii) an increase in accounts payable and accrued expenses of $4.9 million in the three months ended March 31, 2012, compared to a decrease of $3.2 million in the three months ended March 31, 2011, as a result of timing of payments to our vendors; and (iv) an increase in deferred income tax provision, net of $3.9 million in the three months ended March 31, 2012, compared to $0.1 million in the three months ended March 31, 2011. Such increase was partially offset by a decrease in billing in excess of costs and estimated earnings on uncompleted contracts, net of $5.6 million relating to our Product Segment in the three months ended March 31, 2012, compared to an increase of $14.8 million in the three months ended March 31, 2011, as a result of timing in billing of our customers.

Read the The complete Report



Stocks Discussed: ORA,
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