Leading geothermal company Ormat Technologies, Inc. (NYSE: ORA) today announced increased earnings for the quarter and full year ending December 31, 2008.
Revenues increased 35.2% for the quarter to $95.5 million and 16.5% for the year to $344.8 million.
Net income increased 31.3% to $11.7 million in the quarter and 82.0% to $49.8 million for the year.
Earnings per share increased 18.2% to $0.26 in the quarter and 60% to $1.12 for the year.
Product backlog reached a record high of $194.0 million.
Ormat-owned generating capacity increased by 109 megawatts (MW), an increase of over 25% during 2008.
Commenting on the results, Dita Bronicki, CEO of Ormat, said: "It was a good year and quarter for Ormat, as reflected in our financial results. The fundamental business of the Company is in excellent condition and the benefits of the new Stimulus Act will further improve our future results. We substantially grew and improved the profitability of our Electricity and Products Segments, significantly increased the generating capacity in our Electricity Segment and ended the year with a record backlog in the ProMs. Bronicki continued: "Looking ahead to 2009, in our Electricity Segment we expect to add approximately 34 MW to our generating portfolio. We had hoped to complete the 30 MW East Brawley project in 2009, but this project has been pushed back to 2010 due to permitting delays.
Ms. Bronicki continued: "Looking ahead to 2009, in our Electricity Segment we expect to add approximately 34 MW to our generating portfolio. We had hoped to complete the 30 MW East Brawley project in 2009, but this project has been pushed back to 2010 due to permitting delays.
"We have in place the capital resources to fund our CapEx requirement of about $250 million for our present growth plans in 2009", Ms. Bronicki concluded.
Ormat Technologies, Inc. is the only vertically-integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, owns and operates geothermal and recovered energy-based power plants around the world. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power-generating equipment, and provides related services.
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