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Ormat Reports Higher 1Q Profit, Sales

The Associated Press

RENO, Nev. (AP) — Ormat Technologies Inc., which designs, builds and runs geothermal plants, said Monday its first-quarter profit and sales grew, boosted in large part by contracts for the construction of two large geothermal projects.

The company earned $14.6 million, or 32 cents per share in net income attributable to common shareholders, up from $10.6 million, or 24 cents per share, in the same period a year earlier.

Revenue climbed 44 percent to $99.9 million from $69.4 million.

Analysts, on average, expected a profit of 25 cents per share on sales of $88.8 million, according to a poll by Thomson Reuters.

Ormat said revenue in its products segment soared to $37.3 million from $9.9 million, and its electricity segment's revenue climbed to $62.6 million from $59.5 million.

Shares rose $3.26, or 8.7 percent, to $40.92 in afternoon trading. In the past 52 weeks, the stock has traded between $21.83 and $57.69.