Ormat Technologies (ORA) posted another strong quarter as earnings increased 48% over the year ago quarter on revenues that increased 20%.  The company reported an EPS of .52/share which smashed analyst estimates of .37/share.  Revenues also beat analyst estimates coming in at $119.8 million vs Wall St estimates of $99.4 million.

Nearly all the growth over the past year has come in the company’s Product Segment due to a record backlog at the beginning of 2009.  Its attributable primarily to EPC contracts for the construction of 3 geothermal plants in Nevada, New Zealand and Costa Rica.  The CEO did acknowledge that growth would return to more normal levels next year and margins would decline as that backlog is worked through.  That may put a damper on the stock tomorrow despite the great quarter.