Ormat Tech (ORA), the geothermal giant, beat Wall ST estimates on both the EPS and revenue side this morning.  The company reported an EPS 1 cent better than estimates at .04/share and revenues about $5 million higher than estimates at $82.7 million.  While the company beat low expectations, that’s a big haircut on the EPS side from the year ago quarter when the company posted .28/share.  Revenues declined about 20%.

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CEO Dita Bronicki commented: “From an earnings perspective, we expected the first half of the year to be challenging due to a decrease from very high revenues and gross margins in our Product Segment in 2009, lower revenues from Puna and lower revenues and high operating costs from North Brawley. Based on the progress that was made in repair work in Puna, we expect revenues to improve in the second quarter. In North Brawley, we expect generation to ramp up towards the end of the year.

Looking ahead, the company expects full year revenues in the range of $358 – $378 million range. 

In my opinion, the correction in Ormat over the past few months will offer a great long term entry, but it’s a bit too soon for entry.  The giant will awaken at some point, but still nap time for now.  Shares are down about 2% today.