Ormat Technologies (ORA) which designs, develops and operates geothermal and recovered energy power plants beat earnings estimates this morning, posting an EPS of .26/share (analysts expected .25) which was 4% over the year ago quarter.  Revenues were strong in the quarter at 95.5 (an increase of 35% over last year) which also beat analyst estimates of $84 million. 

Dita Bronicki, CEO of Ormat, stated: “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 Products Segment.

For this year the company expects the Products Segment to bring in revenue of $100 – 120 and the Electricity Segment around $280 – 290 for a total of $380 – $410 for the year.  Analysts expected revenues in the $420 million range.

Seeking Alpha has the full earnings call transcript

The market wasn’t all that impressed with Ormat’s results as the stock finished down nearly 4% today and continues to trade below its 50 day moving average.  It still looks like it wants to test the lows of the correction at some point.