Ormat Technologies ends Q1 with cash and equivalents of $47.9 million

By Lisa Kerner

Charlotte, N.C., May 9 - Ormat Technologies, Inc. ended the first quarter of 2014 with cash, cash equivalents and short-term bank deposits totaling $47.9 million, compared with $57.4 million at Dec. 31, said financial officer Doron Blachar.

Debt at March 31 totaled about $1.02 billion, and the company's average cost of debt was 6.1%, according to its earnings presentation.

Ormat held its first-quarter earnings conference call on Friday.

Interest expense grew by $4.7 million to $20.5 million year over year.

Chief executive officer Dita Bronicki said Isaac Angel has joined the company and will assume the role of CEO upon her retirement on July 1.

Financial highlights

Compared to the same period last year, Ormat's revenues were up 19.8% at $142.4 million. Gross margin grew to 37.5% from 22.5%.

Operating income was $42.6 million, compared with $7.7 million for the prior-year period.

Ormat posted net income attributable to the its shareholders of $21.6 million, or $0.47 per diluted share. The company had a net loss last year of $5 million, or $0.11 per share.

Adjusted EBITDA was up 54.4% at $70.6 million.

Bronicki reaffirmed Ormat's 2014 guidance and expects total revenues to be between $540 million and $560 million with electricity revenues ranging from $370 million to $380 million, according to the earnings news release.

Reno, Nev.-based Ormat Technologies is a geothermal and recovered energy power business.

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