Stock Alert: Ormat Technologies Climbs 14%

(RTTNews) - Shares of alternative and renewable energy provider Ormat Technologies, Inc. (ORA) are trading 14% higher on Monday after it reported the first-quarter results. While revenue surpassed the Street view, earnings met the estimates.

Ormat's net income for the first quarter was $26.0 million, or $0.51 per diluted share, compared to $25.9 million, or $0.51 a year ago. On average 5 analysts polled by Thomson Reuters were expecting $0.51 per share.

Total revenues for the quarter were $192.1 million, down 3.5% from the same quarter last year. The consensus estimate was at $187 million.

The company's operating income increased 13% during the quarter as a result of the solid performance of the electricity segment.

Looking forward, the company sees revenues for the full-year to be between $710 million and $740 million. The Street view is at $729.56 million.

ORA is currently trading at $71.74. It has traded in the range of $55.22- $87.07 in the last one year.