Stock Alert: Ormat Technologies Down On Earnings Results

(RTTNews) - Shares of geothermal company Ormat Technologies, Inc. (ORA) are down more than 9% Wednesday morning after the company reported negative surprise in its quarterly earnings. Full-year revenue outlook also has fallen short of estimates.

Due to increased expenses in the fourth quarter, net earnings were down at $12.6 million or $0.24 per share from $18.2 million or $0.36 per share in the year-ago quarter. Analysts polled by Thomson Reuters were expecting earnings of $0.52 per share.

Revenue, however, edged up to $192.4 million from $190.5 million in the comparable quarter last year.

For the full-year, total revenues are expected between $720 million and $740 million. The consensus estimate stands at $789.64 million.

On February 25, the company has approved a quarterly dividend of $0.11 per share to be paid on March 26, to shareholders of record March 12.

ORA is currently trading at $72.48 and has traded in the range of $54- $87.07 in the last one year.