Ormat, a leading geothermal operator and equipment provider, reported earnings today consistent with the pre-announcement last month. The press release is available to read here at your convenience.

In what must be a disappointing quarter for management, expenses were up on unplanned maintenance and revenue in the electricity operations were flat due to delays in bringing new projects online. The lone bright spot in this report is the performance of the equipment segment which saw an increase in sales from $16.5M a year ago to $18M.

Ormat management reaffirmed guidance that the company will be profitable for the year and that this miss was an isolated incident, or “it is unusual for so many issues to converge in one quarter” from the earnings call. We’ll watch Ormat carefully over the next few quarters, margins are thin and the debt load and debt service is high.

This entry was posted on Thursday, May 10th, 2007 at 5:46 am and is filed under Business, Geothermal.