Yehudit Bronicki, the CEO of Ormat Industries Ltd. (TASE: ORMT) will retire on June 30, 2014, after 48 years at the geothermal energy company, including 23 years as CEO. Ormat chairman Gillon Beck will also step down at the same time, and will be succeeded by Ormat president and COO Yoram Bronicki, Yehudit's son. Also last night, Ormat's US operational subsidiary Ormat Technologies Inc. (NYSE: ORA) raised its full-year guidance after swinging to a profit.
Ormat Technologies' revenue fell 1.2% to $130.7 million for the third quarter of 2013 from $132.3 million for the corresponding quarter. Electricity revenue rose 14.7% to $89 million for the third quarter from $77.6 million for the corresponding quarter, but product fell 23.6% to $41.8 million from $54.7 million.
Ormat Technologies posted a net profit of $13 million ($0.28 per share) for the third quarter, compared with a net loss of $582,000 for the corresponding quarter.
Ormat Technologies had $35.4 million in cash and cash equivalents and $145.2 million in unused credit at the end of September. Cash flow from operations was halved to $32.2 million in January-September from $62.4 million in the corresponding period.
"We are raising our 2013 guidance and expect total revenue to $525-535 million with electricity segment revenues to be approximately $330 million and product segment revenues to be $195-205 million," said Yehudit Bronicki.
Published by Globes [online], Israel business news - www.globes-online.com - on November 6, 2013
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