Ormat Technologies Inc. (NYSE: ORA) finished the second quarter with a $9.1 million profit, amounting to $0.20 per share, down from $25 million in the corresponding quarter last year. The company revenue sank 16.4% to $127 million.

"The decline resulted from an expected drop in revenue in the products sector," Ormat's reports stated. On the other hand, the company's orders backlog in the products sector climbed to a record $376 million.

Ormat expects improvement in its results in the second half of the year, especially the fourth quarter, and is therefore retaining its forecast for 2014.

"In the electricity sector, we continued to upgrade our portfolio, which will be reflected in improvement in the sector," said Ormat CEO Isaac Angel. "Revenue from the electricity sector grew 4.5% in the quarter, compared with last year, and by 19.5% in the first half of 2014, despite the anticipated deliberate shutdown of the Heber 1 plant.

"The orders backlog in the products sector soared to a record $376 million with the addition of a $254 million supply contract for the Sarulla project. In general, we're well positioned to continue implementing our growth strategy. We confirm the forecast for 2014, and expect revenue to total $540-560 million, including $370-380 million in the electricity sector and $170-180 million in the products sector."

Published by Globes [online], Israel business news - www.globes-online.com - on August 6, 2014

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