Ormat Tops; Shares Jump 9% – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/20054/Ormat+Tops%3B+Shares+Jump+9%25+-+Zacks+Tale+of+the+TapePosted on Monday, May 11th, 2009 | In Market Commentary, Stocks to Watch
Shares of Ormat Technologies Inc. (ORA) have jumped more than 9% as first-quarter earnings of 32 cents per share topped the consensus by 4 cents.
The energy producer witnessed a strong 44% growth in revenues to $99.9 million.
The solid top-line performance was primarily attributable to engineering, procurement and construction (EPC) contracts related to 2 large geothermal projects.
Meanwhile, Ormat expects product segment revenues to expand 20% to 30% throughout this year.
Two analysts have pulled-back full-year expectations over the past month, while 1 increased. The combined effect has reduced the consensus a penny to $1.37 per share.
ORA, Zacks #3 Rank (”Hold”) stock, is trading on extraordinarily high volume of approximately 795,000, compared to average volume of about 290,000.
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