RENO, Nev. (AP) — Ormat Technologies Inc. (ORA) on Tuesday reported third-quarter earnings of $10.6 million.
On a per-share basis, the Reno, Nevada-based company said it had net income of 21 cents. Earnings, adjusted for non-recurring costs, were 31 cents per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.
The geothermal company posted revenue of $166.5 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $175.8 million.
Ormat Technologies expects full-year revenue in the range of $698 million to $722 million.
Ormat Technologies shares have dropped 14 percent since the beginning of the year. The stock has decreased 15 percent in the last 12 months.