Ormat 2nd-quarter profit climbs 44 percent

Ormat Technologies Inc., which builds and operates geothermal power plants, said Wednesday its second-quarter profit jumped 44 percent on an increase in domestic electric generating capacity offset by lower product revenue.

The company reported net income of $12.2 million, or 28 cents per share, in the second quarter of 2008 compared with $8.5 million, or 22 cents per share, in the second quarter of 2007.

Revenue slipped to $80.2 million from $84.1 million.

Analysts surveyed by Thomson Financial, on average, expected earnings of 24 cents per share on revenue of $80.4 million.

Ormat said its products backlog increased to $186 million. Projects scheduled to come online over the next two years will contribute 101 megawatts by year's end and 73 megawatts in 2009, the company said.

Shares of Ormat were up 24 cents to $46.69 in morning trading.