Yehudit Bronicki will retire on June 30, 2014, after 48 years at the geothermal energy company, including 23 years as CEO.
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.