RENO, Nev. (AP) _ Ormat Technologies Inc. (ORA) on Wednesday reported first-quarter net income of $15.3 million.

The Reno, Nevada-based company said it had profit of 27 cents per share. Earnings, adjusted for non-recurring costs, came to 42 cents per share.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share.

The geothermal company posted revenue of $166.4 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $165.7 million.

Ormat Technologies expects full-year revenue in the range of $645 million to $680 million.

Ormat Technologies shares have fallen 24% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $68.57, a rise of 10% in the last 12 months.

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