Ormat Technologies Inc. on March 16 reported fourth-quarter 2017 net income attributable to company shareholders of $66.0 million, or $1.29 per diluted share, compared to net income of $28.2 million, or 56 cents per share, in the same period of 2016.
The company did not previously report quarterly and yearly net income in its March 1 earnings release because it needed to complete additional review procedures, mainly regarding the company's accounting for income taxes and financial reporting. Other operational results for the geothermal energy producer were unchanged after calculating the impact of income taxes.
On a yearly basis, the company's 2017 net income attributable to shareholders was $155.5 million, or $2.99 per share, up 65.5% from 2016's net income attributable to shareholders of $93.9 million, or $2.19 per share.
Adjusted net income attributable to shareholders for 2017 was $151.9 million, or $2.99 per share, compared to adjusted net income of $109.9 million, or $2.19 per share, in 2016.
