Business in Brief / Adama Profit Rises by a Third Ahead of IPO

LivePerson shares soar on acquisitions, earnings surprise; Ormat Industries reports drop in profit; Opko Health comes in under forecasts; TASE mixed despite strong tech showing.

Adama, the world’s largest maker of generic crop-protection products, reported yesterday a one-third rise in third-quarter net profit ahead of an initial public offering it plans in the first half of next year. Citing higher sales and an improved product mix, the company said net profit rose to $24 million from $18 million. Revenue grew 4% to $761.5 million mainly due to an increase in volume sold. Revenue declined in its home market of Israel as well as in Asia Pacific-Africa but rose in other parts of the world. “In a more challenging period for the industry, the company has grown its sales in nearly every geographic regiona,” said chairman Yang Xingqiang. Adama, which is 60%-owned by China National Chemical Corporation and the rest by Israel’s Discount Investment Corporation, has filed to raise $400 million in an offering on the New York Stock Exchange. (TheMarker)

LivePerson shares soar on acquisitions, earnings surprise

Shares of LivePerson, whose software enabling businesses to track people on their websites, soared yesterday, four days after it announced it was buying Contact At Once and surprised the market with a lower-than-expected loss third-quarter loss. LivePerson said it was paying $65 million in cash and shares for Contact at Once, which connects consumers to businesses through chat, mobile and video in the auto industry. Meanwhile, LivePerson reported a third-quarter loss of 1 cent a share, compared with the 3-cent average estimate of analysts tracked by Bloomberg. “They are moving from a single product line company to more of a broader solution. There is a lot of room left in the stock if this turnaround is for real,” Mark Schappel, an analyst at Benchmark Company, told Bloomberg News. LivePerson closed up 18.1% to 53.42 shekels ($14.02). (Omri Zerachovitz)

Ormat Industries reports drop in profit

The Israeli geothermal energy producer Ormat Industries reported lower quarterly profit yesterday as higher financial expenses offset an increase in revenue. Ormat said it earned 8 cents a share in the third quarter, compared with 11 cents a share a year earlier. Boosted by sales of electricity, revenue grew to $141.5 million from $130.7 million, but financial expenses rose by $3.6 million. The drop comes days after Ormat’s U.S. subsidiary, Ormat Technologies, reported third-quarter earnings of 36 cents per share, up from 28 cents on a 7.3% rise in revenue to $140.2 million. Ormat Industries shares closed up 2.2% at 26.73 shekels ($7.02) in Tel Aviv. (Reuters)

Opko Health comes in under forecasts

Opko Health, the Miami-based drug developed traded on the Tel Aviv Stock Exchange, on Friday reported a loss of $48.7 million, or 11 cents per share, in its third quarter, disappointing the market. The company posted revenue of $19.8 million in the period, down from $20.6 million a year earlier, the company said. Analysts surveyed by Thomson Reuters had been forecasting a loss of 7 cents a share on revenue of $25.20 million. On average, analysts had been predicting that Opko would post a loss of 31 cents a share for the current fiscal year. Opko shares ended down 1.5% at 31.41 shekels ($8.24) in Tel Aviv. (TheMarker Staff)

TASE mixed despite strong tech showing

Tel Aviv shares ended mixed yesterday in very light trading despite a strong rise by technology shares. The TA-25 index edged up 0.05% to 1,450.35 while the TA-100 added 0.1% to 1,298.04, with just 381 million shekels ($100 million) changing hands. Allot Communications added 4.1% to end at 39.37 shekels, but Perion Network surrendered a big chunk of its Thursday rally, dropping 5.8% to 21.87 shekels. Bayside, a real estate unit of the IDB group, climbed 2.3% to a close of 1,030 shekels after it reported third-quarter profit more than doubled to 39 million shekels from 17 million a year ago. But Discount Investment Corporation ended down 3.4% at 22.86 and IDB Development Corporation lost 2% to 4.31. (Dror Reich)