Both sexes experience an orgasm (or more than one) and it is at this point that the male will ejaculate. Some women can also "ejaculate", this is sometimes reffered to as "Squirting" or "Gushing"....
I don't know that there is an exact equivalent, but there are words that come close to being a 'male counterpart'. I think "a Casanova" probably comes closest. You could also call a guy "a Romeo", or...