Ameresco Reports First Quarter Earnings of More Than $100 Million

Ameresco: "We continue to expect to earn revenues in the range of $560 million to $600 million in 2014."

Ameresco, Inc., an energy efficiency and renewable energy company, announced revenues of $100.7 million in its first fiscal quarter, which ended March 31.

The company, with its corporate headquarters in Framingham, saw a decrease in revenue from its first quarter in 2013 of 9 percent. In 2013, Ameresco had revenues of $110.1 million in the first quarter.

“We experienced some positives in the first quarter,” said George P. Sakellaris, President and Chief Executive Officer of Ameresco in a press statement. “Revenues were ahead of our expectations and contracted backlog increased 15% year-over-year. While the backlog improvement was encouraging, conversion of awarded projects continues to be challenging. We remain on track to deliver 2014 financial results within our guidance.”

The first quarter 2014 operating loss was $6.8 million, compared to an operating loss of $2.1 million in 2013.

Project revenues were $53.4 million for the first quarter of 2014, a decrease of 18% year-over-year.

Revenues from other service offerings was $47.3 million for the first quarter of 2014, an increase of 6% year-over-year.

Total construction backlog was $1.36 billion as of March 31, and consisted of:
  • $395.1 million of fully-contracted backlog of signed customer contracts for installation or construction of projects, which we expect to convert into revenue over the next 12-24 months, on average; and
  • $963.6 million of awarded projects representing projects in development for which we do not have signed contracts.

Ameresco in a press release said "We continue to expect to earn revenues in the range of $560 million to $600 million in 2014. However, we are updating our estimated tax rate for 2014 due to investment tax credits related to renewable energy plants that have been or are being placed into operation in 2014."

Ameresco now expects net income for 2014 to be in the range of $8 million to $14 million. 

"In addition, we have updated the revenue assumptions for 2014 to reflect conversion of awarded projects to signed contracts. Our assumptions for 2014 guidance are as follows: project revenues from contracted backlog of approximately $265 million; project revenues from awarded projects and proposals in the range of $105 million to $130 million; the remainder of revenues from all other service offerings; gross margin in the range of 18-20%; and an effective income tax rate of 3%," said in a press release.

Founded in 2000, Ameresco is an independent provider of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for facilities throughout North America. Ameresco’s services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. 

With its corporate headquarters in Framingham, Ameresco provides local expertise through its 70 offices in 33 states, five Canadian provinces and the United Kingdom. Ameresco has more than 900 employees. 


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