Ameresco Reports 3rd Quarter Revenues of $168.9 Million

Ameresco, Inc., an energy efficiency and renewable energy company, announced yesterday, Nov. 6, financial results for the fiscal quarter ending September 30.

“Ameresco delivered solid results and a third quarter in a row of positive trends,” said President and CEO George P. Sakellaris, in a press release. “Revenues and net income for the quarter were in line with expectations, contracted backlog increased 9 percent year-over-year; and revenue from other service offerings increased 14% year-over-year. We remain encouraged by the gradual improvements experienced year-to-date.”

• Revenues for the third quarter of 2014 were $168.9 million, compared to $161.6 million in 2013, or an increase of 4.5 percent.
  
• Third quarter 2014 operating income was $9.2 million, compared to $7.6 million in 2013.
  
• Third quarter 2014 net income was $7.3 million, compared to $4.5 million in 2013.
• For the year-to-date ended September 30, 2014, revenues were $412.2 million, compared to $398.0 million in 2013, or an increase of 3.6 percent.
  

Other highlights announced by the Framingham-based company included:

• Project revenues were $115.2 million for the third quarter of 2014, which was up slightly year-over-year.
• Revenues from other service offerings was $53.7 million for the third quarter of 2014, an increase of 14% year-over-year.
• Total construction backlog was $1.44 billion as of September 30, 2014 and consisted of:
  • $400.6 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
  • $1,037.1 million of awarded projects representing projects in development for which we do not have signed contracts.

Ameresco stated it expects to earn revenues in the range of $570 million to $600 million in 2014 and continue to expect net income in the range of $8 million to $14 million.

Founded in 2000, Ameresco, Inc. 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 69 offices in 34 states, five Canadian provinces and the United Kingdom. Ameresco has more than 1,000 employees.