Ameresco’s Net Income Doubles on Strong Market Demand

Published Date: 
Fri, 10/29/2010

Ameresco LogoUS-based renewable energy and energy efficiency specialist Ameresco’s net income for the year to-date has doubled compared with last year to $21m, up from $10.3m.

Its earnings per diluted share also rose from $0.30 in last year’s third quarter to $0.53 for the recent quarter.

In a quarter in which it acquired energy auditor Quantum Engineering and Development, Ameresco increased its revenues 45 per cent year-on-year to $191m compared to $132.3m for the third quarter of last year.

The NYSE-listed company’s income also rose 47 per cent to $12m in the recent quarter from $8.2m the year before, driven by strong market demand and matched with improved profit margins and operating leverage.

On a diluted earnings per share basis, this amounted to $0.28 up from $0.23 the previous year.

‘Ameresco produced strong third quarter financial performance by effectively executing on our existing projects and continuing to successfully implement our 2010 business plan,’ said George Sakellaris, president and CEO of Ameresco.

‘We made significant progress on many of our marquee projects. We continue to win business across North America, and this quarter won a bid with the US Navy to improve energy efficiency for two of their facilities in Italy.’

The company’s revenues for the year to-date hit nearly $439m, also a marked increase on its $295m result for the same period of 2009.

Its EBITDA rose 67 per cent to $24.4m for the third quarter, and was 112 per cent above the first nine months of 2009, at $44.1m.

Ameresco’s total order backlog including contracted and awarded projects stood at $1.12bn at the end of the quarter.

It expects to generate between $585m and $595m in revenue for the full year 2010, also predicting EBITDA to be in the range of between $55m and $57m and net income to fall between $27m and $28m. It forecasts earnings per diluted share of up to $0.68.

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