Copyright Benzinga
Ameresco Inc (NYSE:AMRC) reported third-quarter financial results after the market close on Monday. Here’s a rundown of the report. Q3 Highlights: Ameresco reported third-quarter revenue of $526 million, beating analyst estimates of $521.75 million, according to Benzinga Pro. The energy infrastructure solutions provider reported adjusted earnings of 35 cents per share, beating estimates of 24 cents per share. Total revenue climbed 5% year-over-year as the company saw growth across all key business segments. “Adjusted EBITDA growth outpaced revenue growth by a considerable margin, demonstrating the operating leverage we believe is inherent in the Ameresco business model. Demand for our energy infrastructure solutions remained robust, and we see our unique ability to offer flexible financial options to our customers as a strong selling point,” said George Sakellaris, CEO of Ameresco. Ameresco had a contracted backlog of approximately $2.47 billion at quarter’s end. The company ended the period with $94.6 million in unrestricted cash and total corporate debt of $300.2 million. Outlook: Ameresco affirmed full-year revenue guidance of $1.85 billion to $1.95 billion versus estimates of $1.91 billion. The company also affirmed full-year adjusted earnings guidance of 70 to 90 cents per share versus estimates of 76 cents per share. “We are seeing a growing number of diversified opportunities on the horizon, as rapidly increasing demand for electricity, rising utility rates and growing grid instability continues to drive interest and demand for our broad portfolio of Energy Infrastructure solutions,” the company said. AMRC Price Action: Ameresco shares were down 3.25% in after-hours Monday, trading at $38.70 at the time of publication, according to Benzinga Pro. Read Next: 9 ‘Second-Level’ AI Trades To Consider Buying Now Image: VL-PhotoPro/Shutterstock.com
