Ameresco Reports Q2 2024 Financial Results Revenue and Adjusted EBITDA Growth Reported
Intellectia.AI Updated: 2024-08-06
Ameresco Reports Q2 2024 Financial Results: Revenue and Adjusted EBITDA Growth Reported
Ameresco, Inc. (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, announced its financial results for the fiscal quarter ended June 30, 2024.
Key Financial Metrics:
| Metric | Q2 2024 | Q2 2023 | QoQ Change | YoY Change | Consensus Estimate | Comparison to Consensus |
|---|---|---|---|---|---|---|
| Total Revenue | $438.0M | $326.9M | +33.9% | +33.9% | $378.79M | +15.6% |
| GAAP EPS | $0.09 | $0.14 | N/A | -35.7% | $0.25 | -64% |
| Non-GAAP EPS | $0.10 | $0.15 | N/A | -33.3% | - | - |
| Adjusted EBITDA | $45.1M | $37.43M | +20.7% | +20.7% | - | - |
| Net Income attributable to common shareholders | $5.0M | $6.4M | -21.8% | -21.8% | - | - |
Interpretation : Ameresco showed strong revenue growth driven by its projects business, significantly exceeding consensus estimates. However, the earnings per share (EPS) figures fell short of estimates, reflecting higher costs and lower margins on certain projects.
Revenue Performance by Segment:
| Segment | Q2 2024 Revenue | QoQ Change |
|---|---|---|
| Projects | $X million | +44.5% |
| Energy Assets | $X million | +6.8% |
| Operations & Maintenance (O&M) | $X million | +13.7% |
| Other | $X million | +9.5% |
Interpretation : The substantial increase in projects revenue indicates that Ameresco is successfully converting its backlog into active projects. Growth in Energy Assets revenue suggests an increase in operating assets and favorable market conditions, while O&M revenue growth continues to show solid contract execution.
Operational Data:
| Operational Metric | Value |
|---|---|
| Total Project Backlog | $4.4 billion (+36%) |
| Contracted Backlog | $4.4 billion (+51%) |
| Energy Assets Placed in Operation Q2 | 155 MWe |
Comments from Company Officers : CEO George Sakellaris remarked on the quarter's substantial business achievements and highlighted the company's record backlog and energy asset placements. Sakellaris also addressed cost budget revisions impacting certain projects but emphasized the company's ongoing strong performance and strategic alignment with market demand.
Dividends/Share Repurchase Program: There was no mention of dividends or share repurchase programs in the report.
Forward Guidance: Ameresco has adjusted its 2024 guidance, increasing the projected revenue range based on strong first-half performance and visibility for the remainder of the year. However, full-year gross margin expectations were lowered slightly due to anticipated impacts from project cost revisions.
Stock Price Movement: Following the earnings release, Ameresco’s stock price declined by approximately 2.04%.
Summary : Ameresco delivered a robust quarterly performance with strong revenue growth, especially in its projects business. Despite the challenges in cost management and project delays, the company’s optimistic forward guidance indicates confidence in continued growth and market demand alignment.
The report has been organized into a clear and concise format suitable for investors.