November 8, 2012

Ameresco Sales, Profits Drop In Q3

Ameresco Inc. of Framingham said budgetary concerns and political uncertainty of customers negatively impacted its third quarter of 2012, with revenue falling 28 percent over last year, to $163.9 million.

The energy efficiency and renewable energy company said net income for the period, which ended Sept. 30, fell 45 percent, from $12.4 million to $6.8 million. Earnings per share were 15 cents, compared to 27 cents last year. Operating income was also down 34.7 percent, to $10.7 million.

President and CEO George P. Sakellaris said, "Customers have been proceeding more cautiously with greater attention to care and diligence, which has further extended conversion times from awarded projects to signed contracts during the quarter."

Sales are expected to rise, though, as Sakellaris said awarded projects increased 45 percent over last year, and additions to the construction backlog hit a record $281 million, making the total awarded projects and fully-contracted backlog reach nearly $1.5 billion.

"We believe that as our customers gain greater clarity going forward and as market uncertainties, including the elections, are resolved, awarded projects will begin to convert at a pace more consistent with what we have experienced historically," Sakellaris said.

Year-to-date, revenue fell 12.1 percent to $474.6 million and operating income dropped 41.2 percent to $22.4 million. Net income was $13.4 million, down 49.2 percent from $26.5 million.

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