Ameresco reports $1.6B total project backlog

Grant Welker

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Framingham energy efficiency company Ameresco reported a record high total project backlog of $1.6 billion on Tuesday, in an earnings report that also revealed the company lost about $600,000 in its first quarter.

Revenues for the first quarter of 2017 were $134.6 million, up slightly from the same period in 2016, when the company earned $133.8 million. In the first quarter of 2016, the company reported $1.8 million in operating income. Ameresco also reported a fully contracted backlog of $505 million.

Despite the small losses, the company is optimistic about the year ahead, according to a statement from Chairman, President and CEO George P. Sakellaris. Two major projects are on the horizon: a modernization of the city of Chicago’s street lights, and a contract with the New York City Housing Authority. The Chicago project is the largest municipal-owned streetlight replacement project in the country, according to Ameresco.

“These projects demonstrate key factors driving our growth. Project size is growing, new opportunities are emerging in adjacent markets, and we are getting more follow-on work from repeat customers,” Sakellaris said in a statement. “Combined with our high margin recurring revenue streams, these characteristics all point to an even higher level of visibility in our business model.”