August 7, 2018

Ameresco anticipating bigger 2018 after 50% profit growth

Photo/Grant Welker
Ameresco headquarters in Framingham.

Framingham energy efficiency and renewable firm Ameresco recorded a strong second quarter with revenues rising 18 percent and profits up nearly 50 percent.

The company took in $197 million, but is eyeing another $1.7 billion of recurring revenue over the next decade, President and CEO George Sakellaris said in a statement.

The company has nearly $680 million of fully contracted project backlog and another $1.3 billion of awarded projects in development for which no contracts have been signed.

"This combination of high visibility and accelerating growth are valuable characteristics that differentiate Ameresco's business model," Sakellaris said.

The company's net income rose from about $6 million in last year's second quarter to $8.7 million this time around. For the year, the company's profit is far ahead where it was last year at $16.2 million compared to $4.2 million.

Now, the company is expecting its 2018 to be even better than it predicted earlier this year. Net income per diluted share is now thought to be between $0.65 and $0.75 with revenues of up to $820 million. Previously, those marks were capped at $0.70 and $800 million, respectively.

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