Profits, Revenue Fall Steeply for Ameresco
Profits and revenue for Framingham-based Ameresco came in well below expectations in the third quarter.
The energy efficiency and renewable energy company reported earnings per share at 10 cents Thursday, significantly lower than analysts’ expectations of 18 cents and third-quarter 2012 earnings of 15 cents per share.
Revenue also fell 1.4 percent from $163.9 million in 2012 to $161.6 million this year. Wall Street had predicted revenue of $185 million for the quarter.
“While we did not return to year-over-year revenue growth as expected…we did see some encouraging signs of improvement,” said George Sakellaris, president and CEO.
Those signs include the returning to year-to-date profitability and the first year-over-year increase in contracted backlog. Ameresco expects to sell six renewable energy projects in the fourth quarter and see continued improvement in its backlog, the company said.
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