Ameresco’s profits rose 24% in the fourth quarter

Photo | Grant Welker Ameresco headquarters in Framingham

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By Sloane M. Perron

Framingham renewable energy company Ameresco profited $29.6 million in the fourth quarter, up 24% from 2020’s fourth-quarter profits of $23.8 million.

The rise in profits were mirrored by a rise in the company's fourth-quarter revenues, according to the Ameresco earnings report released Monday. Revenues were $416 million in the fourth quarter, an increase of 32% in the fourth-quarter 2021 revenue.

After the earnings report was released on Monday, Amersco's stock price rose on the NASDAQ from $60.04 per share on Monday morning to $64.50 per share on Tuesday. The stock price closed at $64.78 per share on Wednesday.

During the fourth quarter, Ameresco made several major deals which helped raise revenue, such as its 15-year energy service agreement with Kauai Beach Resort in Hawaii and its commercial operations for a comprehensive microgrid and facility renewal project at the London District Catholic School Board’s John Paul II Catholic Secondary School.

“We expect that 2022 will be another record year for Ameresco. Our addressable markets continue to expand, driven by strong long term industry growth trends. These trends, together with the breadth of our technological expertise and proven track record position Ameresco to benefit from the growing number of opportunities in front of us. I have never been more excited about the prospects for Ameresco,” said George Sakellaris, president and CEO of Ameresco, in a press release.