Despite Down Q1, Ameresco Remains Optimistic
Saying a tough first quarter was expected, but that revenue still came in lower than anticipated, Framingham-based Ameresco Inc. recorded a decline in both revenue and net income for the period.
Revenue for the quarter, ended March 31, was down 25 percent, to $110.1 million, compared to $146.6 million during the same period last year.
The energy efficiency and renewable energy company reported a net loss of $1.9 million, or 4 cents per share, compared to a net income of $1.7 million, or 4 cents per share last year.
"While revenue was below our expectations, stronger than expected gross profit led to bottom line results ahead of plan," President and CEO George P. Sakellaris said. "We remain encouraged by the continued demand for our energy efficiency solutions as evidenced by an increase in total construction backlog in the first quarter, driven by a 34 percent year-over-year improvement in awarded projects."
Ameresco said it ended the quarter with a construction backlog of $1.51 billion, and consisting of $343.8 million worth of contracts expected to be converted to revenue in the next 12 to 24 months, and $1.2 billion in awarded projects that are in development but don't have signed contracts yet. The company said historically, awards have been converted to signed contracts within six to 12 months, but said it has "been experiencing an unusually sustained lengthening of conversion times of awarded projects to signed contracts," a trend it expects to continue.
The company reaffirmed its outlook for the fiscal year, expecting revenue between $620 million and $670 million with net income between $18 million and $22 million.
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