Ameresco, Inc. Reports Strong Q3 2024 Earnings

Ameresco, Inc. ( (AMRC) ) has released its Q3 earnings. Here is a breakdown of the information Ameresco, Inc. presented to its investors.

Ameresco, Inc. is a leading cleantech integrator specializing in energy efficiency and renewable energy solutions, offering services to various sectors including government, utilities, and commercial industries across North America and Europe. In its latest earnings report for the third quarter of 2024, Ameresco announced a significant revenue growth of 49%, driven primarily by a 59% increase in project revenue. The company’s total project backlog rose 22% year-over-year to $4.5 billion, with contracted backlog showing an impressive 56% increase. Ameresco also achieved a record 209 MWe of energy assets placed into operation year-to-date, surpassing its full-year guidance. Key financial metrics for the quarter included revenues of $500.9 million, net income attributable to common shareholders of $17.6 million, a GAAP EPS of $0.33, and an adjusted EBITDA of $62.2 million. The company highlights robust growth across all business lines, with substantial increases in project, energy asset, and O&M revenues. Despite higher interest and depreciation expenses affecting net income, Ameresco’s strategic focus on contract conversion and project execution has paid off, as reflected in its financial performance. Looking ahead, Ameresco reaffirms its 2024 guidance, expecting continued demand for its smart energy solutions and projecting revenue and adjusted EBITDA growth of 27% and 35% respectively at the midpoints. The company remains optimistic about its growth prospects in 2025, driven by its expanding project backlog and energy asset portfolio.