Ameresco 'Disappointed' With 2012
Earnings for Ameresco Inc. in fiscal 2012 were below expectations, with considerable slides in revenue and net income compared to 2011 due to an uncertain economic climate, the company said Monday.
"We were very disappointed by the unprecedented and sustained market disruption in awarded project conversion timing caused by fiscal uncertainty," George P. Sakellaris, president and CEO of Ameresco, said in a statement.
The company reported total revenue of $631.2 million, down from $728.2 million in 2011, a 13.3 percent decrease. Net income totaled $18.4 million, down from $33.4 million in 2011.
Revenue for the fourth quarter of 2012 ending Dec. 31 dropped to $107.4 million, down from $132.6 million in 2011. Quarterly net income for the same period totaled $5.1 million, down from $8.4 million in 2011.
Sakellaris said that the Framingham-based renewable energy company is optimistic about long-term success, given its backlog of construction projects and a year-end increase in awarded projects.
Ameresco must adapt to lengthening awarded project conversion times, as those are expected to persist in the foreseeable future, according to Sakellaris.
"We believe that the need for budget neutral solutions that address aging infrastructure will continue to drive demand for our comprehensive solutions," Sakellaris said.
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