Ameresco first quarter profits rise 80%
Photo | Grant Welker
Ameresco headquarters in Framingham
Ameresco announced Tuesday it had profits of $11.2 million for the first quarter of the year, representing an 80% year-over-year increase compared to the first quarter of 2020.
The Framingham clean energy company reported revenues of $252 million for the quarter, an increase of 19% year-over-year. The company’s earnings per share also climbed 69% year-over-year to $0.22.
Ameresco President and CEO George Sakellaris said in the release this was a strong quarter for projects business, especially in the federal group, with the company reporting $180.7 million in revenue for the first quarter compared to $144.4 million in the previous year’s quarter. The company's energy asset business grew, with $33.3 million in revenue compared to $28.2 million in the first quarter of 2020.
“We were also pleased to see a considerable increase in project and asset proposals during the quarter, indicating a return to a more normalized activity level post-COVID-19 and leading to significant sequential and year-over-year growth in our awarded backlog,” said Sakellaris.
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