Ameresco has $1.5B in project backlog; 'solid' third quarter
Framingham energy firm Ameresco announced Tuesday morning it has $1.5 billion in projects in development worldwide while reporting a 36-percent increase in third quarter earnings.
The energy efficiency and renewable energy company reported a slight decline in revenue ($180.6 million down year-over-year from $189.1 million in the third quarter 2015) but an increase in net income to $5.7 million compared to $4.2 million.
Net income per diluted share was 12 cents compared to 9 cents for the third quarter of 2015.
The company reported a total project backlog of just under $1.5 billion as of the end of September, with $443.8 million for fully-contracted contracts for installation or construction of projects that will be converted to revenue in the next one to two years. The remainder of the projects are $1.05 billion of projects in development for which there are not signed contracts.
The company expects to generate year-end revenue in the range of $645 million to $660 million and reaffirmed its earnings-per-share outlook to be in the range of 25-30 cents for 2016.
WBJ Web Partners
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