Ameresco Optimistic After Disappointing Q2

Ameresco’s second-quarter revenue was below expectations, but President and CEO George P. Sakellaris is optimistic the company will fare better in the second half of the year.

Revenue was down 23 percent in the quarter, to $126.3 million, compared with $164.1 million last year. Ameresco, an energy efficiency and renewable energy company, posted a net loss of $1.8 million, or 4 cents per share, compared with profits of $4.8 million, or 10 cents per share, in 2012.

“Revenue below our expectations negatively impacted profitability for the quarter,” Sakellaris said. “We remain focused on delivering stronger results for the second half of 2013. Based upon current performance and visibility into the second half, we are expecting to return to revenue growth and profitability in the third and fourth quarters.”

Ameresco said it had a total construction backlog of $1.4 billion in the second quarter. Most of that $1.1 billion lies in awarded projects that have not been converted to signed contracts due to unusual delays, but Ameresco said it expects that trend to continue. It has $324 million in signed contracts it expects to convert into revenue over the next 12 to 24 months.

Year to date, revenue is down 24 percent to $236.4 million while net income plunged from $6.6 million last year to a loss of $3.7 million.

Updating its guidance for the full year, Ameresco said it expects revenue to fall between $620 million and $640 million with net income between $18 million and $21 million. The company said its optimism is based on expected growth within a few regions, several project delays that are expected to impact timing of revenue recognition, fulfilling more fully-contracted projects and a more than 5 percent year-over-year growth rate from other offerings.

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