Ameresco Q4, annual profits fall
Profits for Framingham-based energy efficiency and renewable energy company Ameresco were down in the fourth quarter and for 2013 overall, according to an earnings statement released Thursday.
Ameresco reported quarterly earnings of three cents per share, down from 11 cents a year earlier, and well below analysts’ expected earnings of 21 cents per share. Annual earnings for share holders were five cents, compared with 40 cents in 2012.
While revenue climbed 12 percent in the fourth quarter ending Dec. 31, from $156.6 million in 2012 to $176.1 million in 2013, at $3 million, operating income was less than half of what it was a year earlier.
Full-year revenue also decreased 9 percent, from $631.2 million in 2012 to $574.2 million in 2013, and operating income declined to $6.6 million, down from $28.7 million a year earlier.
George P. Sakellaris, president and CEO of Ameresco, said in a statement that “an unfavorable mix of lower-margin projects had a negative effect on gross margins and earnings,” in 2013.
Ameresco said its construction backlog at the end of the fourth quarter totaled $1.35 billion, consisting of $361.9 million in customer contracts, which the company expects to convert to revenue over the next two years.
WBJ Web Partners
Most Recent
Most Recent
0 Comments