Ameresco quarterly profits cut in half, even as revenues rise 13%
Photo | Grant Welker
Ameresco's Framingham headquarters
Renewable energy company Ameresco, based in Framingham, reported $223M in revenue during the company’s second quarter, according to a quarterly report released on Monday.
The figure represents a 13% increase from the same quarter in 2019, when Ameresco reported $198.2 million in revenue.
Despite the revenue increase, the company had $4.4 million in profits in the second quarter, vs. the $9.2 million it earned in the second quarter 2019. The profit decrease was largely due to a $4.5-million tax adjustment on the company's solar holdings.
The company attributed the revenue increase to growth across its three main businesses, which include projects, energy assets and operations and maintenance, according to the report. The company said it executed more projects than expected and experienced minimal interruptions to its revenue businesses.
In trading Tuesday morning on the New York Stock Exchange, Ameresco's stock price was up 6.3% to $30.04 per share.
“Our exceptional second quarter results represented a continuation of our focus on the execution of our existing project backlog, more than offsetting any COVID-19 related incremental redeployment expenses and disruptions,” said George Sakellaris, Ameresco president and CEO, in a statement.
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