Ameresco raises profits 180%

Photo | Grant Welker Ameresco's Framingham headquarters.

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Framingham renewable and efficient energy firm Ameresco on Tuesday reported its financial results from the year, including a revenue increase of 10 percent and a profit increase of nearly 180 percent.

The company reported full year revenues of $717 million compared to $651.2 million in 2016.

Net income for the year was $33.5 million, up about 180 percent from the $12 million recorded in 2016. Per diluted share, net income rose to 82 cents, up from the 26 cents in 2016.

In a statement, President and CEO George Sakellaris said the company’s growth is attributable to its increased investment in its energy efficiency project pipeline in new U.S. markets and in the U.K., including a $3.7 million energy savings project at four Scotland colleges completed last month.

“This high-margin, recurring revenue is becoming a significant contributor to profit, and is set to grow meaningfully in 2018 and beyond,” Sakellaris said.

For the fourth quarter, the company reported revenues of $211.1 million, up from $174.2 million in 2016’s fourth quarter. Net income for the quarter was $23.8 million, up from $3.3 million in the same quarter in 2016.

According to the company, it expects to earn total revenues somewhere in the ballpark between $765 million and $800 million in 2018.