Ameresco stock drops & rebounds on 17% profit decrease
Photo | Grant Welker
Ameresco's Framingham headquarters
Framingham energy firm Ameresco reported a decline in income during its third quarter, missing expectations.
The company’s press release announced net income attributable to common shareholders was $8.9 million, compared to $10.7 million in the third quarter of last year. Net income per diluted share was $0.19, and non-GAAP EPS was $0.18 compared to $0.23 in the previous year’s quarter. Revenues were up slightly at $212.0 million, compared to $205.4 million last year.
The stock market responded to the report with a 10.7% drop in stock price in early trading Tuesday rebounded by 10:40 a.m. to a 2.1% price decline to $14.85 per share on the New York Stock Exchange.
Ameresco President and CEO George Sakellaris said the third quarter results reflect the ongoing strategy of 2019 to be a growth year for the company. He pointed to new awards during the quarter reaching a record high of $343 million, up 72% year over year, as evidence of the success of this strategy.
Despite the third quarter performance, Ameresco reaffirmed its full year 2019 guidance for net income per diluted share of $0.77 to $0.85, adjusted EBITDA of $95 million to $103 million, and total revenue of $845 million to $885 million.
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