Ameresco's Profits, Revenue Fall

Framingham-based energy efficiency and renewable energy company Ameresco Inc. saw its profits and revenue fall in the second quarter, but said it was mostly expected.

Revenue for the quarter, which ended June 30, was $164.1 million, down 0.8 percent from last year. Net income for the same period was down 41.5 percent to $5.2 million, compared to $8.8 million in 2011. That amounted to 11 cents earnings per share, compared to 19 cents last year.

President and CEO George P. Sakellaris said the financial results met expectations as the company executed projects in construction while the number of awarded projects increased 40 percent to $909.6 million. Awarded projects represent estimated future revenue for projects whose contracts are expected to be signed over the next six to 12 months. Total construction backlog reached a record $1.3 billion as of June 30 and included the awarded projects as well as $390.7 million in contracted projects, which are signed contracts for installation that are expected to convert into revenue in the next 12 to 24 months.

Sakellaris said the company is disappointed by the pace of converting awarded projects to signed contracts, causing it to revise revenue and profit expectations for the year. Ameresco is projecting total revenue to be in the range of $695 million to $730 million, and net income from $32 million to $35 million.

"We believe that once normal conversion timing returns in all segments that we will be well positioned for future growth," Sakellaris said.

For the six months ending June 30, revenue was $310.7 million, down from $311.9 million in 2011. Net income was $6.7 million, down nearly 53 percent from last year's $14.1 million.

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