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Mar 31, 2024
Ameresco Q1 2024 Earnings Report
Ameresco's first quarter results for 2024 demonstrated solid execution with growth across all business lines.
Key Takeaways
Ameresco reported a 10.1% increase in total revenue to $298.4 million, driven by growth in Projects, Energy Assets, and O&M revenue. The company's total Project Backlog exceeded $4 billion, a 35% increase year-over-year. However, the company reported a net loss attributable to common shareholders of $2.9 million, with a GAAP EPS of ($0.06) and Non-GAAP EPS of ($0.10).
Total revenue increased 10.1% to $298.4 million.
Net loss attributable to common shareholders was $2.9 million, with GAAP EPS of ($0.06) and Non-GAAP EPS of ($0.10).
Adjusted EBITDA increased 12.6% to $30.8 million.
Total Project Backlog exceeded $4 billion, a 35% increase year-over-year.
Revenue by Segment
Forward Guidance
Ameresco reaffirms its full year 2024 guidance, expecting revenue between $1.60 billion and $1.70 billion, and Adjusted EBITDA between $210 million and $240 million. The company expects to place approximately 200 MWe of energy assets in service for all of 2024, with an expected capex of $350 million to $400 million.
Positive Outlook
- Expected revenue growth of 20% at the midpoints.
- Expected Adjusted EBITDA growth of 38% at the midpoints.
- Plans to place approximately 200 MWe of energy assets in service for all of 2024.
- Strong projects backlog metrics.
- Substantial asset portfolio and growing O&M backlog provide Ameresco with multi-year visibility on profitable revenue growth.
Challenges Ahead
- Significant uncertainties with respect to the impact of accounting for our redeemable non-controlling interests and taxes.
- Commissioning activities have begun on the third project, which was significantly impacted by the heavy rainfall in California in 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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