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Jun 30, 2024
Ameresco Q2 2024 Earnings Report
Ameresco reported strong revenue growth, led by a 45% increase in project revenue and a 36% year-over-year increase in total project backlog.
Key Takeaways
Ameresco reported a strong second quarter with a 33.9% increase in total revenue, driven by a 44.5% increase in project revenue. The company's total project backlog reached a record $4.4 billion, up 36% year-over-year. However, net income attributable to common shareholders decreased to $5.0 million from $6.4 million in the same period last year.
Revenues increased by 33.9% to $438.0 million.
Total Project Backlog reached a record $4.4 billion, up 36% year-over-year.
A record 155 MWe of assets were placed into operation during the quarter.
GAAP EPS was $0.09 and Non-GAAP EPS was $0.10.
Ameresco
Ameresco
Ameresco Revenue by Segment
Revenue by Segment
Projects Revenue
CapyFin.comEnergy Assets Revenue
CapyFin.comO&M Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Ameresco has adjusted its full year 2024 guidance, increasing the revenue range based on the financial performance for the first half of the year and visibility for the remainder of the year. The new gross margin range reflects the expected full year impact of cost budget revisions on the SCE projects. The company still expects to place approximately 200 MWe of energy assets in service for all of 2024.
Positive Outlook
- Revenue range increased to $1.70 billion - $1.80 billion.
- Adjusted EBITDA guidance of $210 million - $230 million.
- Non-GAAP EPS guidance of $1.15 - $1.35.
- Expected to place approximately 200 MWe of energy assets in service for 2024.
- Expected capex for 2024 remains $350 million to $400 million, primarily funded by project financing.
Challenges Ahead
- Gross Margin decreased to 16.0% - 16.5% due to SCE project cost budget revisions.
- Interest Expense & Other increased to $60 million - $65 million.
- Impact of cost budget revisions on the SCE projects of approximately $10 million.
- Uncertainties with respect to the impact of accounting for redeemable non-controlling interests.
- Significant uncertainties with respect to the impact of taxes.
Revenue & Expenses
Visualization of income flow from segment revenue to net income