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Sep 30, 2023
Ameresco Q3 2023 Earnings Report
Reported third quarter financial results, impacted by project delays and asset downtime, but highlighted by a record total project backlog.
Key Takeaways
Ameresco's Q3 2023 results were affected by supply chain delays, administrative bottlenecks, and greater than expected downtime at some Energy Asset plants. Despite these challenges, the company drove substantial year-on-year and sequential increases in its project backlog and assets in development. The company secured over $500 million in financing commitments and is resetting guidance to reflect continued industry headwinds.
Revenues were $335.1 million.
Net income attributable to common shareholders was $21.3 million.
GAAP EPS was $0.40.
Non-GAAP EPS was $0.40.
Revenue by Segment
Forward Guidance
Ameresco is adjusting its 2023 guidance to reflect industry issues such as project conversion and asset construction pushouts. The company expects to place between 120 and 130 MWe of energy assets in service for all of 2023. The 2024 Adjusted EBITDA target is expected to be approximately $250 million.
Positive Outlook
- Significant long term growth opportunity with over $7.2 billion in revenue visibility.
- Almost 600 MW of assets in development and construction.
- Market demand for renewable and clean tech solutions has never been greater.
- Two of the three Southern California Edison projects are currently in commissioning and are expected to achieve substantial completion by the end of 2023.
- A third RNG plant is expected to be at mechanical completion by the end of the year, and fully commissioned in early 2024.
Challenges Ahead
- Recent industry headwinds, including project conversion delays and push-outs in asset permitting along with labor and material shortages, will continue into 2024.
- The third Southern California Edison project, which was significantly impacted by the heavy rainfall in California, is expected to reach substantial completion in the first half of 2024.
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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