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Sep 30, 2024
Ameresco Q3 2024 Earnings Report
Ameresco reported strong third quarter results, driven by significant revenue growth and backlog expansion.
Key Takeaways
Ameresco reported a strong Q3 2024 with a 49% increase in revenue, reaching $500.9 million. Adjusted EBITDA grew by 44% to $62.2 million. The company's total project backlog increased by 22% year-over-year to $4.5 billion, with contracted backlog up 56% to $1.9 billion.
Revenues increased by 49% to $500.9 million.
Net income attributable to common shareholders was $17.6 million.
GAAP EPS was $0.33 and Non-GAAP EPS was $0.32.
Adjusted EBITDA increased by 44% to $62.2 million.
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 reaffirms its full year 2024 guidance, expecting revenue between $1.70 billion and $1.80 billion and Adjusted EBITDA between $210 million and $230 million.
Positive Outlook
- Revenue between $1.70 billion and $1.80 billion.
- Gross Margin between 16.0% and 16.5%.
- Adjusted EBITDA between $210 million and $230 million.
- Interest Expense & Other between $70 million and $75 million.
- Non-GAAP EPS between $1.15 and $1.35.
Challenges Ahead
- Higher Interest Expense and Other in the range of $70 million to $75 million.
- Uncertainties with respect to the impact of accounting for redeemable non-controlling interests.
- Uncertainties with respect to the impact of taxes.
- Potential delays in project execution.
- Macroeconomic challenges.
Revenue & Expenses
Visualization of income flow from segment revenue to net income