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Dec 31, 2019
Ameresco Q4 2019 Earnings Report
Ameresco experienced strong growth driven by advanced technology platform
Key Takeaways
Ameresco reported strong Q4 and full year 2019 financial results, with revenues up 41% in Q4. Contracted backlog increased 52% to a record $1.1 billion at year-end, and energy assets in development increased by 80% to 321 MWe.
Revenues were $306.6 million, compared to $217.4 million last year.
Net income attributable to common shareholders was $22.2 million, compared to $11.6 million.
Non-GAAP EPS was $0.46 compared to $0.23.
Contracted backlog increased 52% to a record $1.1 billion at year-end.
Ameresco
Ameresco
Forward Guidance
For the full year 2020, Ameresco expects to generate total revenue in the range of $910 million to $980 million, and non-GAAP EPS is expected to be in the range of $0.86 to $0.96.
Positive Outlook
- Total revenue in the range of $910 million to $980 million, representing 9.0% year-on-year growth at the midpoint
- Adjusted EBITDA of $102 million to $112 million, representing 17.5% growth at the midpoint.
- Non-GAAP EPS is expected to be in the range of $0.86 to $0.96, representing 10% year-on-year growth at the midpoint.
- Visibility in contracted backlog entering 2020 demonstrates that several large projects will contribute to strong revenue growth.
- Gross profit will grow at a higher rate than operating expenses, reflecting cost control and increased operating leverage.
Challenges Ahead
- Expect to see slightly lower gross margins in 2020 versus recent years based on the mix of projects.
- Guidance excludes the impact of any non-controlling interest activity.
- Guidance excludes any additional charges relating to the company’s restructuring activities.
- Guidance excludes any related tax impact.
- Market conditions remain strong, as governments and corporations across the country continue to demand clean and resilient energy sources.