NYSE$AMRC
Ameresco Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Ameresco's first quarter results for 2024 demonstrated solid execution with growth across all business lines.
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.
Headline financials
Revenue & EPS history
Ameresco · Revenue · Quarterly
$298M
Revenue by segment
Ameresco · $335M total across 4 segments · Q3 2023
- Projects$243M-31.0%72.4%
- Energy Assets$44.3M+6.2%13.2%
- Other$25.4M-3.1%7.6%
- O&M$22.8M+4.1%6.8%
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.
Tailwinds
- 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.
Headwinds
- 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.
- Ability to perform under signed contracts without delay and in accordance with their terms and related liquidated and other damages we may be subject to.
- The fiscal health of the government and the risk of government shutdowns.
- Our ability to complete and operate our projects on a profitable basis and as committed to our customers.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+1.2%
Avg return
Earnings day
+0.2%
Avg return
5 days after
+7.3%
Avg return
30 days after
57%
37 / 65 earnings
Positive
+28.1%
Q3 2018
Best reaction
-35.6%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.3% | -4.5% | +6.0% | |
| Q4 2025 | -9.9% | -17.0% | -20.5% | |
| Q3 2025 | -10.2% | -11.8% | -14.8% | |
| Q1 2025 | +11.4% | +14.9% | +27.7% | |
| Q4 2024 | -35.6% | -45.8% | -32.6% | |
| Q3 2024 | -17.6% | -17.7% | -13.6% | |
| Q2 2024 | +4.8% | -2.5% | +6.9% | |
| Q1 2024 | +18.7% | +21.7% | +56.5% | |
| Q4 2023 | +3.0% | -11.0% | +18.6% | |
| Q3 2023 | -24.0% | -25.2% | +1.4% | |
| Q2 2023 | -8.3% | -12.9% | -24.5% | |
| Q1 2023 | +7.9% | +3.4% | +3.6% | |
| Q4 2022 | -12.5% | -9.0% | -8.7% | |
| Q3 2022 | -14.0% | -12.5% | +8.1% | |
| Q2 2022 | +11.8% | +15.2% | +20.3% | |
| Q1 2022 | +15.6% | +11.5% | +15.5% | |
| Q4 2021 | +9.9% | +8.2% | +39.7% | |
| Q3 2021 | +13.9% | +18.7% | +7.0% | |
| Q2 2021 | -9.5% | -5.7% | +1.6% | |
| Q1 2021 | -4.8% | +3.2% | +7.5% | |
| Q4 2020 | -0.7% | -24.7% | -14.9% | |
| Q3 2020 | +13.3% | +12.0% | +15.8% | |
| Q2 2020 | +11.5% | +9.6% | +13.2% | |
| Q1 2020 | +12.4% | +14.9% | +31.0% | |
| Q4 2019 | -0.2% | -4.7% | -29.2% | |
| Q3 2019 | +1.6% | +2.5% | +6.7% | |
| Q2 2019 | +8.8% | +7.5% | +6.3% | |
| Q1 2019 | -9.3% | -8.5% | -9.1% | |
| Q4 2018 | -1.1% | -10.0% | -8.4% | |
| Q3 2018 | +28.1% | +22.6% | +23.7% | |
| Q2 2018 | +0.3% | -1.4% | -4.2% | |
| Q1 2018 | -4.6% | -3.4% | +0.8% | |
| Q4 2017 | +19.2% | +28.7% | +55.1% | |
| Q3 2017 | +1.9% | +0.6% | +9.0% | |
| Q2 2017 | +9.6% | +12.0% | +16.0% | |
| Q1 2017 | +2.3% | +7.0% | +6.3% | |
| Q4 2016 | +15.4% | +14.4% | +26.0% | |
| Q3 2016 | +11.5% | +3.1% | +25.0% | |
| Q2 2016 | +3.0% | +4.7% | +8.3% | |
| Q1 2016 | +14.5% | — | — | |
| Q4 2015 | -16.6% | — | — | |
| Q3 2015 | +0.9% | — | — | |
| Q2 2015 | +3.8% | — | — | |
| Q1 2015 | -1.1% | — | — | |
| Q4 2014 | +11.7% | — | — | |
| Q3 2014 | -2.3% | — | — | |
| Q2 2014 | +12.4% | — | — | |
| Q1 2014 | -5.7% | — | — | |
| Q4 2013 | -23.9% | — | — | |
| Q3 2013 | -12.8% | — | — | |
| Q2 2013 | -5.8% | — | — | |
| Q1 2013 | +0.0% | — | — | |
| Q4 2012 | -6.9% | — | — | |
| Q3 2012 | -1.3% | — | — | |
| Q2 2012 | -3.4% | — | — | |
| Q1 2011 | -0.2% | — | — | |
| Q1 2012 | -3.1% | — | — | |
| Q4 2011 | +5.5% | — | — | |
| Q2 2011 | +5.5% | — | — | |
| Q4 2009 | +5.5% | — | — | |
| Q3 2011 | +1.1% | — | — | |
| Q3 2010 | +1.1% | — | — | |
| Q1 2010 | +9.2% | — | — | |
| Q2 2010 | +9.2% | — | — | |
| Q4 2010 | +9.2% | — | — |
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