NYSE$AMRC
Ameresco Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Ameresco reported strong revenue growth, led by a 45% increase in project revenue and a 36% year-over-year increase in total project backlog.
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.
Headline financials
Revenue & EPS history
Ameresco · Revenue · Quarterly
$438M
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 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.
Tailwinds
- 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.
Headwinds
- 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.
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 Q2 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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