Ameresco (AMRC) Tops Q2 EPS by 13c

Ameresco (NYSE: AMRC) reported Q2 EPS of $0.19, $0.13 better than the analyst estimate of $0.06. Revenue for the quarter came in at $223 million versus the consensus estimate of $195.85 million.

“Our exceptional second quarter results represented a continuation of our focus on the execution of our existing project backlog, more than offsetting any COVID-19 related incremental redeployment expenses and disruptions. Additionally, our performance reflected improved access to our project sites throughout the quarter, as more and more states loosened pandemic-related restrictions, and favorable weather conditions in many of our geographies supported seasonally stronger operating environments.

“We saw revenue growth across our projects, energy assets and O&M. Our long-term strategy to grow our renewable energy asset and O&M businesses, and the higher-margin recurring revenues they provide, give us the stability and visibility few companies have in this uncertain economic environment. During the quarter we also continued to experience strong demand for our design/build capabilities, executing on a number of large projects for a variety of government and commercial and industrial customers. Additionally, we were pleased to see progressive improvement in our business development activity throughout the quarter. We also improved our liquidity position during the quarter as a continued focus on cash collections and additional project and tax equity financing supported our asset buildout. We were pleased to see that the financing environment for low carbon solutions remains as robust as ever.

“During the quarter Ameresco received considerable industry recognition including a Top Project of the Year Award in the Environment + Energy Leader Awards program for our work at the United States Marine Corps Recruit Depot (MCRD) Parris Island. Also, our City of Phoenix RNG plant received honorable mention in Fast Company’s 2020 World Changing Ideas Awards. This RNG facility is the largest wastewater treatment biogas-to-RNG facility of its kind in the United States, illustrating again that Ameresco is the go-to company for the most complex advanced energy technology projects,” concluded George P. Sakellaris, President and Chief Executive Officer.

For earnings history and earnings-related data on Ameresco (AMRC) click here.

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