Ameresco (AMRC) Tops Q2 EPS by 3c, Revenues Beat; Affirms FY19 EPS/Revenue Guidance

August 8, 2019 6:08 AM EDT

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Ameresco (NYSE: AMRC) reported Q2 EPS of $0.18, $0.03 better than the analyst estimate of $0.15. Revenue for the quarter came in at $198.2 million versus the consensus estimate of $196.95 million.

Second Quarter 2019 Financial Highlights:

  • Revenues of $198.2 million
  • Net income attributable to common shareholders of $9.2 million
  • Net income per diluted share of $0.19
  • Adjusted EBITDA of $23.6 million
  • Placed 14MWe of assets into operations

“Second quarter results reflected solid execution in our smart energy solutions, while we continued to develop and place in operation an increasing number of energy assets,” said George P. Sakellaris, President and Chief Executive Officer. “We developed highly-complex projects for government and commercial clients, moved forward with the development of several large energy assets, and reached a milestone of over 100MW of Company-owned solar assets in operation during the quarter.

“Our recently-commissioned Parris Island project for the US Marine Corp highlights the increased demand for comprehensive smart energy solutions driven not only by cost savings, but also by reliability and resiliency requirements. We expect these types of projects, which involve advanced energy technology knowhow, to continue to drive Ameresco’s revenue opportunities as few companies have our level of expertise and experience in delivering the requisite solutions. Our regional teams are engaged in both winning smart energy projects and identifying additional distributed energy asset opportunities, enabling us to leverage our expertise across our entire geographic footprint. At the end of the second quarter, we had over 250MWe of energy assets in various stages of development across diversified geographies in the U.S. and Canada.

“Key first half 2019 metrics that provide visibility and support our long-term growth outlook were robust, namely contracted backlog, which increased 16% from year-ago levels, and energy assets in development, which more than doubled year-over-year.”

GUIDANCE:

Ameresco sees FY2019 EPS of $0.77-$0.85, versus the consensus of $0.78. Ameresco sees FY2019 revenue of $845-885 million, versus the consensus of $853.57 million.

First half performance was in line with the Company’s expectations and represented effective execution in smart energy solutions and expanded recurring revenue from its energy asset portfolio and O&M operations. Ameresco ended the first half of 2019 with a substantial contracted backlog and large energy asset development pipeline, which support Company expectations for strong second half 2019 revenue and earnings comparisons and accelerated growth entering 2020.

Based on year-to-date performance and visibility into the remainder of 2019, the Company reaffirms its 2019 guidance for net income per diluted share of $0.77 to $0.85 and adjusted EBITDA of $95 million to $103 million. Ameresco also reaffirms total revenueguidance of $845 million to $885 million. This guidance excludes the impact of any non-controlling interest activity, restructuring activities, deconsolidation of a variable interest entity, as well as any related tax impact. Also 2019 guidance does not assume any benefit from IRC Section 179D deductions, which in 2018 provided a benefit of $5.8 million, and have since expired.

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



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