Ameresco (AMRC) Tops Q4 EPS by 18c, Revenues Beat; Offers FY21 EPS/Revenue Guidance
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Ameresco (NYSE: AMRC) reported Q4 EPS of $0.47, $0.18 better than the analyst estimate of $0.29. Revenue for the quarter came in at $314.3 million versus the consensus estimate of $265.57 million.
Fourth Quarter 2020 Financial Highlights:
- Revenues of $314.3 million, up 3% compared to last year
- Net Income of $23.5 million
- GAAP EPS of $0.47, up 2%
- Adjusted EBITDA of $35.7 million, up 21%
- “In 2020, our resilient Ameresco team demonstrated tremendous execution which led to outstanding results. We came together to ensure that the company remained operational throughout the year while implementing strict protocols to protect the health and safety of our employees and customers. We navigated difficult business conditions and delivered record year-on-year performance, laying the foundation for our continued profitable growth in 2021 and beyond.”
“In the fourth quarter, we continued to execute on our contracted project backlog, taking advantage of improved worksite access. Revenue during the quarter increased year-on-year despite COVID-19 conditions and a difficult comparison with the exceptional fourth quarter results reported last year. Additionally, our Energy Asset and O&M recurring revenue businesses continued to grow, contributing high margin, annuity-like revenue and providing excellent long-term visibility. We were very pleased to surpass 350 MWe of assets in development during the quarter with the addition of significant new solar and RNG assets. As a recognized industry leading provider of Distributed Energy Resources (DER) solutions, we continue to see very attractive growth opportunities in our overall clean technology markets.”
“In the fourth quarter, we were very pleased to have released our first Environmental, Social and Corporate Governance (ESG) report titled ‘Doing Well by Doing Good’ highlighting our corporate vision of energizing a sustainable world. We are proud that our renewable energy assets and customer projects delivered a carbon offset equivalent to approximately 12.6 million metric tons of carbon dioxide during 2020 and over 60 million cumulative metric tons since going public in 2010.”
“Recently Ameresco was named number six on Forbes’ list of 2021 America’s Best Mid-Size Companies. We were pleased to be the only energy solutions provider included among the annual list’s 100 companies, reflecting our market leadership and our growth-oriented entrepreneurial culture,” concluded George P. Sakellaris, President and Chief Executive Officer.
Ameresco sees FY2021 EPS of $1.18-$1.26, versus the consensus of $1.22. Ameresco sees FY2021 revenue of $1.1-1.15 billion, versus the consensus of $1.08 billion.
Summary and Outlook
“Based on visibility from our project backlog and our increased levels of recurring revenues, we are pleased to provide guidance for another year of strong growth in 2021. Specifically, we expect revenues in the range of $1.1 billion to $1.15 billion and Adjusted EBITDA of $135 million to $145 million, representing year-over-year growth of 9% and 19% at the midpoints. We expect non-GAAP EPS to range from $1.18 to $1.26, representing 16% growth at the midpoint, excluding the impact of approximately $0.13 of one-time tax benefits realized in 2020. During the year, we anticipate commissioning between 60 to 80 MWe of energy assets. We currently plan to invest approximately $200 million to $250 million in capital investments in 2021, the majority of which will be funded with project finance debt.”
“We see substantial growth opportunities on the horizon for Ameresco. With the new Administration in Washington, low to no carbon energy solutions are once again in focus leading to an ever-increasing addressable market. At the same time, we also see a significant need for our full range of flexible financial solutions, including our Energy-as-a-Service (EaaS) offering, as our customers face financial challenges given the long-term budgetary impacts of the COVID-19 pandemic. Ameresco is well-positioned to benefit from these positive market dynamics with our flexible value propositions, our customer centric approach to delivering the best advanced technology solutions and our globally recognized expertise in sustainability,” Mr. Sakellaris concluded.
For earnings history and earnings-related data on Ameresco (AMRC) click here.
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