Ameresco (AMRC) Tops Q1 EPS by 8c, Maintains Guidance
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Ameresco (NYSE: AMRC) reported Q1 EPS of $0.15, $0.08 better than the analyst estimate of $0.07. Revenue for the quarter came in at $212.4 million versus the consensus estimate of $173.74 million.
Summary and Outlook
“First quarter results along with our substantial backlog position Ameresco for considerable year-on-year growth in 2020. We are maintaining the guidance we provided with our fourth quarter results. While we normally do not provide quarterly guidance, given the unusual circumstances we will provide some color on the second quarter. We anticipate second quarter revenue to be down sequentially due to the proactive pull forward of $20 million dollars of project revenue that contributed to our strong first quarter revenue results. We also expect an additional $10 million dollars of revenue will be pushed out of the second quarter to the second half of the year as a result of project delays. The combination of the revenue shifts along with incremental remobilization costs will reduce operating income by approximately $6 million dollars. This guidance is predicated on a return to a more normal operating environment allowing a resumption of contract bidding and conversions by mid-year.
“More than ever, we see the need for the services that Ameresco provides – resiliency, cost savings, efficiency and carbon free energy - to our customers. In the aftermath of the COVID-19 crisis, we expect clients, especially municipalities and institutions, to be focused on reducing operating costs and upgrading their infrastructure, which we believe will drive additional growth opportunities for Ameresco,” Mr. Sakellaris concluded.
The Company’s guidance excludes the impact of any non-controlling interest activity and any additional charges relating to the Company's restructuring activities, as well as any related tax impact.
FY 2020 Guidance
Interest Expense & Other
Effective Tax Rate
For earnings history and earnings-related data on Ameresco (AMRC) click here.
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