Fri, Nov 8, 1:45 PM (132 days ago)
For the quarter ending September 30, 2024, Ameresco, Inc. (AMRC) reported significant revenue growth, with total revenues increasing 49.4% year-over-year to $500,873,000. This surge was primarily driven by a $142.7 million rise in project revenues, attributed to the timing of revenue recognition on active projects. Despite this growth, gross profit margins decreased to 15.4% from 19.0%, impacted by cost revisions on certain projects and a shift towards lower-margin work. Operating income rose 64.1% to $35,159,000, while net income attributable to common shareholders fell to $17,599,000, down 17.2% from the prior year, reflecting increased interest expenses and derivative losses. Cash flow from operations improved significantly, reaching $99,222,000, compared to a negative cash flow in the prior year. The company faced challenges from supply chain disruptions and inflation, which affected project timelines and costs. Ameresco's backlog as of September 30, 2024, stood at $4.5 billion, indicating robust future revenue potential. However, uncertainties remain regarding the impact of global economic conditions, regulatory changes, and project-specific challenges on future operations.