Ameresco Announces Revenues of $593 Million in 2014

Ameresco, Inc., an energy efficiency and renewable energy company announced the company had revenues of $593.2 million in 2014, an increase of 3 percent.

The company, which has its world-wide headquarters in Framingham, said its new income for 2014 was $10.4 million, compared to $2.4 million in 2013.

“I am pleased to report that we made great progress in 2014,” stated George P. Sakellaris, chairman, president and Chief Executive Officer of Ameresco, in a press release. “We delivered revenues toward the high end of our 2014 guidance range, net income within our range and we achieved year-over-year growth for both metrics for the first time since full year 2011.”

“2014 was a year of recovery and improvement,” Sakellaris said. “Solid financial results benefited from better execution and stronger gross margins, while contracted backlog increased 7% year-over-year. We also took the opportunity to address operating efficiencies in the first and second quarters, as well as an additional restructuring in the fourth quarter to reduce our fixed cost base even further. From a strategic point of view, we made progress regarding distributed generation, including a decision to keep more of the solar assets we develop for our own portfolio.“

Revenues for the fourth quarter of 2014 were $181.1 million, compared to $176.1 million in 2013.

Fourth quarter 2014 operating income was $6.9 million, compared to $3.0 million in 2013.

Project revenues were $388.3 million for the full year 2014, which was flat compared to 2013.

Total construction backlog was $1.24 billion as of December 31, 2014 and consisted of:

• $386.2 million of fully-contracted backlog of signed customer contracts for installation or construction of projects, which we expect to convert into revenue over the next 12-24 months, on average; and
• $853.8 million of awarded projects, representing projects in development for which we do not have signed contracts.

“We have remained confident about long-term industry fundamentals throughout this challenging period,” Sakellaris said in the written statement. “Due to 2014 progress and 2015 expectations, we have also gained confidence regarding near-term industry fundamentals. We anticipate that our traditional U.S. energy services segments, which have tempered our financial performance the past few years, will experience broad-based revenue growth in 2015 and are on a path to achieving growth rates that are within current industry expectations. We are pleased that we have a positive outlook for 2015.“

Ameresco, announced, it expects to earn total revenue in the range of $610 million to $640 million in 2015.

Founded in 2000, Ameresco,is an independent provider of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe.

Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants.

With its corporate headquarters in Framingham, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom.