Greentech Lead America: Ameresco, a provider of energy efficiency and renewable energy solutions, says its second quarter net income decreased from $4.8 million for 2012 to a net loss of $1.8 million for 2013.
Total revenue for the second quarter of 2013 decreased to $126.3 million from $164.1 million, or 23 percent, for the same period in 2012.
“Revenue below our expectations negatively impacted profitability for the quarter,” said George P. Sakellaris, president and chief executive officer of Ameresco. “We remain focused on delivering stronger results for the second half of 2013. Based upon current performance and visibility into the second half, we are expecting to return to revenue growth and profitability in the third and fourth quarters.”
For the six months year-to-date ended June 30, 2013, total revenue decreased to $236.4 million from $310.7 million, or 24 percent, for the same period in 2012. Year-to-date net income decreased from $6.6 million for 2012 to a net loss of $3.7 million for 2013.
Revenue generated from backlog was $80.0 million for the second quarter of 2013, a decrease of 33 percent year-over-year. All other revenue was $46.3 million for the second quarter of 2013, an increase of 3 percent year-over-year.
Based upon year-to-date performance and visibility into the second half of 2013, Ameresco is narrowing its guidance range for the fiscal year ending December 31, 2013. The company expects to earn total revenue in the range of $620 million to $640 million and net income for 2013 to be in the range of $18 million to $21 million.