Renewable energy firm Ameresco reports net loss of $1.9 million for 2013

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Greentech Lead America: Ameresco, an energy efficiency and renewable energy company, has reported net loss of $1.9 million for the first quarter ended March 31, 2013.

Total revenue for the first quarter of 2013 decreased to $110.1 million from $146.6 million, or 25%, for the same period in 2012.

First quarter net income decreased from $1.7 million for 2012 to a net loss of $1.9 million for 2013.

“We had anticipated a more challenging quarter than the typical first quarter seasonality of our business. While revenue was below our expectations, stronger than expected gross profit led to bottom line results ahead of plan,” said George P. Sakellaris, president and chief executive officer of Ameresco.

“We remain encouraged by the continued demand for our energy efficiency solutions as evidenced by an increase in total construction backlog in the first quarter, driven by a 34 percent year-over-year improvement in awarded projects. We are reaffirming our 2013 guidance based upon our current expectations for revenue growth and profitability in the second half of the year.”

Ameresco expects to earn total revenue in the range of $620 million to $670 million for the fiscal year ending December 2013. The company also expects net income for 2013 to be in the range of $18 million to $22 million.

The company’s 2013 guidance is based on assumptions including a challenging first half of 2013; that a seasoned backlog along with a continued focus on converting awarded projects to signed contracts begins to yield results later in the second quarter; a more meaningful improvement in fully-contracted backlog in the second half of 2013; modest to strong revenue growth within a few regions; a gradual improvement in market conditions; 10 percent year-over-year revenue growth from all other offerings; and maintaining operating expenses at the current run rate.

editor@greentechlead.com

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