Ameresco, Inc. - AMRC STOCK NEWS

Ameresco has reported its Q3 2024 financial results, showing a 49% increase in total revenue to $500.9 million. This growth was driven by a 59% rise in project revenue. The company's total project backlog increased by 22% year-over-year (Y/Y) to $4.5 billion, with a 56% rise in contracted backlog to $1.9 billion. Ameresco placed a record 209 MWe of energy assets into operation year-to-date, surpassing their full-year guidance. New contracts contributed to a $180 million Y/Y increase in the O&M backlog. The company reaffirmed its 2024 guidance.

Q3 financial highlights include net income of $17.6 million, GAAP EPS of $0.33, Non-GAAP EPS of $0.32, and adjusted EBITDA of $62.2 million. The company ended the quarter with $113.5 million in cash and a corporate debt of $272.5 million.

CEO George Sakellaris highlighted strong demand across all business lines and robust new business activity. The company also announced promotions of key leaders to support continued growth.

Ameresco (NYSE: AMRC) released its inaugural Empowered Futures: 2024 Clean Energy Career Report, revealing that 88% of Millennials and Gen Z prioritize values-driven work in their careers. The study found that while 74% of young workers believe developing clean energy skills would not be difficult, over 50% mistakenly think engineering or science degrees are required for the sector. Despite misconceptions, more than 80% view clean energy as a good career path. The report highlights that clean energy jobs are growing at twice the rate of overall U.S. employment, with salaries averaging 25% higher than the national median.

Ameresco (NYSE: AMRC) announced a partnership with Roseburg Urban Sanitary Authority (RUSA) to implement renewable energy solutions across their facilities. RUSA secured $2.9 million in grants from Oregon's Community Renewable Energy Grant Program for three major solar projects: an 800kW solar PV system at their wastewater treatment plant, a 50kW solar array with battery storage at administrative offices, and a 400kW floating solar system at their Natural Treatment System. These installations will offset 44%, 100%, and 64% of energy usage at respective facilities. The project includes comprehensive energy-saving measures, battery storage systems, and community education initiatives.

Bristol City Leap (BCL), a joint venture between Bristol City Council, Ameresco, and Vattenfall Heat UK, has won the 2024 Award of Distinction for Public-Private Collaboration in Cities. The 20-year initiative aims to achieve city-scale decarbonization through £1 billion in investments, with £424 million committed by 2027.

The project includes £18 million for EV charging, £2.5 million for council buildings efficiency, solar PV and heat pump installations in schools, £57 million for social housing improvements, and an £83 million renewable energy program. These initiatives are expected to reduce carbon emissions by 140,000 tonnes and install 182 MW of renewable energy over five years.

The project will generate £61.5 million in social value, create over 1,000 local jobs, and establish a £1.5 million Community Energy Fund to address fuel poverty.

Ameresco, Inc. (NYSE: AMRC) has been awarded a £3.5 million contract to implement an innovative thin film photovoltaic (PV) solution at London Stadium. The project, part of a £4.35m climate action investment, will cover 6,500 square meters and generate approximately 0.85 million kWh of clean energy annually.

The installation faces unique challenges due to the stadium's membrane roof, requiring ultra-thin solar panels with SolarEdge optimizers and inverters. This solution will maximize energy generation while integrating with architectural constraints. The contract includes 25 years of operations and maintenance services.

London Stadium, home to West Ham United FC and UK Athletics, aims to become one of the world's most sustainable live event venues. The project will significantly reduce the stadium's carbon footprint and energy costs, powering concerts and events with on-site generated energy.

Ameresco's Pu`uloa Microgrid project, a 99 MW capacity renewable energy asset, has been selected for the U.S. Department of Energy's Grid Resilience and Innovation Partnerships (GRIP) Program. This project, developed in partnership with the U.S. Navy and Hawaiian Electric Company (HECO), aims to enhance energy resilience for Joint Base Pearl Harbor Hickam (JBPHH) and Oahu.

The microgrid will integrate smart grid technology and new electrical infrastructure to improve grid reliability. During normal conditions, it will supply clean power to the Oahu grid, while providing critical support to JBPHH during outages. The project will create approximately 40 local jobs, with 75% of construction jobs sourced locally. Ameresco will also fund various community initiatives, including workforce development scholarships and environmental cleanup efforts.

Ameresco has been awarded Frost & Sullivan's 2024 Company of the Year Award for the Energy Services Industry. The company is recognized for its cutting-edge, technology-agnostic products and services that support cost savings, decarbonization, and infrastructure upgrades. Ameresco offers a broad solution portfolio including innovations in battery energy storage systems, microgrids, solar, renewable natural gas, EV charging infrastructure, and water management.

The company's success is attributed to its unmatched project management capabilities and customer-centric philosophy, delivering challenging energy solutions on time and within budget. Ameresco's ability to consolidate technical expertise with customer-focused solutions positions it as a leader in the energy services sector. The company plans to expand its presence geographically and technologically, focusing on emerging markets like microgrid solutions and long-duration battery storage.

Ameresco, Inc. (NYSE: AMRC) announced a new project with Northeastern University to modernize the campus steam distribution system. This initiative is part of a broader effort to decarbonize the campus, enhance energy efficiency, and leverage renewable energy sources. The project involves replacing the older, less efficient low-pressure system with a high-pressure steam distribution system.

The first phase at Opera Place is already operational, while the second phase at Huntington Crossing is expected to be completed by August 2025. This upgrade aims to significantly reduce the university's carbon footprint while improving overall energy system efficiency. Ameresco also sponsored Northeastern University's 10th Annual Energy Conference, where their PV Construction Director discussed developing renewable energy projects.

Ameresco, Inc. (NYSE:AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, has announced the release of its third quarter 2024 financial results on November 7, 2024, after market close. The company will host an earnings conference call at 4:30 p.m. EDT the same day.

Investors can access the earnings press release and supplemental financial information on the company's website. To participate in the conference call, dial-in numbers are provided for USA & Canada (Toll-Free: 1-888-596-4144) and International participants (1-646-968-2525), with Conference ID: 9604248. A live webcast will be available on Ameresco's website, and an archived version will be accessible for one year.