Ameresco Reports Fourth Quarter and Full Year 2020 Financial Results

Rhea-AI Summary

Ameresco, a clean technology integrator, reported strong financial results for the fiscal year ending December 31, 2020. Despite challenging conditions due to COVID-19, revenue grew year-on-year, highlighting the effectiveness of its operational strategies. Key performance metrics included growth in Energy Asset and O&M recurring revenue, which provides high-margin, annuity-like income. The company also reported surpassing 350 MWe of assets in development, indicating a solid project pipeline and optimistic growth outlook for 2021.

Positive

• Revenue growth year-on-year despite COVID-19 challenges.
• Increased recurring revenue from Energy Asset and O&M businesses.
• Surpassed 350 MWe of assets in development, indicating strong project pipeline.

Negative

• None.

Ameresco, Inc. (NYSE:AMRC), a leading clean technology integrator specializing in energy efficiency and renewable energy, today announced financial results for the fiscal quarter and year ended December 31, 2020. The Company has also furnished supplemental information in conjunction with this press release in a Current Report on Form 8-K. The supplemental information includes non-GAAP financial metrics and has been posted to the “Investor Relations” section of the Company’s website at www.ameresco.com.

“In 2020, our resilient Ameresco team demonstrated tremendous execution which led to outstanding results. We came together to ensure that the company remained operational throughout the year while implementing strict protocols to protect the health and safety of our employees and customers. We navigated difficult business conditions and delivered record year-on-year performance, laying the foundation for our continued profitable growth in 2021 and beyond.”

“In the fourth quarter, we continued to execute on our contracted project backlog, taking advantage of improved worksite access. Revenue during the quarter increased year-on-year despite COVID-19 conditions and a difficult comparison with the exceptional fourth quarter results reported last year. Additionally, our Energy Asset and O&M recurring revenue businesses continued to grow, contributing high margin, annuity-like revenue and providing excellent long-term visibility. We were very pleased to surpass 350 MWe of assets in development

FAQ

What were Ameresco's financial results for Q4 2020?

Ameresco reported revenue growth year-on-year in Q4 2020, despite the challenges posed by COVID-19.

How did Ameresco perform in 2020?

In 2020, Ameresco delivered record year-on-year performance and laid the foundation for continued profitable growth.

What is the stock symbol for Ameresco?

The stock symbol for Ameresco is AMRC.

What factors contributed to Ameresco's growth in 2020?

Key factors included effective project execution and growth in high-margin recurring revenue streams.

What is the outlook for Ameresco in 2021?

Ameresco is optimistic about continued growth, supported by its project backlog and recurring revenue streams.