Ameresco Inc (NYSE: AMRC) shares rose soon after Tuesday’s opening, and following upbeat annual results.
The Framigham, Mass-based company reported revenues of $717.2 million, compared to $651.2 million, up 10%. Net income attributable to common shareholders was $37.5 million, compared to $12.0 million with net income per diluted share of $0.82, compared to $0.26
According to CEO George Sakellaris, "We had a great 2017 and enter 2018 with exceptional business momentum. Our earnings growth accelerated in 2017, and we anticipate more acceleration in the year ahead. Business is strong because we have a focused, effective strategy in place, and we are executing well against it."
Sakellaris continued, "Increased investment in the efficiency project pipeline resulted in outstanding backlog growth, giving us great visibility. Growth is supported by our success in penetrating new regions across the U.S., and from initial success in the U.K. Finally, we are strengthening our business model through the continued expansion of our energy asset portfolio.
"This high-margin, recurring revenue is becoming a significant contributor to profit, and is set to grow meaningfully in 2018 and beyond.”
Moreover, Ameresco expects to earn total revenue in the range of $765 million to $800 million in 2018. The Company also expects adjusted EBITDA for 2018 to be in the range of $75 million to $85 million and net income per diluted share to be in the range of $0.55 to $0.65 for 2018.
This guidance excludes the impact of any non-controlling interest activity and any additional charges relating to our restructuring activities, as well as any related tax impact.
The shares grew $1.55, or 18.6%, to $9.90.