Ameresco slides on a Q2 earnings miss

|By:, SA News Editor

Ameresco (AMRC -5%) slips after reporting Q2 earnings that missed estimates late yesterday.

Net earnings swung to a loss as revenue declined sharply.

Construction backlog was $1.44B, compared with $1.51B in the prior quarter and $1.3M a year ago. It expects to convert $324M into revenue over the next 12 to 24 months.

Energy-efficiency revenue fell 29% to $85.3M while renewable-energy revenue declined 7.4% to $41M.

Gross margin narrowed to 18.5% from 19%.

The company also lowered the high end of its FY13 earnings estimate by $1M to a range of $18M to $21M and reduced the high end of its revenue projection by $30M to between $620M and $640M.

FY13 net income is anticipated to be in the range of $18M to $21M.