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Ameresco -6% after Q4 earnings miss, downside 2014 guidance

  • Ameresco (AMRC -6.2%) opens sharply lower after unadjusted Q4 earnings fell 69%, as weaker margins offset revenue growth at the energy efficiency and renewable energy company.
  • FY 2013 project revenues totaled $388M, a 15% Y/Y decrease; revenues from other service offerings were $186M, up 7%; total construction backlog was $1.35B as of Dec. 31.
  • Says it expects challenging market conditions to continue in 2014; issues downside FY 2014 guidance, seeing revenue of $560M-$600M vs. $608M analyst consensus estimate.
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