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

|By:, SA News Editor

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.