- Ameresco (NYSE:AMRC) is up 5.8% in pre-market; reported Q2 revenue growth of 12.5% Y/Y to $223.04M, reflecting strong growth across projects, energy assets and O&M.
- Q2 Gross margin declined 405 bps to 17.7%, reflecting increased levels of design/build work along with other lower margin projects as part of the revenue mix, and unplanned maintenance and incremental COVID-19 related project costs.
- Operating margin declined by 81 bps to 5.8%.
- Adj. EBITDA was $24.15M (+2.3% Y/Y); and margin declined by 109 bps to 10.8%.
- Q2 Adj. Cash flows from operations of $50.45M, compared to negative $7.97M a year ago.
- Total operating assets were 264 MWe, assets in development increased to 313 MWe.
- Total project backlog was $2.2B (+10% Y/Y) as of June 30, 2020; with $1B in contracted backlog increased 29% Y/Y and $1.2B of awarded projects declined 3% Y/Y.
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FY20 Outlook, reaffirmed: Revenues of $910M to $980M vs. $950.66M consensus; Gross margin of 18.5% to 19.5%; Adj. EBITDA of $102M to $112M; and Non-GAAP EPS of $0.86 to $0.96 vs. $0.87 consensus.
- Previously: Ameresco EPS beats by $0.02, beats on revenue (Aug. 3)