Ameresco announces its financial results for the second fiscal quarter of 2021, which ended on June 30, 2021.
Ameresco posts 23% increase in revenues
Ameresco’s total revenue rose by 23% to $273.9 million, compared with $223.0 million the previous year.
The Projects business grew by 23%, with contributions in many geographical areas and markets.
At the same time, revenues from energy assets increased by 28%, reflecting the continued growth of the firm’s operating portfolio.
In addition, Ameresco benefited from strong renewable natural gas production and favorable prices on renewable energy ID numbers.
A further 33 MW in the 2nd half of 2021
Ameresco added 33 MW of assets to its operating portfolio in the second quarter, while adding 23 MW of new energy assets to its assets under development.
Gross margin of 19.5% increased by 90 basis points over the previous quarter, and by 180 basis points year-on-year.
Operating income rose by 66% to $21.4 million, with an operating margin of 7.8%.
“Our project business continued to benefit from the ongoing shift to more comprehensive projects that utilize a broad portfolio of advanced clean energy technologies in which Ameresco has substantial expertise that gives us a competitive advantage,” says George P. Sakellaris, President and CEO.
Net income attributable to common shareholders rose to $13.7 million and GAAP EPS to $0.26.
GAAP results for 2021 and 2020 reflect a non-cash downward adjustment of $4.2 million and $4.5 million, respectively, related to minority shareholder activities.
Excluding these adjustments, non-GAAP net income for 2021 was $18.0 million, compared with $9.0 million.
Adjusted EBITDA rose by 42% to $34.4 million, and non-GAAP EPS reached $0.34, compared with $0.19.
