Ameresco's net profit improves to USD 38m in 2018

US energy efficiency and renewables firm Ameresco Inc (NYSE:AMRC) last week reported a USD-38-million (EUR 33.8m) net profit attributable to common shareholders for 2018, up 1.3% in annual terms, and said it moved into 2019 with better-than-ever visibility.

The company noted that its 2017 bottom line included a USD-14-million benefit from the re-measurement of its deferred income tax balances because of the Tax Cuts and Jobs Act, which mostly affected its fourth-quarter results. In 2018, Ameresco reached its goal to boost profits faster than revenue, president and CEO George P Sakellaris said. Revenues in the reporting period increased to USD 787.1 million from USD 717.2 million.

The table below contains more details about Ameresco’s financial performance.

“Moving into 2019, we have never felt better about our outlook. We have a resilient business structure underpinned by stable and high margin recurring revenues,” the CEO said. The company's project backlog stood at USD 1.97 billion at end-2018 and included USD 726.6 million of fully-contracted backlog, revenues from which are expected in the next two to four years, on average, as well as still unsigned contracts for USD 1.24 billion of awarded projects. Some 178 MW of energy assets are currently in development, worth USD 424.7 million.

For 2019, the renewables firm anticipates revenues of between USD 845 million and USD 885 million and net profit per diluted share of USD 0.75-0.85. Adjusted EBITDA is forecast at USD 93 million-103 million. The guidance, however, does not include the impact of any non-controlling interest activity and additional charges relating to restructuring activities and related tax impact, Ameresco noted.

(USD 1.0 = EUR 0.889)

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