The shares of Ameresco, Inc. (NYSE: AMRC) is experiencing an upward trend on the market during the current morning, marking a notable increase of 9.23% to $22.25 as of the last check during the pre-market session. Notably, Ameresco’s stock exhibited resilience in the previous session, demonstrating a modest uptick of 0.15% to settle at $20.37. This surge in AMRC stock follows the disclosure of its financial performance.
Ameresco (AMRC) has reported its financial results for the quarter ending December 31, 2023. The quarterly results indicate a robust close to a challenging fiscal year, with favorable momentum substantiating Ameresco’s continued growth. Alongside notable revenue and Adjusted EBITDA growth attained in the quarter, AMRC expanded its total project backlog by nearly 50%, culminating in a record-high of $3.9 billion by the end of 2023.
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Furthermore, the company augmented its developmental assets by 35%, reaching 717 MWe by the year’s end, both of which lay a foundation for sustained growth in the ensuing years. Despite prevailing industry challenges such as supply chain disruptions and administrative hurdles leading to the deferral of project revenues in the preceding quarter, Ameresco effectively converted and executed several previously delayed projects, contributing to a 40% upsurge in fourth-quarter project revenues.
Additionally, the company has implemented measures to streamline its operations and has factored in these industry dynamics in its prospective planning and project scheduling. Pertaining to Energy Assets, Ameresco commenced operations for 63 MWe in the fourth quarter, elevating the total operational Energy Assets to over 500 MWe.
After a year marked by substantial organic and acquisitive revenue growth exceeding 150%, Ameresco now generates more than 10% of the company’s overall revenue from its UK and European markets. Ameresco perceives this market as persistently fragmented and economically lucrative.
With record backlog and asset pipeline metrics, Ameresco demonstrates its strength in the market and its capacity for long-term revenue and profitability growth. New awards in 2023 amounted to approximately $2.2 billion, doubling the previous year’s figure of $1.1 billion, while proposal activity remained at an all-time high.
