AMRC - Why Ameresco Stock Plunged Today
2023-11-07 15:51:46 ET
Shares of Ameresco (NYSE: AMRC) were down 18% as of 2:45 p.m. ET Tuesday after the cleantech integrator and renewable asset developer announced weaker-than-expected quarterly results.
For Ameresco's third quarter of 2023, revenue declined 24% year over year, to $335.1 million, translating to non-GAAP (adjusted) net income of $21.1 million, or $0.40 per share (down from $0.50 per share in the same year-ago period). Analysts, on average, were looking for earnings of $0.46 per share on revenue closer to $385 million.
Delving deeper into Ameresco's results, total project backlog grew 14% sequentially from last quarter, to $3.701 billion, including $708 million in new awards during the third quarter.
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Why Ameresco Stock Plunged Today