AMRC - Why Shares of Ameresco Are Surging Today
2023-05-02 12:16:00 ET
Markets are moving south today, but shares of Ameresco (NYSE: AMRC) are headed in the opposite direction. Investors are celebrating the leader in energy-efficiency solutions after it reported strong first-quarter 2023 earnings. And that's not all. Some positive commentary from analysts is giving investors an additional reason to click the buy button.
As of 11:33 a.m. ET, shares of Ameresco are up 11.4%, having retreated from their earlier rise of 16.8%.
Beating analysts' top-line estimate of $232 million, Ameresco reported Q1 2023 sales of $271 million. Ameresco's Q1 2023 revenue was approximately $40 million higher than its guidance and largely driven by "faster execution on certain projects, as well as some early contract conversions," according to management.
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Why Shares of Ameresco Are Surging Today