Ameresco Inc (NYSE: AMRC) shares are trading lower by around 19% after the company reported worse-than-expected Q3 FY23 results.
The company reported revenue of $335.1 million, missing the consensus of $385.2 million. Revenue came below the company's guidance as Projects business faced supply chain headwinds and delays in contract conversions.
Energy Asset revenue rose 6.2% Y/Y, aided by continued growth in operating assets and stronger RIN prices. O&M revenue grew 4.2% Y/Y on consistent growth in long-term contracts.
Adjusted EBITDA stood at $43.3 million vs. $57.9 million a year ago.
Adjusted EPS of $0.40, Full story available on Benzinga.com