On November 7, 2024, Ameresco, Inc. announced its financial results for the fiscal quarter ended September 30, 2024. The company reported total revenue of $500.9 million, a 49.4% increase year-over-year, driven by a 58.8% growth in Projects revenue and a 33.4% increase in Energy Assets revenue.
Net income attributable to common shareholders was $17.6 million, compared to $21.3 million in Q3 2023, impacted by higher interest-related and depreciation expenses, and the absence of a discrete tax benefit from the prior year. Adjusted EBITDA reached a record $62.2 million, increasing 43.6% year-over-year.
Ameresco's total project backlog grew to $4.5 billion, up 22% from last year, with contracted backlog increasing 56% to a record $1.9 billion. The company also added over $180 million in O&M backlog and placed 42 MWe of energy assets into operation, including the 11.7 MWe Keller Canyon RNG plant.
The company reaffirmed its full-year 2024 guidance, projecting revenues between $1.70 billion and $1.80 billion, and Adjusted EBITDA between $210 million and $230 million. Non-GAAP EPS guidance was maintained between $1.15 and $1.35, despite expected higher interest expenses.
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