Ameresco Stock Drops After Full-Year Guidance Cut

1 Mins read

Shares of Ameresco have fallen to a three-year low following the company’s announcement of lower earnings and revenue than anticipated, which prompted a cut in its full-year guidance. The stock declined by 31% to reach a low of $18.40 after the market opened on Tuesday. This is the lowest level at which shares have traded since May 2020.

Ameresco, a renewable energy company, revealed that it now expects adjusted earnings for the year, excluding one-time items, to range between $1.15 and $1.25 per share. This is a decrease from the previous guidance range of $1.80 to $1.90 per share. Additionally, the company revised its projected annual revenue to be between $1.315 billion and $1.37 billion, compared to the previous outlook range of $1.45 billion to $1.55 billion.

CEO George Sakellaris attributed the downward revision to various challenges faced within the industry, including delays in project conversions, asset permitting push-outs, and shortages of labor and materials. These headwinds are expected to persist into 2024.

In the third quarter, Ameresco reported a profit of $21.3 million, or 40 cents per share, which is lower than the $28.4 million, or 51 cents per share, recorded in the same quarter last year. Analysts surveyed by FactSet had estimated earnings of 46 cents per share for the quarter.

Quarterly revenue stood at $335.1 million, a decrease from $441.3 million in the year-ago quarter and falling short of analyst expectations of $386.2 million, according to FactSet data.

Related posts

GitLab Stock Surges on First Ever Adjusted Operating Profit

1 Mins read
GitLab’s stock experienced a significant surge on Tuesday following the announcement of its first ever adjusted operating profit. Despite this positive development,…

Virgin Galactic Faces Stock Decline Amid Founder's Money Decision

2 Mins read
Virgin Galactic stock experienced a sharp decline in early trading on Monday due to founder Richard Branson’s announcement that he won’t be…

EyePoint Pharmaceuticals Announces Positive Results in Phase 2 Trial for Macular Degeneration Treatment

1 Mins read
EyePoint Pharmaceuticals, a Massachusetts-based company, revealed exciting news on Monday regarding the second-phase trial of its investigational treatment for macular degeneration. The…

Leave a Reply

Your email address will not be published. Required fields are marked *

68 − = 63