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Ameresco shares climbed 16% to $25.96 by midday Tuesday after the energy infrastructure company reported third-quarter revenue and adjusted earnings above analyst expectations. The stock was still down 11% year to date.
Ameresco reported Monday after the market close that third-quarter profit was $31.9 million, or 59 cents a share, compared with $74 million, or $1.39 a share, a year earlier. FactSet-polled analysts had forecast earnings of 57 cents a share. Adjusted earnings, excluding certain one-time items, were 88 cents a share, also ahead of the 57-cent forecast.
Revenue rose to $580.3 million from $526 million a year earlier, topping analysts’ estimate of $572.9 million.
For the fourth quarter, Ameresco forecast adjusted earnings of 95 cents to $1.05 a share and revenue of $625 million to $650 million. Analysts currently expect adjusted earnings of 83 cents a share on revenue of $648.1 million.
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