Ameresco Shares Drop 15% Following Worse Than Expected Q4 Results
Ameresco (NYSE:AMRC) shares plunged more than 15% on Tuesday (partly recovered today) following the company’s reported Q4 results, with EPS of $0.34 missing the Street estimate of $0.38. Revenue was $331.7 million, worse than the Street estimate of $367.2 million.
However, fiscal 2023 EBITDA guidance ($210-$220 million), though back-weighted, was in line with the Street estimates and reflects a line of sight to key projects' mid-year completion.
Revenues and EPS are expected to be $1.45–1.55 billion and $1.80–1.90, compared to the Street estimate of $1.564 billion and $1.84, respectively.
| Symbol | Price | %chg |
|---|---|---|
| JSMR.JK | 4330 | 0.23 |
| 02826K.KS | 88500 | -0.9 |
| 028260.KS | 115800 | -1.55 |
| WIKA.JK | 246 | 0.81 |
Baird Upgrades Ameresco to Bullish Fresh Pick
Baird analysts reiterated their Outperform rating and a $32 price target on Ameresco (NYSE:AMRC), designating it as a Bullish Fresh Pick through its Q3 reporting date.
The analysts see the company's energy asset additions in 2024 and beyond driving earnings above current expectations in the medium to long term. Recent delays, including with the SoCal Edison project, have contributed to investor fatigue, creating what the analysts view as a buying opportunity. The completion of the SoCal project, expected in late Q3, is identified as a near-term catalyst for the stock.
