Ameresco Inc. (AMRC) stock plunged 9.71% in after-hours trading on Thursday following the release of its fourth quarter and full year 2024 financial results. The energy solutions provider reported robust revenue growth but was impacted by higher costs and construction delays on some legacy projects.
The key factors contributing to Ameresco's after-hours sell-off were:
Higher Costs and Project Delays: Ameresco reported unanticipated cost overruns of approximately $20 million, or 400 basis points, on two of its large-scale legacy projects, negatively impacting gross profit. The company also cited construction delays and higher operating costs on certain projects as challenges.
Project Execution Headwinds: While revenue from Ameresco's Projects segment grew 20.7% year-over-year to $418.3 million in Q4, gross margin of 12.5% was significantly lower than expected due to the cost overruns and delays on legacy projects.
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