How did AMRC's Q4 earnings surprise investors?

Ameresco's (AMRC) Q4 earnings did not surprise investors in a positive way, as the company's performance fell short of expectations. Here's a detailed analysis:

1. **Missed Earnings Estimates**: Ameresco reported quarterly earnings of $0.32 per share for Q4, which was a significant miss compared to the Zacks Consensus Estimate of $0.51 per share. This represents a -37.25% earnings surprise, indicating that investors' expectations were not met.
2. **Decline in Earnings**: The company's earnings per share (EPS) for Q4 was lower than the same quarter last year, when the EPS was $0.40. This trend of declining earnings likely contributed to the negative surprise.
3. **Analysts' Expectations**: The mean expectation of thirteen analysts for Q4 was for earnings of $0.47 per share. This suggests that the company's actual performance was notably below what analysts had forecasted, leading to disappointment among investors.
4. **Revenue and Profitability Metrics**: While AMRC reported a 49% revenue growth and increased its adjusted EBITDA to a record $62.2 million, the gross margin was only 15.4%, indicating a larger contribution from lower-margin projects. This mix of revenue growth with lower profitability may have influenced investor perceptions negatively.

In conclusion, Ameresco's Q4 earnings fell short of investor expectations due to a significant earnings miss, declining EPS, and a lower gross margin despite strong revenue growth. These factors combined to create a disappointing earnings report for the company.