Display entityreference field in search-result.tpl
I solved this by using teaser view as my search result. My search-result.tpl file now looks like: 

&lt;li class="&lt;?php print $classes; ?&gt;"&lt;?php print $attributes; ?&gt;&gt;

&lt;?php $v = node_view($result['node'], 'teaser'); print render($v); ?&gt;

&lt;/li&gt;