IEA: Renewable Energy Projects Boost Revenue
(photo courtesy: Wes Mills)
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Infrastructure and Energy Alternatives Inc. (Nasdaq: IEA) is reporting full-year net income of $700,000, down from $6.2 million the previous year. The civil engineering and infrastructure construction company says, despite the drop, it saw record full-year revenue of $1.8 billion, up 20% from 2019.
IEA attributes the growth to its renewables segment, which includes wind and solar farm projects.
“Our business focuses on enabling our country’s energy transition, facilitating environmental remediation, and improving transportation infrastructure,” said JP Roehm, IEA’s president and chief executive officer. “The extension of the existing wind production tax credit by a year and the existing solar investment tax credit by two years, as well as other political and environmental drivers, are expected to contribute to continuing growth opportunities.”
The company is also reporting a fourth-quarter net loss of $1.4 million, compared to net income of $11.1 million during the same period a year ago.
“While we continue to see a lingering impact from the pandemic, we expect our business to grow in 2021, especially in the latter half of the year. Our backlog remains strong, and we are actively bidding projects,” said Roehm.
Click here to view the full report.