IEA Expects Continued Growth in Renewable Energy
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Indianapolis-based civil engineering and architectural firm Infrastructure and Energy Alternatives Inc. (Nasdaq: IEA) is reporting a fiscal full-year net loss of $83.7 million, compared to net income of $700,000 the previous year. However, total fourth quarter revenue increase by 39% due to growth in the renewable energy segments, such as wind turbines and solar farms.
The company is also reporting fourth quarter net income of $31.7 million, up from a loss of $1.4 million during the same period a year ago.
“Project activity levels across both our renewables and specialty civil markets accelerated during the latter half of 2021, resulting in a solid fourth quarter performance and record sales in 2021,” said J.P. Roehm, president and chief executive officer of IEA.
Roehm says the strong fourth quarter results came despite a number of industry headwinds, including global supply chain disruptions.
Heading into the new fiscal year, IEA saw an increasing backlog of projects, growing to $2.9 billion. IEA defines backlog as the amount of revenue it expects based on uncompleted, existing projects and new projects under contract, but work has not begun.
“While an uncertain tax policy outlook, global supply chain disruptions and labor availability remain potential headwinds for the industry, our strategic market position, customer mix, and attractive end-market focus has contributed to record 12-month backlog, positioning IEA to achieve record profitability in 2022,” said Roehm.
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