IEA’s Q3 Swings Negative, But CEO Optimistic
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Indianapolis-based Infrastructure and Energy Alternatives Inc. (Nasdaq: IEA) is reporting a third quarter net loss of $99 million, compared to net income of $11 million during the same period a year ago. The infrastructure construction company also says it generated record revenues for the second consecutive quarter.
“And so, we are raising our revenue estimates for the full year,” said J.P. Roehm, IEA’s president and chief executive officer. “Revenue growth resulted from significant increases in our Renewables Segment with both higher wind project revenue combined with a $35 million increase in solar revenue.”
Roehm says even though IEA achieved record revenue, the company is not immune to the challenges of increasing materials costs and supply chain delays.
“These challenges have made it difficult to sequence the work on our projects, resulting in higher costs and lowering our margins,” said Roehm.
He says while supply chain constraints and cost inflation may impact IEA’s renewable business results in the near future, Roehm says the longer-term outlook for wind and solar construction remains strong.
He adds the recently passed $1 trillion infrastructure legislation will provide positive momentum for IEA’S Specialty Civil Segment.
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