HomeFinancial MarketsWhy Infrastructure and Energy Alternatives Inc. (IEA) stock price fluctuated on Friday?

Why Infrastructure and Energy Alternatives Inc. (IEA) stock price fluctuated on Friday?

Infrastructure and Energy Alternatives Inc. (IEA) shares lost 5.69% in after-hours on Friday and closed the trading at $9.28. however, in regular trading, IEA’s stock gained 1.23%. The stock volume remained 0.8 million shares, which was higher than the average daily volume of 0.55 million shares within the past 50 days. IEA shares have fallen 13.91% over the last 12 months, and they have moved down 4.47% in the past week. Over the past three months, the stock has lost 25.34%, while over the past six months, it has declined 23.54%.

Let’s have a look at its recent news and developments.


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IEA recent solar contract

On November 16, 2021, Infrastructure and Energy Alternatives, Inc. (IEA) was awarded a 50-megawatt (MWAC) solar contract to construct the Turkey Creek Solar Ranch in Garrard County, Kentucky. The project was awarded by, Nashville-based Silicon Ranch Corporation, one of the nation’s largest independent solar power producers.

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IEA latest financial results

On November 08, 2021, Infrastructure and Energy Alternatives, Inc. (IEA) reported its financial results for the quarter ended September 30, 2021.

Q3 2021 financial highlights

  • IEA reported total revenue of $697.8 million in Q3 2021 compared to $522.23 million in Q3 2020.
  • The total cost of revenue was $625.6 million in Q3 2021 compared to $463.3 million in Q3 2020.
  • It earned a gross profit of $72.17 million in Q3 2021 compared to $58.9 million in Q3 2020.
  • It suffered a net loss of $99.6 million in Q3 2021 compared to a net income of $11.3 million in Q3 2020.
  • Adjusted EBITDA was $49.8 million in Q3 2021 compared to $43.1 million in Q3 2020.
  • The company ended the quarter with $158.3 million of cash and cash equivalents and total debt of $304.2 million.

FY 2021 revised financial outlook

For FY 2021, the company is expecting now,

  • Revenue to be in the range of $2.0 billion to $2.1 billion.
  • Adjusted EBITDA in the range of $130 million to $135 million.

IEA wind farm construction contract

On October 27, 2021, Infrastructure and Energy Alternatives, Inc. (IEA) was awarded a $49 million contract for the Deerfield II Wind Farm in Michigan. Algonquin Power & Utilities Corp. awarded the project to White Construction, a subsidiary of IEA that manages utility-scale renewable energy and heavy civil infrastructure projects.

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Conclusion

There is no recent news behind its price fluctuation on Friday. we hope that it will commence Monday trading with positive energy.

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