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.
