IEA – Infrastructure and Energy Alternatives Inc., an infrastructure and construction company; specialized in civil engineering and renewable energy development; announced today its second quarter of the year 2021 financial results.
Firstly, the company highlights that its backlog increased by $86.0 million during the second quarter to a record amount of $2.8 billion; the company expects to recognize $1.8 billion of backlog over the next 12 months.
Secondly, its revenue also hit a record of $560.1 million; an uplift when compared to the $480.6 million for last year’s same period. Consequently, its net income hot $ $4.7 million, or $0.12 per diluted share; almost a million more when compared to 2020’s same period of $3.6 million, or $0.09 per diluted share.
Thirdly, its adjusted EBITDA was of $35.7 million; slightly less when comparted to $39.3 million for last year’s second quarter. About such increases, J.P. Roehm, IEA’s commented. “IEA generated record revenue in the second quarter and ended the quarter with more business in backlog than at any time in our Company’s history.”
He also remarked. “The growth in our revenue and backlog during the second quarter reflects continued strong demand in our Renewables Segment, particularly in our solar business where revenues totaled $108 million, up nearly 1,500% year-over-year.”
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IEA boosts its revenue on renewable energy sector
He also concluded that. “We expect our earnings to accelerate; however, throughout the remainder of the year as COVID-19-related project delays abate and we return to normal permitting and construction timelines.”
Moreover, on the renewable segment, the revenue totaled $424.9 million; an increase of 31%, or $100.6 million when compared to the prior year. It was a result of a $100.7 million increase in solar revenue from last year’s second quarter. The net profit of the segment was $42.9 million, or 10.1% of revenue.
In addition, IEA’s Specialty Civil Segment plunged at $135.3 million; a decrease of 13.5%, or $21.0 million year-over-year; primarily related to lower revenue in the heavy civil markets, as a result of unseasonably rainy conditions in parts of the country.
Finally, for the balance sheet, as of June 30, the company had $117.7 million of cash and cash equivalents and total debt of $364.3 million; which consisted of $173.3 million outstanding under its credit facility; $4.3 million of commercial equipment loans; and $186.7 million of Series B Preferred Stock. To read the full financial report, click here.
