INDIANAPOLIS (Inside INdiana Business) — Infrastructure and Energy Alternatives Inc. (Nasdaq: IEA), an Indianapolis-based infrastructure construction company, has announced third-quarter net income of $12.6 million, compared to $5.7 million during the same period a year ago.
The company specializes in energy, petrochemical and heavy civil infrastructure construction, such as wind farms.
IEA says the clean energy industry has given it a boost.
“We are very pleased with our financial and operational performance for the third quarter and are encouraged by the significant contract awards that we continue to secure across all of our business units, particularly the multiple new wind energy project awards that our renewable energy group has won in the last six months,” said JP Roehm, chief executive officer of IEA. “These significant projects are indicative of an enduring shift to clean energy across North America that we believe will drive demand for our services for many years to come.”
The company says it completed a $50 million capital raise of Series B Preferred Stock and warrants to purchase common stock, using the proceeds to reduce borrowings under the credit facility and improve liquidity.
“Our recently announced equity financing transactions will reduce our outstanding debt and significantly improve our liquidity, putting us on solid footing to execute our business plan going forward,” said Roehm.
Roehm is optimistic heading into 2020. Click here to read the full report.