UPDATE -- Infrastructure and Energy Alternatives, Inc. Announces First Quarter 2020 Financial Results
Infrastructure and Energy Alternatives, Inc. (IEA)
Last infrastructure and energy alternatives, inc. earnings: 3/10 05:25 pm
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Source: GlobeNewswire
INDIANAPOLIS, May 07, 2020 (GLOBE NEWSWIRE) -- Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), a leading infrastructure construction company with renewable energy and specialty civil expertise, today announced its financial results for the quarter ended March 31, 2020. Quarter Highlights Revenue totaled $358.2 million, an increase of 88.7% as compared to the prior-year period.Gross margin of 9.2%, as compared to 3.0% over the prior-year period.Backlog of $2.0 billion provides strong visibility.Cash and cash equivalents of $58.1 million at March 31, 2020 and no long-term debt amortization payments due until 2022.To date, the Company has had no negative material impact from COVID-19 and is reiterating its current 2020 revenue and Adjusted EBITDA guidance. Management Commentary “IEA is considered a provider of critical infrastructure and to date our operations have not been negatively impacted by the COVID-19 pandemic,” said JP Roehm, IEA’s Pres
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