Infrastructure and Energy Alternatives, Inc. Announces Second Quarter 2019 Results, Additional Equity Commitment and Other Potential Financing and Sale Transactions
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, Aug. 14, 2019 (GLOBE NEWSWIRE) -- Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), a leading infrastructure construction company with specialized energy and heavy civil expertise, today announced its financial results for the second quarter ended June 30, 2019. Second Quarter Highlights Awarded $491 million of new contracts, including projects across all segmentsBacklog increased from $2.2 billion at March 31, 2019 to $2.6 billion at June 30, 2019Revenue increased 88% year-over-year to $328.0 millionGross margin was 9.6%, compared to the 9.7% gross margin in the second quarter of 2018. Gross margin would have been 10.0% for the second quarter of 2019, excluding the impact of substantially completed 2018 weather-impacted projectsSuccessfully completed a $50 million capital raise of newly designated Series B Preferred Stock and warrants to purchase common stock, and a $5 million sale and leaseback transaction, using t
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