Indianapolis-based Infrastructure and Energy Alternatives Inc. (Nasdaq: IEA) is reporting a first-quarter net loss of $20.4 million, compared to a $12.7 million loss during the same period a year ago.
The civil engineering and infrastructure construction company says it was anticipating a challenging quarter.
“We knew that the combination of last year’s unusually strong first quarter and our clients’ permitting delays resulting from the pandemic would make for a challenging quarter, especially when compared to last year’s first quarter,” said J.P. Roehm, IEA’s president and chief executive officer.
Roehm says the company is returning to more traditional seasonality this year, and it anticipates significantly improving financial performance throughout the rest of 2021.
IEA revenue totaled $276 million in Q1, a decrease of nearly 23%, compared to the first quarter of 2020.
Click here to view the full report.