Indianapolis-based Infrastructure and Energy Alternatives Inc. (Nasdaq: IEA) is reporting second quarter net income of $17 million, up from $4.7 million during the same period last year. Last month, the company entered into an agreement to be acquired by Florida-based infrastructure construction company MasTec Inc. (NYSE: MTZ) in a deal valued at $1.1 billion.
IEA is also reporting year-over-year revenue increases of 21.5% in the second quarter, supported by growth across its renewables and specialty civil segments.
The company says its renewables segment revenue increased 18.3% year-over-year, which includes solar revenue growth of 126.8% and a decline in wind revenue of 18.5% during the quarter. Specialty civil segment revenue increased 31.5% year-over-year, driven by continued strength in environmental revenue and heavy civil, offset by a decline in rail revenue.
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