Infrastructure and Energy Alternatives, Inc.
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Range $14 – $14
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About the company
Operating across the United States via its subsidiaries, Infrastructure and Energy Alternatives, Inc. (IEA) is a diversified infrastructure construction entity. The company provides comprehensive engineering, procurement, and construction (EPC) services for the renewable energy, traditional power, and civil infrastructure industries.
- CEO
- John Roehm
- IPO
- 2016
- Employees
- 3,718
- HQ
- Indianapolis, IN, US
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- Market Cap
- $0
- P/E
- -6.24
- PEG
- 0.00
- P/S
- 0.00
- P/B
- 14.01
- EV/EBITDA
- 13.61
- Div Yield
- 0.00%
- Gross Margin
- 9.92%
- Op Margin
- 3.96%
- Net Margin
- -4.03%
- ROE
- 472.76%
- ROIC
- 18.46%
Latest fiscal year · YoY change
- Revenue
- $2.08B+18.6%
- Gross Profit
- $206.11M+9.2%
- Op Income
- $82.20M
- Net Income
- $-83,729,000-11601.2%
- EPS
- $-2.20-6385.7%
- OCF Growth
- -118.8%
- FCF Growth
- -185.4%
- 52W High
- $14.60
- 52W Low
- $6.38
- Beta
- 1.73
- RSI (14)
- 42
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
IEA posted record first-quarter revenue and backlog, but margin pressure from inflation and supply-chain issues led it to lower full-year revenue guidance while holding EBITDA guidance unchanged.· May 10, 2022
- Revenue rose 30% year over year to a record $360 million, but gross profit fell to $3.8 million and gross margin dropped to 1.1% from 6.0%.
- Backlog set another record at $2.9 billion, with next-12-month backlog at $2.1 billion, up 13% year over year.
- Management said inflation, fuel, and supply-chain disruptions compressed project margins; a $12.9 million first-quarter margin hit reflected reforecasted project costs.
- Full-year 2022 revenue guidance was raised to $2.2 billion-$2.5 billion, while adjusted EBITDA guidance was maintained at $140 million-$150 million.
- Solar demand remains strong, but Commerce Department tariff uncertainty could cause timing shifts, delays, or demobilization/remobilization on some projects.
Total revenue increased 30% year over year to $360 million. Companywide gross profit was $3.8 million, down from $16.5 million last year, and gross margin was 1.1% versus 6.0% in the prior-year quarter. SG&A was $34.9 million, up from $24.8 million, and interest expense was $6.0 million versus $14.4 million a year ago. On the balance sheet, cash and cash equivalents were $28.7 million, total debt was $366.5 million, and total liquidity was $161.4 million. Backlog was $2.9 billion, up 10% year over year, and next-12-month backlog was $2.1 billion, up 13%. Management raised full-year revenue guidance to $2.2 billion-$2.5 billion and maintained adjusted EBITDA guidance at $140 million-$150 million.
JP Roehm emphasized that core renewable and environmental markets remain robust, with strong organic growth, record backlog, and a healthy pipeline across wind, solar, heavy civil, rail, and environmental remediation. He spent much of the call framing the margin pressure as external and temporary, citing inflation, fuel, and supply-chain disruptions rather than execution problems. His tone was confident but cautious: he said IEA has baked in near-term headwinds and still expects improved margins over the balance of the year.
Pete Moerbeek quantified the quarter’s pressure points: revenue was $360 million, gross profit was $3.8 million, gross margin was 1.1%, SG&A was $34.9 million, and interest expense was $6.0 million. He said the quarter included a $12.9 million immediate margin adjustment tied to reforecasted project costs, and that 2022 fuel costs are now expected to be $10 million higher than earlier estimates. He also highlighted liquidity of $161.4 million, with $28.7 million of cash, $132.7 million of revolver availability, and $366.5 million of total debt, while noting the warrant repurchase program removed over seven million common shares from the potentially fully diluted share count. He said SG&A should fall toward about 6% of revenue for the year and that the company expects to return to positive operating cash flow.
Analysts pressed management on how confident it was in achieving the implied EBITDA growth despite the weak first quarter, and JP Roehm said the company has backlog, projects are in the field, and there are no problem jobs currently. Questions also focused on wind project timing, with management saying some 2022 wind work shifted later because of commodity inflation, but that 2023 wind activity appears to be picking up. On solar, management explained that projects tied to potentially tariff-impacted modules are continuing with civil/mechanical work while module installation may be delayed, whereas projects using domestic modules are on schedule. Analysts also asked about cash flow, and Pete Moerbeek said he expects momentum to improve by the end of the second quarter and that the company should get back to positive cash flow from operations.
The bull case is that demand across IEA’s key end markets still looks strong: renewables, environmental remediation, rail, and heavy civil all showed positive momentum, and backlog remains at a record level. Management repeatedly said the cost issues are being reforecasted and mitigated, not driven by bad jobs, and that the company expects stronger margins and solid performance later in the year.
The main bear case is that inflation, fuel, and supply-chain volatility materially hurt first-quarter margins and could continue to pressure project profitability through the year. Solar timing is uncertain because of the Commerce Department investigation and possible tariffs, while public heavy civil bids are being rejected when they come in above engineer estimates. Cash flow was also weak in the quarter, and management acknowledged it expects to only return to positive operating cash flow later in the year.
AI summary of the company's earnings call · Paraphrased · Not investment advice
of shares held by institutions
93 13F filers
Buy/sell ratio 0.36. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Amalgamated Financial Corp. | 3.79K | ▲ 3.79K |
| First Quadrant LLC/Ca | 3.05K | ▲ 3.05K |
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Oct 7, 22 | Ares Partners Holdco LLC | sell | 339,136 |
| Oct 7, 22 | ASOF Investment Management LLC | sell | 339,136 |
| Oct 7, 22 | Underwood Matthew Philip | other | 0 |
| Oct 7, 22 | GRAVES SCOTT L | other | 0 |
| Oct 5, 22 | Hummer Brian | other | 15 |
| Oct 7, 22 | Hummer Brian | sell | 148,199 |
| Oct 5, 22 | Hanson Christopher | other | 15 |
| Oct 7, 22 | Hanson Christopher | sell | 163,308 |
| Oct 5, 22 | Roehm John Paul | other | 22 |
| Oct 7, 22 | Roehm John Paul | sell | 710,579 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our IEA coverage
Recent articles, reports, and earnings notes.
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Generate IEA report →Claims Rise Above Estimates
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cnbc.com · Aug 12
IEA slashes 2026 supply forecast as Hormuz reopening remains elusive
reuters.com · Aug 12
IEA says members have released 290 million barrels of oil since March 11
reuters.com · Jul 21
IEA warns EU methane law could limit bloc's oil supply options
reuters.com · Jul 14
MHI Demonstrates Energy Efficiency Improvements through Cooling Optimization in Operational Data Center
gurufocus.com · Jul 13
IEA head urges EU to reconsider opposition to new Arctic oil drilling
reuters.com · Jul 10
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