Infrastructure and Energy Alternatives Inc., an Indianapolis-based company that designs and builds wind farms and other energy projects, lost $22.9 million in the first quarter, largely due to several expensive acquisitions and the cost of finishing projects delayed by severe weather last year.
The company on Thursday posted a loss of $1.06 a share for the first three months of the year, up from a loss of 81 cents a share for the same period of 2018.
Shares in IEA fell about 2 percent in midmorning trading, to $4.48 each.
Revenue for the quarter was $190.8 million, up from $50.1 million last year, much of it due to acquisitions. Last year, the company bought Augusta, Georgia-based ACC Cos. and its Birmingham, Alabama-based subsidiary Saiia Construction Co. for $145 million, and Rockford, Illinois-based William Charles Construction Group for $90 million.
Partly as a result of the acquisitions, IEA is carrying $345.5 million in debt, and its interest expenses for the quarter were $10.4 million, up from $851,000 a year ago.
Last year, bad weather slowed construction at six of the company’s major wind projects in three states.
“We have taken steps to move past the extraordinary weather issues that impacted us late in the third quarter and into the fourth quarter of 2018, and I am confident that we are on track to achieve our 2019 guidance,” CEO J.P. Roehm said in a statement.
In February, IEA said it expects to ring up full-year revenue in 2019 in the range of $1 billion to $1.2 billion, and profit in the range of $6 million to $11.6 million.
IEA, which began in the Indiana town of Clinton in 1947 as White Trucking and Excavation, was bought by private equity firm Oaktree Capital Management in 2011, and went public last year. It has completed more than 190 wind and solar projects in 35 states, including more than 14 gigawatts of wind-energy generating capacity—enough to power 10 million homes.
IEA is based at 2647 Waterfront Parkway East Drive on the west side.