RTTNews | Nov 10, 2020 10:43AM EST

10:43 Tuesday, November 10, 2020 (RTTNews.com) - Shares of Infrastructure and Energy Alternatives, Inc. (IEA) are rising more than 19% Tuesday morning on reporting upbeat third quarter results. The company also raised its full-year revenue outlook.

The stock touched a new high of $12.80 this morning and currently trading at $11.37.

Net income in the third quarter was $11.3 million, or $0.32 per share, compared with $12.6 million, or $0.24 per share, in last year's third quarter. Analysts polled by Thomson Reuters were expecting earnings of $0.16 per share.

The company reported the highest quarterly revenue in its history at $522.2 million, a 23.7% year-over-year- growth.

IEA has raised and narrowed its full-year revenue outlook to the range of $1.7 billion to $1.75 billion compared with previous guidance of $1.6 billion to $1.7 billion. The consensus estimate is for $1.71 billion.

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