Press release
Consolidated Water Reports 2023 Revenue up 92% to $180.2 Million, Net Income of $30.7 Million or $1.93 per Diluted Share
GEORGE TOWN, Cayman Islands, March 27, 2024 (GLOBE NEWSWIRE) -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading designer, builder
About this update from Consolidated Water Co. Ltd.
[{"type":"text","content":"GEORGE TOWN, Cayman Islands, March 27, 2024 (GLOBE NEWSWIRE) -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading designer, builder and operator of advanced water supply and treatment plants, reported results for the full year ended December 31, 2023. All comparisons are to the same prior year period unless otherwise noted. The company will hold a conference call at 11:00 a.m. Eastern time tomorrow to discuss the results (see dial-in information below). 2023 Financial Highlights Total revenue up 92% to $180.2 million.Retail revenue up 16% to $30.2 million.Bulk revenue increased 5% to $34.6 million.Services revenue increased 240% to $98.0 million, with recurring services revenue generated from operations and maintenance contracts up 37% to $19.4 million.Manufacturing revenue increased 177% to $17.5 million. Net income from continuing operations attributable to company stockholders was $30.7 million or $1.93 per diluted share, as compared to $8.2 million or $0.54 per diluted share in 2022.Cash and cash equivalents totaled $42.6 million and working capital was $88.8 million as of December 31, 2023. 2023 Operational Highlights Recognized $64.0 million in revenue on the construction of a $81 million water treatment plant in Goodyear, Arizona, being completed by our subsidiary, PERC Water Corporation (PERC). The project was certified substantially complete in January 2024 and the remaining work on the plant will be completed by June 2024.Volume of retail water sold increased 15%, primarily due to the greater return of tourist activity in Grand Cayman.Began construction of a new 2.6 million gallon per day Red Gate desalination plant in Grand Cayman, and recognized total design and construction revenue of $8.2 million in 2023.Began piloting, design and permitting for a $204 million project to design, construct, operate and maintain a seawater desalination plant in Hawaii announced in June 2023.Acquired remaining 39% interest of PERC to become the 100% owner of the company’s subsidiary that designs, constructs, operates and manages water infrastructure facilities in the Southwestern U.S.Acquired Ramey Environmental Compliance (REC) in the fourth quarter, creating a new channel for PERC to expand its presence in water-stressed regions in Colorado. Dividend Increase In August 2023, the company increased its quarter...