Press release
Consolidated Water Reports First Quarter 2023 Revenue up 68% to $32.9 Million, Driving Net Income of $3.8 Million or $0.24 per Share
GEORGE TOWN, Cayman Islands, May 15, 2023 (GLOBE NEWSWIRE) -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading developer and
About this update from Consolidated Water Co. Ltd.
[{"type":"text","content":"GEORGE TOWN, Cayman Islands, May 15, 2023 (GLOBE NEWSWIRE) -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading developer and operator of advanced water supply and treatment plants, reported results for the first quarter ended March 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). First Quarter 2023 Financial Highlights Total revenue increased 68% to $32.9 million.Retail revenue increased 23% to $7.8 million.Bulk revenue increased 22% to $9.0 million.Services revenue increased 168% to $12.7 million.Manufacturing revenue increased to $3.4 million. Net income from continuing operations attributable to company stockholders was $4.1 million or $0.26 per basic and fully diluted share, up 75% from $2.3 million or $0.15 per basic and diluted share in the same year-ago period.Paid quarterly cash dividend of $0.085 per share ($0.34 on an annualized basis).Cash and cash equivalents totaled $51.1 million as of March 31, 2023, up from $50.7 million as of December 31, 2022. First Quarter 2023 Operational Highlights Volume of water sold in Grand Cayman retail segment increased 20% primarily due to increased tourist activity on Grand Cayman as tourism in 2022 was lower than historical levels due to the lingering impact of the COVID-19 pandemic.Acquired remaining 39% interest to become 100% owner of PERC Water, the company’s subsidiary that develops, designs, builds, operates and manages water infrastructure facilities in the Southwestern U.S.Recognized $6.4 million in revenue from PERC Water’s progress on the construction of an $82 million advanced water treatment plant in Goodyear, Arizona.PERC Water advanced commissioning and startup for The City of Santa Monica Sustainable Water Infrastructure Project, which is to provide a drought resilient water supply to the city from one of the world’s most advanced water treatment facilities. Management Commentary “In Q1, our 68% increase in revenue to $32.9 million was driven by another quarter of strong growth across all of our business segments, with this reflecting a return to normalcy post-pandemic that helped drive increased activity and output across the board,” commented Consolidated Water CEO, Rick McTagg...