Press release
Consolidated Water Reports Q2 2019 Results; Revenues up 22% to $18.3 million, Net Income up 13% to $2.5 million or $0.16 per Share
GEORGE TOWN, Cayman Islands, Aug. 12, 2019 /PRNewswire/ -- Consolidated Water Co. Ltd. (Nasdaq Global Select Market: CWCO), a leading developer and operator
About this update from Consolidated Water Co. Ltd.
[{"type":"text","content":"GEORGE TOWN, Cayman Islands, Aug. 12, 2019 /PRNewswire/ -- Consolidated Water Co. Ltd. (Nasdaq Global Select Market: CWCO), a leading developer and operator of seawater desalination plants, reported results for the quarter ended June 30, 2019. Quarterly and first-half comparisons are to the same year-ago period unless otherwise noted.\n\n \nQ2 2019 Financial Highlights\nTotal revenues increased 22% to $18.3 million. Manufacturing revenue increased 332% to $4.3 million. Gross profit up 22% to $7.6 million. Net income attributable to stockholders increased 13% to $2.5 million or $0.16 per diluted share. $1.3 million in dividends paid.Q2 2019 Operational Highlights\nAppointed Jamie Bryan to the new position of Vice President of Manufacturing. Bryan brings to Consolidated Water more than 22 years of experience in engineering, manufacturing, plant integration and development, and product development and distribution. Continued to advance the development project in Rosarito, Baja California, Mexico involving the construction and operation of a major seawater desalination plant and distribution pipeline. Designed to produce 100 million gallons per day of potable water, the plant is expected to be the largest of its kind in the Western Hemisphere and a major, much-needed new source of drinking water for the coastal region of Baja California for at least 37 years. Completed the disposition of CW-Bali for total consideration of $390,000.Management Commentary\"In Q2, we realized double-digit revenue and gross profit growth that was driven primarily by increased production activity in our manufacturing business,\" commented Consolidated Water CEO, Rick McTaggart. \"The growth in manufacturing was due to a renewed focus on industrial sales, strong execution by our sales team and increasing customer demand for our specialized products. \n\"Our retail revenue growth was in part attributed to the fact that it has been a very dry year so far, with rainfall in the second quarter down 76% compared to last year. For the first half of 2019, rainfall in our Cayman Islands service area was down 55% compared with rainfall in the first half of 2018 and was also 55% lower than the 30-year average.\n\"The prospects for the manufacturing segment continue to look favorable, given that we have specialized manufacturing capabilities and experience relating to...