Press release
Consolidated Water Reports Q3 2020 Results
Revenue up 11.2% to $17.7 Million; Net Income from Continuing Operations of $1.8 Million or $0.12 per Share GEORGE TOWN, Cayman Islands, Nov. 16, 2020
About this update from Consolidated Water Co. Ltd.
[{"type":"text","content":"Revenue up 11.2% to $17.7 Million; Net Income from Continuing Operations of $1.8 Million or $0.12 per Share\n\n\nGEORGE TOWN, Cayman Islands, Nov. 16, 2020 /PRNewswire/ -- 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 three and nine months ended September 30, 2020. Quarterly and nine-month comparisons are to the year-ago period unless otherwise noted.\nFinancial Highlights\nRevenue in the third quarter of 2020 increased 11.2% to $17.7 million. Revenue for the first nine months of 2020 increased 12.3% to $57.5 million. Net income from continuing operations attributable to Consolidated Water stockholders for the third quarter of 2020 was $1.8 million or $0.12 per basic and fully diluted share, as compared to $2.3 million or $0.15 per basic and fully diluted share in the year-ago quarter. For the first nine months of 2020, net income from continuing operations attributable to Consolidated Water stockholders was $7.6 million or $0.50 per fully diluted share, down from $8.6 million or $0.57 per fully diluted share in the same year-ago period. Cash and cash equivalents totaled $38.2 million as of September 30, 2020, as compared to $35.0 million as of June 30, 2020. Paid $1.3 million in dividends in Q3 2020.Management Commentary \n\"During the third quarter of 2020, Consolidated Water generated substantial revenue growth and returned to profitability from Q2,\" said company president and CEO, Rick McTaggart. \"Over the first nine months of the year, we were also profitable, generating nearly $11 million in cash from operations.\n\"Fortunately, we have not been as impacted by the adverse conditions created by the COVID-19 pandemic as much as others. Our teams have worked diligently throughout the pandemic to ensure that we are able to continue our operations and pursue additional projects that can strengthen our business. \n\"Our Q3 topline growth is largely due to the $3.2 million in revenue contributed by our new PERC Water subsidiary, which provides design, engineering, construction and management services for water treatment infrastructure in the U.S. PERC's performance has met our expectations so far this year in spite of the pandemic, and we've seen no material impact on its day-to-day operations. \n\"The man...