Press release
Consolidated Water Reports Q3 2021 Results
GEORGE TOWN, Cayman Islands, Nov. 15, 2021 (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, Nov. 15, 2021 (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 three and nine months ended September 30, 2021. Quarterly and first nine-month comparisons are to the same year-ago 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). Financial and Operational Highlights Retail revenue for the third quarter of 2021 increased 5% to $5.2 million and bulk revenue increased 13% to $6.9 million.For the first nine months of 2021, revenue totaled $50.2 million, which included bulk revenue up 8% to $19.8 million and services revenue up 6% to $10.5 million.As of September 30, 2021, cash and cash equivalents totaled $40.4 million, working capital was $69.3 million, debt was $0.2 million, with stockholders’ equity at $157.4 million.Paid $1.3 million in dividends in Q3 2021.PERC Water continued to expand its recurring revenues by signing a five-year wastewater plant maintenance services contract with a gaming and live entertainment business in Southern California. Management Commentary “The continued cessation of tourism on Grand Cayman due to the global pandemic resulted in our retail segment revenue up only about 5% compared to the same year ago quarter, on about a 1% increase in volume, yet still far below historical levels,” commented Consolidated Water CEO, Rick McTaggart. “However, our bulk water segment increased 13% to $6.9 million, performing better than anticipated. “Our manufacturing segment revenue generated by our Aerex subsidiary decreased as a result of reduced orders from a major customer. Although it is important to note that all the manufacturing revenue we recognized for the quarter was from new customers and/or products. In fact, we generated manufacturing revenue of $3.2 million from new customers and products for the first nine months of the year. This was the result of a strengthened manufacturing sales team at Aerex, which is focused on new market sectors to diversify our product mix and customer base. “Like many companies, our manufacturing segment has been adversely affected by supply chain challenges, including material shortages, price incre...