Press release
Consolidated Water Reports Record 2022 Revenue up 41% to $94.1 Million, Driving Net Income of $8.2 Million or $0.54 per Share
GEORGE TOWN, Cayman Islands, March 30, 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, March 30, 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 year ended December 31, 2022. All 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). Fourth Quarter 2022 Financial Highlights Total revenue increased 71% to $28.4 million.Retail revenue increased 25% to $6.8 million.Bulk revenue increased 23% to $8.5 million.Services revenue increased 206% to $10.3 million.Paid quarterly cash dividend of $0.085 per share ($0.34 on an annualized basis).As of December 31, 2022, cash and cash equivalents totaled $50.7 million, down slightly from $51.1 million as of September 30, 2022, with working capital at $69.9 million, debt of $0.3 million, and stockholders’ equity totaling $159.7 million. Full Year 2022 Financial Highlights Total revenue increased 41% to a record $94.1 million.Retail revenue increased 17% to $26.0 million.Bulk revenue increased 23% to $33.0 million.Services revenue increased 108% to $28.8 million.Net income from continuing operations attributable to company stockholders was $8.2 million or $0.54 per basic and diluted share, up 138% from $3.4 million or $0.23 per basic and diluted share in 2021.Paid quarterly cash dividends of $0.085 per share ($0.34 on an annualized basis), totaling $6.3 million in dividends for the full year of 2022. 2022 Operational Highlights PERC Water, Consolidated Water’s subsidiary that develops, designs, builds, operates and manages water infrastructure facilities in the Southwestern U.S., was awarded a $82 million contract to design an advanced water reuse facility in the city of Goodyear, Arizona for Liberty Utilities. The project, now underway, addresses the increasing demand in Liberty’s service territory in Goodyear and Litchfield Park, with both cities experiencing significant residential and commercial growth over the past decade.PERC Water won a 10-year, $49.2 million contract from the Water Replenishment District of Southern California to operate and maintain two advanced water treatment facilities.Consolidated Water was awarded a $20 million contract for the designin...