Press release
Consolidated Water Reports Second Quarter 2023 Revenue up 110% to $44.2 Million and Net Income of $7.3 Million or $0.46 per Diluted Share
GEORGE TOWN, Cayman Islands, Aug. 10, 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, Aug. 10, 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 second quarter ended June 30, 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). Second Quarter 2023 Financial Highlights Total revenue increased 110% to $44.2 million.Retail revenue increased 16% to $7.6 million.Services revenue increased 377% to $24.1 million, with recurring services revenue generated from operation and maintenance contracts up 11% to $3.9 million.Manufacturing revenue increased to $4.1 million. Net income from continuing operations attributable to company stockholders was $7.5 million or $0.47 per diluted share, up 178% from $2.7 million or $0.18 per 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 $47.7 million as of June 30, 2023. Second Quarter 2023 Operational Highlights Signed $204 million contract to design, build, operate and maintain a seawater desalination plant in Hawaii.Volume of water sold in Grand Cayman retail segment increased 14% primarily due to increased tourist activity on Grand Cayman, with tourism in 2022 was lower than historical levels due to the lingering impact of the COVID-19 pandemic.Recognized $17.6 million in revenue from PERC Water’s progress on the construction of a $82 million advanced water treatment plant in Goodyear, Arizona. The construction is on track for completion next year. Management Commentary “I‘m truly gratified and excited to mark the company’s 50th anniversary this month by reporting record quarterly and six-month financial results,” commented Consolidated Water CEO, Rick McTaggart. “In Q2, our revenue increased by 110% to $44.2 million, reflecting another strong period of growth across all four of our business segments. Our retail water segment benefited from a 14% increase in the volume of water sold in Grand Cayman, which we attribute to improved tourist activity over last year when tourism was lower than historical levels due to the lingering impact of the pandemic. “...