Press release
Consolidated Water Reports Second Quarter 2024 Operating Results
GEORGE TOWN, Cayman Islands, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading designer, builder
About this update from Consolidated Water Co. Ltd.
[{"type":"text","content":"GEORGE TOWN, Cayman Islands, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading designer, builder and operator of advanced water supply and treatment plants, reported results for the second quarter ended June 30, 2024. All comparisons are to the same prior year period unless otherwise noted. Consolidated Water will hold a conference call at 11:00 a.m. Eastern time tomorrow to discuss the results (see dial-in information below). Second Quarter 2024 Financial Key Points Total revenue declined 27% to $32.5 million.Retail revenue increased 8% to $8.2 million on higher sales volumes.Bulk revenue was relatively consistent at $8.4 million.Manufacturing revenue was relatively consistent at $3.9 million.Services revenue declined by 51% (or approximately $12.2 million) to $11.9 million due to a $16.5 million decline in construction revenue that was partially offset by an approximately $3 million increase in recurring operations and maintenance revenue.Net income from continuing operations attributable to company stockholders totaled $4.2 million or $0.26 per diluted share, compared to $7.5 million or $0.47 per diluted share in the second quarter of 2023.Net income including discontinued operations attributable to company stockholders totaled $15.9 million or $0.99 per diluted share, compared to $7.3 million or $0.46 per diluted share in the second quarter of 2023.Cash and cash equivalents totaled $96.7 million and working capital was $131.2 million as of June 30, 2024. Second Quarter 2024 Operational Key Points Volume of retail water sold in the company’s utility service area in Grand Cayman increased 10% compared with the same period in 2023.Completed the construction and commissioning of the new 2.6 million gallon per day Red Gate desalination plant for the Water Authority of the Cayman Islands. Began operating the facility under a 10-year operations and maintenance agreement.Continued piloting, design and permitting of a $147 million project to design, construct, operate and maintain a seawater desalination plant for the Board of Water Supply of Honolulu, Hawaii.Recognized $1.9 million in operations and maintenance revenue from REC which Consolidated Water acquired in October 2023 to provide a new channel for expansion in water-stressed regions of Colorado.Settled a dispute with...