Press release
Consolidated Water Reports Third Quarter 2023 Revenue up 99% to $49.9 Million and Net Income of $8.6 Million or $0.54 per Diluted Share
GEORGE TOWN, Cayman Islands, Nov. 09, 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, Nov. 09, 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 third quarter ended September 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). Third Quarter 2023 Financial Highlights Total revenue increased 99% to $49.9 million.Retail revenue increased 15% to $7.2 million.Services revenue increased 237% to $29.4 million, with recurring services revenue generated from operations and maintenance contracts up 48% to $5.0 million.Manufacturing revenue increased to $4.7 million. Net income from continuing operations attributable to company stockholders was $8.8 million or $0.55 per diluted share, as compared to $0.8 million or $0.05 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 $48.8 million and working capital was $83.1 million as of September 30, 2023. Third Quarter 2023 Operational Highlights Received notice to proceed on the first phase of a $204 million project to design, build, operate and maintain a seawater desalination plant in Hawaii which was announced in June.Volume of water sold in the company’s Grand Cayman retail segment increased 16%, primarily due to the greater return of tourist activity.Recognized $20.0 million in revenue from PERC Water’s progress on the construction of a $82 million water treatment plant in Goodyear, Arizona. This contract is expected to be substantially completed by the end of the second quarter of 2024.PERC commenced operations under a new contract to operate a wastewater treatment plant at the Edwards Air Force Base in Kern County, California. The annual contract began in July and has four one-year extensions exercisable by the customer. Revenue for the first year of the contract is expected to total approximately $1.3 million.PERC also began operations under a new contract to operate a wastewater treatment system for the City of Avalon on Catalina Island, California. The engagement began in July and will continue for 18 months, with extensions exercis...