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Global Water Resources Reports Second Quarter 2024 Results
PHOENIX, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), a pure-play water resource management company, reported results for
About this update from Global Water Resources, Inc.
[{"type":"text","content":"PHOENIX, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), a pure-play water resource management company, reported results for the second quarter ended June 30, 2024. All comparisons are to the same year-ago period unless otherwise noted. The company will hold a conference call at 1:00 p.m. Eastern time tomorrow to discuss the results (see dial-in information below). Q2 2024 Financial Highlights Total revenue increased 3.9% to $13.5 million.Net income decreased 0.5% to $1.7 million or $0.07 per share.Adjusted net income increased 3.0% to $1.8 million or $0.07 per share (see definition of adjusted net income, a non-GAAP term, and reconciliation to GAAP, below).Adjusted EBITDA increased $0.1 million to $6.8 million (see definition of adjusted EBITDA, a non-GAAP term, and reconciliation to GAAP, below).Cash and cash equivalents totaled $18.1 million at June 30, 2024.Declared three monthly cash dividends of $0.02508 per common share or $0.30096 per common share on an annualized basis. Q2 2024 Operational Highlights Total active service connections increased 4.9% to 63,256 at June 30, 2024 compared to June 30, 2023.Annualized active service connection growth rate was 4.7%.Water consumption decreased 1.7% to 1.11 billion gallons.Invested $6.4 million in infrastructure projects to support existing utilities and continued growth.Arizona Corporation Commission (ACC) issued Decision No. 79383 regarding rate cases for seven of the company’s regulated utilities in Pima County. The ACC approved a revenue increase totaling approximately $0.4 million annually to be phased-in over five periods beginning on July 1, 2024. The subsequent four increases will be effective on January 1 of each subsequent year with the majority of the revenue increase phased in by January 1, 2025.In June, filed a rate case for the company’s GW-Farmers utility requesting a revenue increase of approximately $1.3 million. Other Matters and Subsequent Events Entered into a 20-year, $2.4 million loan agreement with the Water Infrastructure Finance Authority of Arizona for infrastructure improvement for the company’s GW-Rincon utility, with $0.7 million of the loan to be forgivable.Entered into an agreement to acquire seven water systems from the City of Tucson for approximately $8.4 million. These systems serve approximately 2,200 water service...