Consolidated Water Co. Ltd. (CWCO) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Morning. Thank you for joining us today to discuss Consolidated Water Company's first quarter 2025 operating and financial results. Hosting the call today is the Chief Executive Officer of Consolidated Water, Rick McTaggart, and the company's Chief Financial Officer, David Tadnet. Following their remarks, we'll open the call to your questions. At any time during the call, you may join the Q&A queue by pressing star 1 on your keypad. Before we conclude today's call, I'll provide some important cautions regarding the forward-looking statements made by management during the call. I'd like to remind everyone that today's call is being recorded and it will be made available for telecom replay. Please see the instructions in yesterday's press release that have been posted to the investor relations section of the company's website. Now, I'd like to turn the call over to Consolidated Waters CEO, Rick McTaggart. Sir, please go ahead. Thank you, Mike, and good morning, everyone. Our services segment revenue and operating income declined in the first quarter of 2025 compared to the year earlier due to completion of two major design-build projects in the second quarter of last year. However, we did see improved performance in all three other business segments particularly retail and manufacturing. Retail water sales in our exclusive utility service area on Grand Cayman reflected much higher sales volumes compared to a year earlier due to population growth and increased business activity within our service area. Manufacturing revenues and operating income increased by about 10% and 44% respectively compared to a year earlier due to higher production activity and a higher margin product mix. Revenue and gross profit generated in our Caribbean-based bulk water segment remain consis...