Consolidated Water Reports Third Quarter 2025 Results

About this update from Consolidated Water Co. Ltd.

GEORGE TOWN, Cayman Islands , Nov. 10, 2025 (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 third quarter ended September 30, 2025 . 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). Third Quarter 2025 Financial Summary Total revenue increased 5% to $35.1 million . Retail revenue increased 2% to $7.8 million . Bulk revenue decreased 4% to $8.4 million . Services revenue increased by 13% to $14.3 million as construction revenue increased 50% to $6.4 million and operations and maintenance (O&M) revenue increased 3% to $7.7 million . Manufacturing revenue increased by 7% to $4.7 million . Net income from continuing operations attributable to company stockholders totaled $5.6 million or $0.34 per diluted share, compared to $5.0 million or $0.31 per diluted share for the third quarter of 2024. Including discontinued operations, net income attributable to company stockholders totaled $5.5 million or $0.34 per diluted share, compared to $4.5 million or $0.28 per diluted share for the third quarter of 2024. Cash and cash equivalents increased to $123.6 million and working capital increased to $141.7 million as of September 30, 2025 . Third Quarter Operational Highlights Retail water sold by the company’s Grand Cayman water utility increased 6% due to significantly less rainfall on Grand Cayman during this past quarter compared to the third quarter of 2024 and an increase in total number of customer service connections. The company was awarded two water treatment plant construction projects, including a drinking water plant expansion in Colorado and a wastewater recycling plant in California . The revenue attributable to these projects are expected to be realized primarily in 2026, and the combined value of these projects totals approximately $15.6 million . Design of the company’s $204 million project to design, construct, operate and maintain a 1.7 million gallon per day seawater desalination plant in Kalaeloa , Hawaii is now 100% complete, which helps pave the way to begin construction once all permits have been obtained. Management Commentary “In Q3, our diversified water business model, which includes regulated utility operations, design and construction services, O&M services and manufacturing, continued to perform well,” commented Consolidated Water CEO, Rick McTaggart . “As a result, our consolidated revenue increased by 5% and our fully diluted earnings per share from continuing operations increased 10% compared to the same year-ago period. “The continued strength of the economy and lower rainfall on Grand Cayman resulted in our retail segment revenue up about 2% compared to the same year ago quarter, on about a 6% increase in water volume sold. While bulk segment revenue decreased slightly this past quarter due to lower fuel pass-through charges, bulk profitability increased in dollars and gross profit percentage due to lower costs of revenue reflecting our unwavering focus on operational excellence. “Our services segment revenue increased by $1.6 million or 13% due to a $2.1 million increase in construction revenue from two projects, and to a lesser extent from a $223,000 increase in recurring revenue from O&M contracts. These revenue increases were partially offset by a decline in consulting revenue of $720,000 due to the completion in the fourth quarter of 2024 of a major plant commissioning and startup project. “Earlier this month, we announced that we had secured a contract valued at $11.7 million to construct a wastewater recycling plant for a San Francisco Bay Area golf club. This innovative project, which will convert untreated wastewater to irrigation water, is expected to save 36 to 38 million gallons per year of potable water. We expect revenue from this project to be recognized primarily in 2026. “During the quarter, our manufacturing segment continued its improved performance. Manufacturing revenue grew by 7% and gross margin increased to 40%, which reflects the production this past quarter of primarily higher margin products for nuclear power and municipal water clients, as well as our continued focus on maximizing production efficiency and capacity. The completion of our new 17,500-square-foot manufacturing facility expansion this past quarter is expected to further enhance efficiency and throughput. As previously reported, we hold NQA-1 certifications from two major nuclear industry companies and see renewed interest in U.S. nuclear power solutions. These specialized manufacturing qualifications position us for continued growth. “Design of the 1.7 million gallon per day seawater desalination plant for the Honolulu Board of Water Supply in Kalaeloa , Hawaii is now 100% complete and we are focused on obtaining the remaining permits needed to allow our client to issue a notice to proceed with construction of the project. We continue to anticipate that construction of the project will commence early next year. We see this major construction phase substantially adding to our revenue and earnings growth in 2026 and 2027. “In October, we welcomed Kim Adamson , Maria Elena Giner , and Gerónimo Gutiérrez Fernández to our board of directors. Their combined expertise in water utility operations and governance, large‑scale infrastructure delivery and capital program management, and international infrastructure finance and policy greatly strengthens our corporate governance and overall expertise related to our business. We expect their experience to accelerate execution of our strategic priorities, enhance oversight of capital programs, and drive long‑term shareholder value. “Looking ahead, our strong balance sheet and ample liquidity enable us to fund growth initiatives, and we believe our diversified business across segments will continue to deliver improved results to shareholders.” Q3 2025 Financial Results Revenue totaled $35.1 million , increasing 5% from $33.4 million in the third quarter of 2024. The increase was due to increases of $184,000 in the retail segment, $1.6 million in the services segment and $305,000 in the manufacturing segment. This increase was partially offset by a decrease of $373,000 in the bulk segment. Retail revenue increased due to a 6% increase in the volume of water sold. The decrease in bulk segment revenue was due to a decline in energy-related revenue in the Bahamas operations. The increase in services segment revenue was primarily due to plant construction revenue increasing from $4.3 million in the third quarter of 2024 to $6.4 million in the third quarter of 2025. Services segment revenue generated under O&M contracts totaled $7.7 million in the third quarter of 2025, an increase of 3% from the third quarter of 2024. The increase was a result of increased revenue generated by an expanded scope of services for a U.S. Federal client. Manufacturing segment revenue increased by $305,000 , or 7%, to $4.7 million , as compared to $4.4 million in the third quarter of 2024. Gross profit for 2025 was $12.9 million (37% of total revenue), as compared to $11.6 million (35% of total revenue) in the third quarter of 2024. The increase was due to increases in retail, services and manufacturing revenue, as well as decreased cost of revenue for the bulk segment. Net income from continuing operations attributable to Consolidated Water stockholders for the third quarter of 2025 was $5.6 million , or $0.34 per diluted share, compared to net income of $5.0 million , or $0.31 per diluted share, in the third quarter of 2024. Including discontinued operations, net income attributable to Consolidated Water stockholders for the third quarter of 2025 was $5.5 million or $0.34 per diluted share, compared to net income of $4.5 million , or $0.28 per diluted share, in the third quarter of 2024. Cash and cash equivalents totaled $123.6 million as of September 30, 2025 , with working capital of $141.7 million and stockholders’ equity of $220.4 million . First Nine Months 2025 Financial Results Revenue for the first nine months of 2025 was $102.4 million , a decrease of 3% from $105.6 million in the same year-ago period. The decrease was due to decreases of $6.2 million in the services segment and $476,000 in the bulk segment. This decrease was partially offset by increases of $1.4 million in the retail segment and $2.1 million in the manufacturing segment. Retail revenue increased due to a 9% increase in the volume of water sold. The decrease in bulk segment revenue was partly due to a decline in energy-related revenue in the Bahamas operations. The decrease in services segment revenue was primarily due to plant construction revenue decreasing from $17.6 million in the first nine months of 2024 to $11.4 million in the first nine months of 2025 primarily as a result of two construction projects that were completed in the first half of 2024. Construction revenue recognized on the Hawaii contract also declined by $3.1 million in 2025 due to the completion of the pilot plant testing phase of the project. These decreases in construction revenue were partially offset by construction revenue generated under new contracts. Revenue generated under operations and maintenance contracts totaled $23.7 million in the first nine months of 2025, an increase of 9% from the first nine months of 2024. The increase was a result of incremental revenue generated by both PERC and REC. Manufacturing segment revenue increased by $2.1 million to $15.7 million as compared to $13.6 million in the first nine months of 2024. Gross profit for 2025 was $38.1 million (37% of total revenue), as compared to $37.1 million (35% of total revenue) in the first nine months of 2024. The increase was due to an increase in gross profit for the retail, bulk and manufacturing segments. The increase in gross profit was partially offset by a decrease in gross profit of $2.2 million for the services segment primarily as a result of the decrease in construction revenue. Net income from continuing operations attributable to Consolidated Water stockholders for the first nine months of 2025 was $15.7 million , or $0.97 per diluted share, compared to net income of $16.1 million , or $1.01 per diluted share, in the first nine months of 2024. Including discontinued operations, net income attributable to Consolidated Water stockholders for the first nine months of 2025 was $15.4 million or $0.96 per diluted share, compared to net income of $26.8 million or $1.68 per diluted share in the first nine months of 2024. The decrease was due to discontinued operations, as the company recognized a gain on sale of the land and documentation for the discontinued project in Mexico totaling $12.1 million in the year-ago period. Third Quarter 2025 Segment Results Three Months Ended September 30, 2025 Retail Bulk Services Manufacturing Corporate Total Revenue $ 7,770,344 $ 8,394,614 $ 14,289,315 $ 4,664,433 $ — $ 35,118,706 Cost of revenue 3,447,262 5,484,613 10,444,894 2,796,028 — 22,172,797 Gross profit 4,323,082 2,910,001 3,844,421 1,868,405 — 12,945,909 General and administrative expenses 952,102 267,292 1,955,186 459,038 3,585,104 7,218,722 Gain on asset dispositions, net 6,600 — 22,495 5,000 — 34,095 Income (loss) from operations 3,377,580 2,642,709 1,911,730 1,414,367 (3,585,104 ) 5,761,282 Interest income 45,787 190,772 175,407 1 225,565 637,532 Interest expense — — (901 ) — — (901 ) Income (loss) from affiliates — — — (935 ) 81,249 80,314 Other 19,797 3,651 70,998 90 (254 ) 94,282 Other income (loss), net 65,584 194,423 245,504 (844 ) 306,560 811,227 Income (loss) before income taxes 3,443,164 2,837,132 2,157,234 1,413,523 (3,278,544 ) 6,572,509 Provision for income taxes — — 492,401 334,608 — 827,009 Net income (loss) from continuing operations 3,443,164 2,837,132 1,664,833 1,078,915 (3,278,544 ) 5,745,500 Income from continuing operations attributable to non-controlling interests — 175,936 — — — 175,936 Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders $ 3,443,164 $ 2,661,196 $ 1,664,833 $ 1,078,915 $ (3,278,544 ) 5,569,564 Net loss from discontinued operations (37,220 ) Net income attributable to Consolidated Water Co. Ltd. stockholders $ 5,532,344 Three Months Ended September 30, 2024 Retail Bulk Services Manufacturing Corporate Total Revenue $ 7,585,992 $ 8,767,168 $ 12,677,837 $ 4,359,560 $ — $ 33,390,557 Cost of revenue 3,606,944 5,969,292 9,409,325 2,770,338 — 21,755,899 Gross profit 3,979,048 2,797,876 3,268,512 1,589,222 — 11,634,658 General and administrative expenses 787,403 381,230 1,469,845 745,418 3,572,073 6,955,969 Gain on asset dispositions, net 8,796 — — — 192,786 201,582 Income (loss) from operations 3,200,441 2,416,646 1,798,667 843,804 (3,379,287 ) 4,880,271 Interest income 48,945 204,807 139,822 1 233,226 626,801 Interest expense (31,123 ) — (1,634 ) — (44 ) (32,801 ) Income from affiliate — — — — 73,620 73,620 Other 20,046 36,379 89 90 (184 ) 56,420 Other income, net 37,868 241,186 138,277 91 306,618 724,040 Income (loss) before income taxes 3,238,309 2,657,832 1,936,944 843,895 (3,072,669 ) 5,604,311 Provision for income taxes — — 255,534 234,675 — 490,209 Net income (loss) from continuing operations 3,238,309 2,657,832 1,681,410 609,220 (3,072,669 ) 5,114,102 Income from continuing operations attributable to non-controlling interests — 156,784 — — — 156,784 Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders $ 3,238,309 $ 2,501,048 $ 1,681,410 $ 609,220 $ (3,072,669 ) 4,957,318 Net loss from discontinued operations (502,854 ) Net income attributable to Consolidated Water Co. Ltd. stockholders $ 4,454,464 First Nine Months Segment Results Nine Months Ended September 30, 2025 Retail Bulk Services Manufacturing Corporate Total Revenue $ 25,819,712 $ 25,081,146 $ 35,815,785 $ 15,708,527 $ — $ 102,425,170 Cost of revenue 10,929,083 16,807,609 26,563,654 10,040,643 — 64,340,989 Gross profit 14,890,629 8,273,537 9,252,131 5,667,884 — 38,084,181 General and administrative expenses 2,726,531 1,008,123 6,143,566 1,653,668 10,991,031 22,522,919 Gain on asset dispositions, net 37,416 — 52,131 5,000 — 94,547 Income (loss) from operations 12,201,514 7,265,414 3,160,696 4,019,216 (10,991,031 ) 15,655,809 Interest income 123,702 622,345 580,061 3 685,003 2,011,114 Interest expense — — (3,614 ) — — (3,614 ) Income (loss) from affiliates — — — (35,198 ) 198,265 163,067 Other 55,500 25,526 69,038 254 (585 ) 149,733 Other income (loss), net 179,202 647,871 645,485 (34,941 ) 882,683 2,320,300 Income (loss) before income taxes 12,380,716 7,913,285 3,806,181 3,984,275 (10,108,348 ) 17,976,109 Provision for income taxes — — 870,688 962,245 — 1,832,933 Net income (loss) from continuing operations 12,380,716 7,913,285 2,935,493 3,022,030 (10,108,348 ) 16,143,176 Income from continuing operations attributable to non-controlling interests — 470,741 — — — 470,741 Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders $ 12,380,716 $ 7,442,544 $ 2,935,493 $ 3,022,030 $ (10,108,348 ) 15,672,435 Net loss from discontinued operations (252,857 ) Net income attributable to Consolidated Water Co. Ltd. stockholders $ 15,419,578 Nine Months Ended September 30, 2024 Retail Bulk Services Manufacturing Corporate Total Revenue $ 24,392,814 $ 25,557,220 $ 42,017,917 $ 13,591,154 $ — $ 105,559,105 Cost of revenue 10,828,421 17,632,010 30,536,801 9,428,978 — 68,426,210 Gross profit 13,564,393 7,925,210 11,481,116 4,162,176 — 37,132,895 General and administrative expenses 2,335,807 1,088,639 4,264,323 1,930,706 10,506,817 20,126,292 Gain on asset dispositions, net 2,666 — 3,000 — 192,786 198,452 Income (loss) from operations 11,231,252 6,836,571 7,219,793 2,231,470 (10,314,031 ) 17,205,055 Interest income 156,362 622,520 329,649 3 233,263 1,341,797 Interest expense (93,369 ) — (6,327 ) — (44 ) (99,740 ) Income from affiliate — — — — 199,983 199,983 Other 56,324 48,807 700 11,866 913 118,610 Other income, net 119,317 671,327 324,022 11,869 434,115 1,560,650 Income (loss) before income taxes 11,350,569 7,507,898 7,543,815 2,243,339 (9,879,916 ) 18,765,705 Provision for income taxes — — 1,627,258 548,580 — 2,175,838 Net income (loss) from continuing operations 11,350,569 7,507,898 5,916,557 1,694,759 (9,879,916 ) 16,589,867 Income from continuing operations attributable to non-controlling interests — 448,724 — — — 448,724 Net income (loss) from continuing operations attributable to Consolidated Water Co. Ltd. stockholders $ 11,350,569 $ 7,059,174 $ 5,916,557 $ 1,694,759 $ (9,879,916 ) 16,141,143 Net income from discontinued operations 10,637,926 Net income attributable to Consolidated Water Co. Ltd. stockholders $ 26,779,069 The following table presents the company’s revenue disaggregated by revenue source. Three Months Ended September 30 , Nine Months Ended September 30 , 2025 2024 2025 2024 Retail revenue $ 7,770,344 $ 7,585,992 $ 25,819,712 $ 24,392,814 Bulk revenue 8,394,614 8,767,168 25,081,146 25,557,220 Services revenue 14,289,315 12,677,837 35,815,785 42,017,917 Manufacturing revenue 4,664,433 4,359,560 15,708,527 13,591,154 Total revenue $ 35,118,706 $ 33,390,557 $ 102,425,170 $ 105,559,105 Services revenue consists of the following: Three Months Ended September 30 , Nine Months Ended September 30 , 2025 2024 2025 2024 Construction revenue $ 6,360,333 $ 4,251,237 $ 11,404,500 $ 17,632,772 Operations and maintenance revenue 7,715,000 7,492,121 23,695,704 21,660,396 Design and consulting revenue 213,982 934,479 715,581 2,724,749 Total services revenue $ 14,289,315 $ 12,677,837 $ 35,815,785 $ 42,017,917 Conference Call Consolidated Water management will host a conference call tomorrow to discuss these results, followed by a question-and-answer period. Date: Tuesday, November 11, 2025 Time: 11:00 a.m. Eastern time ( 8:00 a.m. Pacific time )Toll-free dial-in number: 1-844-875-6913International dial-in number: 1-412-317-6709Conference ID: 7074229 Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you require any assistance connecting with the call, please contact Encore at 1-949-432-7450. A replay of the call will be available after 1:00 p.m. Eastern time on the same day through November 18, 2025 , as well as available for replay via the Investors section of the Consolidated Water website at www.cwco.com . Toll-free replay number: 1-877-344-7529International replay number: 1-412-317-0088Replay ID: 7074229 About Consolidated Water Co. Ltd. Consolidated Water Co. Ltd. develops and operates advanced water supply and treatment plants and water distribution systems. The company designs, constructs and operates seawater desalination facilities in the Cayman Islands , The Bahamas and the British Virgin Islands , and designs, constructs and operates water treatment and reuse facilities in the United States . The company has in progress a $204 million design-build-operate project for a seawater desalination plant in Hawaii .The company also manufactures and services a wide range of products and provides design, engineering, management, operating and other services applicable to commercial and municipal water production, supply and treatment, and industrial water and wastewater treatment. For more information, visit cwco.com . Cautionary Note Regarding Forward-Looking Statements This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "intend", "expect", "should", "will" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to (i) continued acceptance of the company's products and services in the marketplace; (ii) changes in its relationships with the governments of the jurisdictions in which it operates; (iii) the outcome of its negotiations with the Cayman government regarding a new retail license agreement; (iv) the collection of its delinquent accounts receivable in the Bahamas ; and (v) various other risks such as economic, operational, and industry-specific risks, as detailed in the company's periodic report filings with the Securities and Exchange Commission (“SEC”). For more information about risks and uncertainties associated with the company’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the company’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting the company’s Secretary at the company’s executive offices or at the “Investors – SEC Filings” page of the company’s website at ir.cwco.com/docs . Except as otherwise required by law, the company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Company Contact: David W. Sasnett Executive Vice President and CFOTel (954) 509-8200 Email Contact Investor Relations Contact: Ron Both or Grant Stude Encore Investor RelationsTel (949) 432-7557 Email Contact CONSOLIDATED WATER CO. LTD. CONDENSED CONSOLIDATED BALANCE SHEETS September 30 , December 31 , 2025 2024 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 123,554,648 $ 99,350,121 Accounts receivable, net 28,996,834 39,580,982 Inventory 4,564,029 8,960,350 Prepaid expenses and other current assets 5,965,382 5,112,183 Contract assets 6,731,861 4,470,243 Current assets of discontinued operations 136,928 272,485 Total current assets 169,949,682 157,746,364 Property, plant and equipment, net 55,553,056 52,432,282 Construction in progress 5,210,534 5,143,717 Inventory, noncurrent 5,597,052 5,338,961 Investment in affiliates 1,122,030 1,504,363 Goodwill 12,861,404 12,861,404 Intangible assets, net 2,204,536 2,696,815 Operating lease right-of-use assets 3,095,156 3,232,786 Other assets 1,641,202 2,356,489 Total assets $ 257,234,652 $ 243,313,181 LIABILITIES AND EQUITY Current liabilities Accounts payable, accrued expenses and other current liabilities $ 9,530,167 $ 9,057,179 Accrued compensation 3,569,948 3,336,946 Dividends payable 2,272,907 1,780,841 Current maturities of operating leases 667,074 634,947 Current portion of long-term debt 62,458 126,318 Contract liabilities 11,682,006 9,126,654 Deferred revenue 149,675 365,879 Current liabilities of discontinued operations 271,143 509,745 Total current liabilities 28,205,378 24,938,509 Long-term debt, noncurrent 34,753 70,320 Deferred tax liabilities 183,536 210,893 Noncurrent operating leases 2,457,151 2,630,812 Other liabilities 153,000 153,000 Total liabilities 31,033,818 28,003,534 Commitments and contingencies Equity Consolidated Water Co. Ltd. stockholders' equity Redeemable preferred stock, $0.60 par value. Authorized 200,000 shares; issued and outstanding 39,794 and 44,004 shares, respectively 23,876 26,402 Class A common stock, $0.60 par value. Authorized 24,655,000 shares; issued and outstanding 15,931,336 and 15,846,345 shares, respectively 9,558,802 9,507,807 Class B common stock, $0.60 par value. Authorized 145,000 shares; none issued — — Additional paid-in capital 94,729,766 93,550,905 Retained earnings 116,068,697 106,875,581 Total Consolidated Water Co. Ltd. stockholders' equity 220,381,141 209,960,695 Non-controlling interests 5,819,693 5,348,952 Total equity 226,200,834 215,309,647 Total liabilities and equity $ 257,234,652 $ 243,313,181 CONSOLIDATED WATER CO. LTD. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three Months Ended September 30 , Nine Months Ended September 30 , 2025 2024 2025 2024 Revenue $ 35,118,706 $ 33,390,557 $ 102,425,170 $ 105,559,105 Cost of revenue 22,172,797 21,755,899 64,340,989 68,426,210 Gross profit 12,945,909 11,634,658 38,084,181 37,132,895 General and administrative expenses 7,218,722 6,955,969 22,522,919 20,126,292 Gain on asset dispositions, net 34,095 201,582 94,547 198,452 Income from operations 5,761,282 4,880,271 15,655,809 17,205,055 Other income (expense): Interest income 637,532 626,801 2,011,114 1,341,797 Interest expense (901 ) (32,801 ) (3,614 ) (99,740 ) Equity in the earnings of affiliates 80,314 73,620 163,067 199,983 Other 94,282 56,420 149,733 118,610 Other income, net 811,227 724,040 2,320,300 1,560,650 Income before income taxes 6,572,509 5,604,311 17,976,109 18,765,705 Provision for income taxes 827,009 490,209 1,832,933 2,175,838 Net income from continuing operations 5,745,500 5,114,102 16,143,176 16,589,867 Income from continuing operations attributable to non-controlling interests 175,936 156,784 470,741 448,724 Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders 5,569,564 4,957,318 15,672,435 16,141,143 Net income (loss) from discontinued operations (37,220 ) (502,854 ) (252,857 ) 10,637,926 Net income attributable to Consolidated Water Co. Ltd. stockholders $ 5,532,344 $ 4,454,464 $ 15,419,578 $ 26,779,069 Basic earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders Continuing operations $ 0.35 $ 0.31 $ 0.98 $ 1.02 Discontinued operations — (0.03 ) (0.01 ) 0.67 Basic earnings per share $ 0.35 $ 0.28 $ 0.97 $ 1.69 Diluted earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders Continuing operations $ 0.34 $ 0.31 $ 0.97 $ 1.01 Discontinued operations — (0.03 ) (0.01 ) 0.67 Diluted earnings per share $ 0.34 $ 0.28 $ 0.96 $ 1.68 Dividends declared per common and redeemable preferred shares $ 0.14 $ 0.11 $ 0.39 $ 0.30 Weighted average number of common shares used in the determination of: Basic earnings per share 15,924,851 15,833,715 15,919,167 15,830,599 Diluted earnings per share 16,054,557 15,989,601 16,047,312 15,986,019 Source: Consolidated Water Co. Ltd.

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