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Consolidated Water (CWCO) Q4 Earnings Flat, Sales Rise Y/Y
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Consolidated Water Co. Ltd. (CWCO - Free Report) reported fourth-quarter 2016 earnings of 11 cents per share, in line with the year-ago quarter figure.
In 2016, the company reported earnings of 27 cents per share, down 47.1% from the year-ago number of 51 cents.
Total Revenue
In the quarter under review, Consolidated Water’s total revenue was $14.1 million, missing the Zacks Consensus Estimate of $15 million by 6%. Reported revenues were however higher than the year-ago tally of $13.4 million by 5.2%.
During 2016, Consolidated Water reported total revenue of $57.9 million, which missed the Zacks Consensus Estimate of $58.9 million by 1.7%. Reported revenues were however higher than the year-ago tally of $57.1 million by 1.4%.
Segment Details
Retail Water Operations revenues in 2016 were up 1.1% year over year to $23.5 million. Volume of water sold in 2016 by the Cayman retail operations were up 12% from the 2015 level. However, the decline in energy costs and adjustment of the Cayman retail base rates under the company's retail license as well as decrease in sales for CW-Bali partially offset this volume increase.
Bulk Water Operations revenues in 2016 were down 6.9% year over year to $29.6 million due to lower contribution from the Bahamas and Cayman operations.
Services Operations revenues in 2016 of $4.7 million were up significantly from the year-ago level of $2 million. The upside was driven by revenues from Aerex, which was acquired in the first quarter of 2016.
Consolidated Water Co. Ltd. Price, Consensus and EPS Surprise
In 2016, cost of revenues decreased 0.5% year over year to $33.6 million mainly due to lower cost of revenues from Retail and Bulk Water Operations, partially offset by higher cost of Services revenues.
Consolidated Water’s 2016 gross profit was $24.3 million, up 4% from the prior-year level. Moreover, the company incurred general and administrative expenses of $18.7 million, up 25.9% primarily due to $2.3 million expenses related to Aerex and an increase in project development expenses incurred by the company's Mexican subsidiary, N.S.C. Agua S.A. de C.V.
Financial Update
As of Dec 31, 2016, Consolidated Water’s cash and cash equivalents were $39.3 million, down from $44.8 million as of Dec 31, 2015.
Utility Peer Releases
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2016 adjusted earnings of $1.21 per share, missing the Zacks Consensus Estimate of $1.29 by 6.2%. Reported earnings were, however, up 3.4% year over year.
WEC Energy Group (WEC - Free Report) reported fourth-quarter 2016 adjusted earnings of 61 cents per share, a penny lower than both the Zacks Consensus Estimate and the year-ago figure of 62 cents.
Connecticut Water Service Inc. reported fourth-quarter 2016 earnings of 7 cents per share, which missed the Zacks Consensus Estimate of 23 cents by 69.6%. Moreover, earnings declined 65% year over year.
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Consolidated Water (CWCO) Q4 Earnings Flat, Sales Rise Y/Y
Consolidated Water Co. Ltd. (CWCO - Free Report) reported fourth-quarter 2016 earnings of 11 cents per share, in line with the year-ago quarter figure.
In 2016, the company reported earnings of 27 cents per share, down 47.1% from the year-ago number of 51 cents.
Total Revenue
In the quarter under review, Consolidated Water’s total revenue was $14.1 million, missing the Zacks Consensus Estimate of $15 million by 6%. Reported revenues were however higher than the year-ago tally of $13.4 million by 5.2%.
During 2016, Consolidated Water reported total revenue of $57.9 million, which missed the Zacks Consensus Estimate of $58.9 million by 1.7%. Reported revenues were however higher than the year-ago tally of $57.1 million by 1.4%.
Segment Details
Retail Water Operations revenues in 2016 were up 1.1% year over year to $23.5 million. Volume of water sold in 2016 by the Cayman retail operations were up 12% from the 2015 level. However, the decline in energy costs and adjustment of the Cayman retail base rates under the company's retail license as well as decrease in sales for CW-Bali partially offset this volume increase.
Bulk Water Operations revenues in 2016 were down 6.9% year over year to $29.6 million due to lower contribution from the Bahamas and Cayman operations.
Services Operations revenues in 2016 of $4.7 million were up significantly from the year-ago level of $2 million. The upside was driven by revenues from Aerex, which was acquired in the first quarter of 2016.
Consolidated Water Co. Ltd. Price, Consensus and EPS Surprise
Consolidated Water Co. Ltd. Price, Consensus and EPS Surprise | Consolidated Water Co. Ltd. Quote
Highlights of the Release
In 2016, cost of revenues decreased 0.5% year over year to $33.6 million mainly due to lower cost of revenues from Retail and Bulk Water Operations, partially offset by higher cost of Services revenues.
Consolidated Water’s 2016 gross profit was $24.3 million, up 4% from the prior-year level. Moreover, the company incurred general and administrative expenses of $18.7 million, up 25.9% primarily due to $2.3 million expenses related to Aerex and an increase in project development expenses incurred by the company's Mexican subsidiary, N.S.C. Agua S.A. de C.V.
Financial Update
As of Dec 31, 2016, Consolidated Water’s cash and cash equivalents were $39.3 million, down from $44.8 million as of Dec 31, 2015.
Utility Peer Releases
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2016 adjusted earnings of $1.21 per share, missing the Zacks Consensus Estimate of $1.29 by 6.2%. Reported earnings were, however, up 3.4% year over year.
WEC Energy Group (WEC - Free Report) reported fourth-quarter 2016 adjusted earnings of 61 cents per share, a penny lower than both the Zacks Consensus Estimate and the year-ago figure of 62 cents.
Connecticut Water Service Inc. reported fourth-quarter 2016 earnings of 7 cents per share, which missed the Zacks Consensus Estimate of 23 cents by 69.6%. Moreover, earnings declined 65% year over year.
Zacks Rank
Consolidated Water currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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If the stocks above spark your interest, wait until you look into companies primed to make substantial gains from Washington's changing course.
Today Zacks reveals 5 tickers that could benefit from new trends like streamlined drug approvals, tariffs, lower taxes, higher interest rates, and spending surges in defense and infrastructure. See these buy recommendations now >>