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Consolidated Water (CWCO) Q1 Earnings, Revenues Beat Estimates
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Consolidated Water Co. Ltd. (CWCO - Free Report) reported first-quarter 2017 earnings of 18 cents per share, beating the Zacks Consensus Estimate of 11 cents by 63.6%.
The year-over-year improvement in earnings was primarily due to higher gross profits generated from three of its reporting segments.
Total Revenue
In the quarter under review, Consolidated Water’s total revenue was $15.7 million, beating the Zacks Consensus Estimate of $14.6 million by 7.5%. Reported revenues were higher than the year-ago figure of $14 million by 11.7%.
Segment Details
Retail Water Operations revenues in the first quarter were up 8.4% year over year to $6.48 million. Volume of water sold in the first quarter was up 8% from the 2016 level.
Bulk Water Operations revenues were up 5.9% year over year to $7.69 million due to higher contribution from the Bahamas operations.
Manufacturing revenues were $1.38 million, up 130% year over year.
Services Operations revenues of $0.13 million were down from the year-ago level of $0.18 million.
Consolidated Water Co. Ltd. Price, Consensus and EPS Surprise
In the first quarter, total cost of revenues decreased 12.6% year over year to $8.84 million, mainly due to higher cost of revenues from Retail, Bulk Water Operations and Manufacturing operations, partially offset by lower cost of Services revenues.
Consolidated Water’s gross profit in the first quarter was $6.84 million, up 10.7% from the prior-year level.
Moreover, the company incurred general and administrative expenses of $4.79 million, up 7.4% primarily due to inclusion of Aerex's general and administrative G&A expenses.
Financial Update
As of Mar 31, 2017, Consolidated Water’s cash and cash equivalents were $36.5 million, down from $39.3 million as of Dec 31, 2016.
American States Water Company (AWR - Free Report) reported first-quarter 2017 earnings of 34 cents per share, beating the Zacks Consensus Estimate of 32 cents by 6.25%.
California Water Service Group (CWT - Free Report) reported first-quarter 2017 earnings of 2 cents per share, lagging the Zacks Consensus Estimate of 5 cents by 60.0%.
Connecticut Water Service Inc. reported first-quarter 2017 earnings of 36 cents per share, which surpassed the Zacks Consensus Estimate of 35 cents by 2.9%.
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Consolidated Water (CWCO) Q1 Earnings, Revenues Beat Estimates
Consolidated Water Co. Ltd. (CWCO - Free Report) reported first-quarter 2017 earnings of 18 cents per share, beating the Zacks Consensus Estimate of 11 cents by 63.6%.
The year-over-year improvement in earnings was primarily due to higher gross profits generated from three of its reporting segments.
Total Revenue
In the quarter under review, Consolidated Water’s total revenue was $15.7 million, beating the Zacks Consensus Estimate of $14.6 million by 7.5%. Reported revenues were higher than the year-ago figure of $14 million by 11.7%.
Segment Details
Retail Water Operations revenues in the first quarter were up 8.4% year over year to $6.48 million. Volume of water sold in the first quarter was up 8% from the 2016 level.
Bulk Water Operations revenues were up 5.9% year over year to $7.69 million due to higher contribution from the Bahamas operations.
Manufacturing revenues were $1.38 million, up 130% year over year.
Services Operations revenues of $0.13 million were down from the year-ago level of $0.18 million.
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 the first quarter, total cost of revenues decreased 12.6% year over year to $8.84 million, mainly due to higher cost of revenues from Retail, Bulk Water Operations and Manufacturing operations, partially offset by lower cost of Services revenues.
Consolidated Water’s gross profit in the first quarter was $6.84 million, up 10.7% from the prior-year level.
Moreover, the company incurred general and administrative expenses of $4.79 million, up 7.4% primarily due to inclusion of Aerex's general and administrative G&A expenses.
Financial Update
As of Mar 31, 2017, Consolidated Water’s cash and cash equivalents were $36.5 million, down from $39.3 million as of Dec 31, 2016.
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.
Peer Releases
American States Water Company (AWR - Free Report) reported first-quarter 2017 earnings of 34 cents per share, beating the Zacks Consensus Estimate of 32 cents by 6.25%.
California Water Service Group (CWT - Free Report) reported first-quarter 2017 earnings of 2 cents per share, lagging the Zacks Consensus Estimate of 5 cents by 60.0%.
Connecticut Water Service Inc. reported first-quarter 2017 earnings of 36 cents per share, which surpassed the Zacks Consensus Estimate of 35 cents by 2.9%.
The Best & Worst of Zacks
Today you are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. From 1988 through 2015 this list has averaged a stellar gain of +25% per year. Plus, you may download 220 Zacks Rank #5 "Strong Sells." Even though this list holds many stocks that seem to be solid, it has historically performed 6X worse than the market. See these critical buys and sells free >>