Consolidated Water Co. Ltd. ( CWCO Quick Quote CWCO - Free Report) reported 2020 earnings of 56 cents per share, down 22.2% year over year. However, earnings surpassed the Zacks Consensus Estimate by 51.4%. Total Revenues
The company’s total revenues for 2020 came in at $72.63 million, up 5.6% from the year-ago figure of $68.8 million. Total revenues, however, missed the Zacks Consensus Estimate by 4.7%.
Segment Details Retail revenues for 2020 decreased 13.2% year over year to $22.95 million. This reflects a 13% decrease in the volume of water sold by Cayman Water due to the closing of Grand Cayman Island to tourists in March 2020 in response to the COVID-19 pandemic and lower energy prices in 2020 than 2019. Bulk revenues came in at $24.3 million in 2020, down 9.9% from the prior-year figure. The decrease in revenues was due to new contracts at lower rates and reduced energy costs in the Bahamas, which in turn lowered energy pass-through charges to customers therein. Manufacturing revenues amounted to $12.42 million in 2020, down 8.6% year over year. The year-over year decline was due to lower orders received in fourth-quarter 2020. Services revenues were $12.94 million for 2020, up a whopping 639.4% from $1.8 million in the year-ago period. The year-over-year improvement was due to contribution from PERC that was acquired in October 2019. Other Details
General and administrative expenses for 2020 increased 8.2% from the year-ago level to $18.4 million.
During the year, the company was able to generate net income of $8.6 million and paid $5.1 million in dividends. Management aims to expand operations and water solutions in 2021 through organic growth, acquisitions, as well as new projects. Financial Highlights
Cash and cash equivalents as of Dec 31, 2020 were $43.8 million, up from $42.1 million in the corresponding period of 2019.
Long-term debt as of Dec 31, 2020 was $0.13 million compared with $0.06 million in the comparable period of 2019. Cash provided from operating activities in 2020 was $12.4 million compared with $15.2 million in the comparable year-ago period. Zacks Rank
Currently, Consolidated Water carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Other Releases
Here are some other players from the water utility space that have reported fourth-quarter earnings:
American Water Works ( AWK Quick Quote AWK - Free Report) and Essential Utilities’ ( WTRG Quick Quote WTRG - Free Report) earnings per share were in line with the Zacks Consensus Estimate. Middlesex Water Company’s ( MSEX Quick Quote MSEX - Free Report) earnings beat the Zacks Consensus Estimate by 9.3%. More Stock News: This Is Bigger than the iPhone!
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