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American Water Works Company, Inc. (AWK) - free report >>
California Water Service Group (CWT) - free report >>
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Consolidated Water (CWCO) Q2 Earnings Beat, Revenues Miss
Consolidated Water Co. Ltd. (CWCO - Free Report) reported second-quarter 2021 earnings of 8 cents per share, beating the Zacks Consensus Estimate by a penny. In the year-ago quarter, the company reported earnings of 13 cents per share.
Revenues
Total revenues for second-quarter 2021 came in at $16.7 million, which missed the Zacks Consensus Estimate of $18 million by 7.2%.
Further, total revenues were down 12.6% year over year. The year-over-over year decline in revenues was due to the pandemic’s impact on its retail segment and reduced orders from a major customer in the manufacturing segment.
Consolidated Water Co. Ltd. Price, Consensus and EPS Surprise
Consolidated Water Co. Ltd. price-consensus-eps-surprise-chart | Consolidated Water Co. Ltd. Quote
Segment Details
Retail revenues for second-quarter 2021 decreased 4.9% year over year to $5.7 million. This reflects a 12% 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.
Bulk revenues came in at $6.7 million for second-quarter 2021, up 14.1% from the prior-year figure. The increase in revenues was due to a 7% increase in the volume of water sold by CW-Bahamas.
Manufacturing revenues amounted to $0.55 million for the second quarter, down 85.4% year over year. The year-over year decline was due to a decrease in orders from Aerex’s former largest customer.
Services revenues were $3.76 million for the second quarter, up 8.3% year over year. The year-over-year improvement was due to contribution from new operating and maintenance contracts.
Other Details
General and administrative expenses for the quarter increased 3.5% from the year-ago level to $4.72 million.
Interest income for the reported quarter was $0.17 million, up 59% from the year-ago quarter.
Financial Highlights
Cash and cash equivalents as of Jun 30, 2021 were $41.2 million, down from $43.8 million on Dec 31, 2020.
Long-term debt as of Jun 30, 2021 was $0.15 million compared with $0.13 million on Dec 31, 2020.
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 second-quarter earnings:
American Water Works (AWK - Free Report) , Essential Utilities (WTRG - Free Report) and California Water Service Group’s (CWT - Free Report) second-quarter earnings per share surpassed the Zacks Consensus Estimate by 5.6%, 10.3% and 102.7%, respectively.