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Global Water Resources (GWRS) Q2 Earnings Beat, Revenues Rise
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Global Water Resources Inc. (GWRS - Free Report) recorded earnings per share (EPS) of 9 cents in the second quarter of 2022, which surpassed the Zacks Consensus Estimate of 5 cents by 80%. The bottom line was on par with the year-ago quarter’s tally of 9 cents per share.
Total Revenues
In the quarter under review, the company’s revenues came in at $11.7 million, which beat the Zacks Consensus Estimate of $11.6 million by 0.9%. Moreover, the top line improved by 7.3% from $10.9 million in the prior-year quarter.
The year over year improvement in revenues can be attributed to growth in active service connections combined with increases in consumption. Also, the acquisition of Las Quintas Serenas Water Company in the fourth quarter of 2021 boosted quarterly revenues.
Global Water Resources, Inc. Price, Consensus and EPS Surprise
Global Water Resources’ total operating expenses in the second quarter were $9.2 million, up 7% from the year-ago quarter’s $8.6 million, due to an increase in operation and maintenance, depreciation and amortization as well as general and administrative expenses.
The company’s operating income in the second quarter was $2.5 million, up 5.3% from the year-ago quarter’s reading of $2.3 million.
Its interest expenses were $1.1 million, down 21.9% from the year-ago quarter’s reading of $1.4 million.
Global Water Resources signed an agreement to acquire Farmers Water Company in Pima County, which is expected to add 3,300 active water service connections.
Financial Update
As of Jun 30, 2022, GWRS had cash and cash equivalents of $4.8 million compared with $12.6 million as of Dec 31, 2021.
As of Jun 30, 2022, Global Water Resources’ long-term debt and capital leases were $107 million, down from $108.9 million as of Dec 31, 2021.
Global Water Resources invested $14.6 million in infrastructure improvements during the first six months of 2022 compared with the $6.4 million invested in the prior-year period.
American Water Works Company (AWK - Free Report) posted second-quarter 2022 operating EPS of $1.20, which surpassed the Zacks Consensus Estimate of $1.14 by 5.3%. The Zacks Consensus Estimate for AWK’s 2022 earnings implies year-over-year growth of 4.7%.
Artesian Resources (ARTNA - Free Report) posted second-quarter 2022 operating EPS of 53 cents, beating the Zacks Consensus Estimate of 50 cents per share by 6%. The Zacks Consensus Estimate for ARTNA’s 2022 earnings implies year-over-year growth of 7.8%.
York Water (YORW - Free Report) posted second-quarter 2022 operating EPS of 36 cents, beating the Zacks Consensus Estimate of 34 cents per share by 5.9%. The Zacks Consensus Estimate for YORW’s 2022 earnings implies year-over-year growth of 4.6%.
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Global Water Resources (GWRS) Q2 Earnings Beat, Revenues Rise
Global Water Resources Inc. (GWRS - Free Report) recorded earnings per share (EPS) of 9 cents in the second quarter of 2022, which surpassed the Zacks Consensus Estimate of 5 cents by 80%. The bottom line was on par with the year-ago quarter’s tally of 9 cents per share.
Total Revenues
In the quarter under review, the company’s revenues came in at $11.7 million, which beat the Zacks Consensus Estimate of $11.6 million by 0.9%. Moreover, the top line improved by 7.3% from $10.9 million in the prior-year quarter.
The year over year improvement in revenues can be attributed to growth in active service connections combined with increases in consumption. Also, the acquisition of Las Quintas Serenas Water Company in the fourth quarter of 2021 boosted quarterly revenues.
Global Water Resources, Inc. Price, Consensus and EPS Surprise
Global Water Resources, Inc. price-consensus-eps-surprise-chart | Global Water Resources, Inc. Quote
Highlights of the Release
Global Water Resources’ total operating expenses in the second quarter were $9.2 million, up 7% from the year-ago quarter’s $8.6 million, due to an increase in operation and maintenance, depreciation and amortization as well as general and administrative expenses.
The company’s operating income in the second quarter was $2.5 million, up 5.3% from the year-ago quarter’s reading of $2.3 million.
Its interest expenses were $1.1 million, down 21.9% from the year-ago quarter’s reading of $1.4 million.
Global Water Resources signed an agreement to acquire Farmers Water Company in Pima County, which is expected to add 3,300 active water service connections.
Financial Update
As of Jun 30, 2022, GWRS had cash and cash equivalents of $4.8 million compared with $12.6 million as of Dec 31, 2021.
As of Jun 30, 2022, Global Water Resources’ long-term debt and capital leases were $107 million, down from $108.9 million as of Dec 31, 2021.
Global Water Resources invested $14.6 million in infrastructure improvements during the first six months of 2022 compared with the $6.4 million invested in the prior-year period.
Zacks Rank
Currently, GWRS carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
American Water Works Company (AWK - Free Report) posted second-quarter 2022 operating EPS of $1.20, which surpassed the Zacks Consensus Estimate of $1.14 by 5.3%. The Zacks Consensus Estimate for AWK’s 2022 earnings implies year-over-year growth of 4.7%.
Artesian Resources (ARTNA - Free Report) posted second-quarter 2022 operating EPS of 53 cents, beating the Zacks Consensus Estimate of 50 cents per share by 6%. The Zacks Consensus Estimate for ARTNA’s 2022 earnings implies year-over-year growth of 7.8%.
York Water (YORW - Free Report) posted second-quarter 2022 operating EPS of 36 cents, beating the Zacks Consensus Estimate of 34 cents per share by 5.9%. The Zacks Consensus Estimate for YORW’s 2022 earnings implies year-over-year growth of 4.6%.