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Consolidated Water (CWCO) Q1 Earnings & Sales Beat Estimates
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Consolidated Water Co. Ltd. (CWCO - Free Report) posted first-quarter 2023 earnings per share (EPS) of 26 cents, which surpassed the Zacks Consensus Estimate of 20 cents by 30%. The bottom line increased 73.3% from the previous year’s 15 cents.
Total Revenues
Consolidated Water reported first-quarter revenues of $32.9 million, up 68% year over year. The figure surpassed the Zacks Consensus Estimate of $28.25 million by 16.5%.
Consolidated Water Co. Ltd. Price, Consensus and EPS Surprise
Retail revenues for the first quarter were $7.8 million, an increase of 23% from $6.3 million in the year-ago quarter. This increase was due to a 20% rise in the volume of water sold in Grand Cayman. It included direct water sales to the water authority and increased tourist activity in the region.
Bulk revenues were $9.0 million, up 22% from $7.3 million in the year-ago quarter. The rise was due to an increase in CW-Bahamas’ energy costs, which improved the energy pass-through component of CW-Bahamas’ rates. Also, the volume of water sold increased 9%.
Manufacturing revenues for the first quarter of 2023 were $3.4 million, an increase of 183% from $1.2 million in the year-ago quarter. This increase was due to a rise in production activity and relief in the supply chain constraints.
Services revenues were $12.7 million, up 170.2% from $4.7 million in the year-ago quarter. The improvement was due to an increase in plant design, construction revenues, and operating and maintenance revenues. Majority of this increase was the contribution of the subsidiary - PERC Water.
Highlights of the release
General and administrative expenses increased to $6 million due to rising pay, new hiring and higher accruals of bonus. The company continues to expand its operations. In January 2023, it became the 100% owner of PERC Water by acquiring the remaining 39% interest.
Net income from continuing operations was $4.1 million, 75% higher than the year-ago figure.
Financial Highlights
Cash and cash equivalents amounted to $51.1 million as of Mar 31, 2023, up from $50.7 million on Dec 31, 2022, and working capital was $70.6 million. Total long-term debt was $0.19 million as of Mar 31, 2023, lower than $0.22 million at 2022-end.
CWCO paid quarterly cash dividends of 8.5 cents per share and a total dividend of $1.4 million. Cash flow from operating activities in first-quarter 2023 was $3.8 million compared with $4.6 million in the year-ago period. Capital expenditure for the quarter was $12 million.
York Water (YORW - Free Report) recorded first-quarter 2023 earnings of 35 cents per share, outperforming the Zacks Consensus Estimate of 32 cents by 9.4%. An earnings surprise of 9.38% was seen.
The consensus mark for YORW’s 2023 earnings stands at $1.51 per share, implying a year-over-year improvement of 7.9%.
American States Water Company (AWR - Free Report) recorded first-quarter 2023 operating EPS of 54 cents. AWR’s bottom line was on par with the Zacks Consensus Estimate.
SJW Group (SJW - Free Report) recorded first-quarter 2023 earnings of 37 cents per share, outperforming the Zacks Consensus Estimate of 24 cents by 54.2%.
The consensus estimate for SJW’s 2023 EPS stands at $2.47, implying a year-over-year improvement of 2.1%.
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Consolidated Water (CWCO) Q1 Earnings & Sales Beat Estimates
Consolidated Water Co. Ltd. (CWCO - Free Report) posted first-quarter 2023 earnings per share (EPS) of 26 cents, which surpassed the Zacks Consensus Estimate of 20 cents by 30%. The bottom line increased 73.3% from the previous year’s 15 cents.
Total Revenues
Consolidated Water reported first-quarter revenues of $32.9 million, up 68% year over year. The figure surpassed the Zacks Consensus Estimate of $28.25 million by 16.5%.
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 the first quarter were $7.8 million, an increase of 23% from $6.3 million in the year-ago quarter. This increase was due to a 20% rise in the volume of water sold in Grand Cayman. It included direct water sales to the water authority and increased tourist activity in the region.
Bulk revenues were $9.0 million, up 22% from $7.3 million in the year-ago quarter. The rise was due to an increase in CW-Bahamas’ energy costs, which improved the energy pass-through component of CW-Bahamas’ rates. Also, the volume of water sold increased 9%.
Manufacturing revenues for the first quarter of 2023 were $3.4 million, an increase of 183% from $1.2 million in the year-ago quarter. This increase was due to a rise in production activity and relief in the supply chain constraints.
Services revenues were $12.7 million, up 170.2% from $4.7 million in the year-ago quarter. The improvement was due to an increase in plant design, construction revenues, and operating and maintenance revenues. Majority of this increase was the contribution of the subsidiary - PERC Water.
Highlights of the release
General and administrative expenses increased to $6 million due to rising pay, new hiring and higher accruals of bonus. The company continues to expand its operations. In January 2023, it became the 100% owner of PERC Water by acquiring the remaining 39% interest.
Net income from continuing operations was $4.1 million, 75% higher than the year-ago figure.
Financial Highlights
Cash and cash equivalents amounted to $51.1 million as of Mar 31, 2023, up from $50.7 million on Dec 31, 2022, and working capital was $70.6 million. Total long-term debt was $0.19 million as of Mar 31, 2023, lower than $0.22 million at 2022-end.
CWCO paid quarterly cash dividends of 8.5 cents per share and a total dividend of $1.4 million. Cash flow from operating activities in first-quarter 2023 was $3.8 million compared with $4.6 million in the year-ago period. Capital expenditure for the quarter was $12 million.
Zacks Rank
Consolidated Water currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
York Water (YORW - Free Report) recorded first-quarter 2023 earnings of 35 cents per share, outperforming the Zacks Consensus Estimate of 32 cents by 9.4%. An earnings surprise of 9.38% was seen.
The consensus mark for YORW’s 2023 earnings stands at $1.51 per share, implying a year-over-year improvement of 7.9%.
American States Water Company (AWR - Free Report) recorded first-quarter 2023 operating EPS of 54 cents. AWR’s bottom line was on par with the Zacks Consensus Estimate.
SJW Group (SJW - Free Report) recorded first-quarter 2023 earnings of 37 cents per share, outperforming the Zacks Consensus Estimate of 24 cents by 54.2%.
The consensus estimate for SJW’s 2023 EPS stands at $2.47, implying a year-over-year improvement of 2.1%.