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Global Water Resources' (GWRS) Q4 Earnings Meet Estimates
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Global Water Resources (GWRS - Free Report) reported fourth-quarter earnings of 5 cents per share, which is on par with the Zacks Consensus Estimate. The bottom line improved 25% from the year-ago quarter’s 4 cents.
For full-year 2023, GWRS reported earnings of 33 cents, up 45% year over year.
Revenues
Fourth-quarter revenues of $12.4 million surpassed the Zacks Consensus Estimate of $12 million by 3.3%. Also, the top line increased 11.4% from the year-ago quarter’s $11.1 million.
Full-year 2023 revenues totaled $53 million, up 18.6% from $44.7 million in the previous year.
Global Water Resources, Inc. Price, Consensus and EPS Surprise
In the reported quarter, operating expenses totaled $10.7 million, up 8.1% from $9.8 million in the previous year. This was due to an 18.7% increase in operation and maintenance expenses, and a 3.3% rise in general and administrative expenses.
In the fourth quarter, interest expenses were $1.1 million, tad lower from the year-ago quarter’s level of $1.4 million.
As of Dec 31, 2023, active service connections increased 9.8% to 61,971. The uptick was primarily driven by the acquisition of Farmers Water Co., which completed in February 2023, and organic growth.
Water consumption increased 19.4% to 0.90 billion gallons in the fourth quarter. For the full year, water consumption improved 14.8% to 3.97 billion gallons.
Financial Highlights
Cash and cash equivalents as of Dec 31, 2023, were $3.1 million compared with $6.6 million as of Dec 31, 2022.
Long-term debt amounted to $101.3 million as of Dec 31, 2023, compared with $104.9 million as of Dec 31, 2022.
Net cash provided by operating activities for 2023 was $25.4 million compared with $2034 million in the prior year.
American Water Works Company (AWK - Free Report) posted fourth-quarter 2023 operating earnings per share (EPS) of 88 cents, which surpassed the Zacks Consensus Estimate of 84 cents by 4.8%.
AWK’s long-term (three-to-five years) earnings growth rate is 7.76%. The Zacks Consensus Estimate for 2024 EPS of $5.20 moved up 0.8% in the last 60 days.
American States Water Company (AWR - Free Report) reported fourth-quarter 2023 operating EPS of 55 cents, which beat the Zacks Consensus Estimate of 53 cents by 3.8%.
AWR’s long-term earnings growth rate is 6.3%. The Zacks Consensus Estimate for 2024 EPS of $3.01 moved up 1.7% in the last 60 days.
Essential Utilities Inc. (WTRG - Free Report) delivered fourth-quarter 2023 operating EPS of 50 cents, which surpassed the Zacks Consensus Estimate by a penny.
WTRG’s long-term earnings growth rate is 5.6%. The Zacks Consensus Estimate for 2024 EPS of $3.01 moved up 2.5% in the last 60 days
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Global Water Resources' (GWRS) Q4 Earnings Meet Estimates
Global Water Resources (GWRS - Free Report) reported fourth-quarter earnings of 5 cents per share, which is on par with the Zacks Consensus Estimate. The bottom line improved 25% from the year-ago quarter’s 4 cents.
For full-year 2023, GWRS reported earnings of 33 cents, up 45% year over year.
Revenues
Fourth-quarter revenues of $12.4 million surpassed the Zacks Consensus Estimate of $12 million by 3.3%. Also, the top line increased 11.4% from the year-ago quarter’s $11.1 million.
Full-year 2023 revenues totaled $53 million, up 18.6% from $44.7 million in the previous year.
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
In the reported quarter, operating expenses totaled $10.7 million, up 8.1% from $9.8 million in the previous year. This was due to an 18.7% increase in operation and maintenance expenses, and a 3.3% rise in general and administrative expenses.
In the fourth quarter, interest expenses were $1.1 million, tad lower from the year-ago quarter’s level of $1.4 million.
As of Dec 31, 2023, active service connections increased 9.8% to 61,971. The uptick was primarily driven by the acquisition of Farmers Water Co., which completed in February 2023, and organic growth.
Water consumption increased 19.4% to 0.90 billion gallons in the fourth quarter. For the full year, water consumption improved 14.8% to 3.97 billion gallons.
Financial Highlights
Cash and cash equivalents as of Dec 31, 2023, were $3.1 million compared with $6.6 million as of Dec 31, 2022.
Long-term debt amounted to $101.3 million as of Dec 31, 2023, compared with $104.9 million as of Dec 31, 2022.
Net cash provided by operating activities for 2023 was $25.4 million compared with $2034 million in the prior year.
Zacks Rank
Global Water Resources 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
American Water Works Company (AWK - Free Report) posted fourth-quarter 2023 operating earnings per share (EPS) of 88 cents, which surpassed the Zacks Consensus Estimate of 84 cents by 4.8%.
AWK’s long-term (three-to-five years) earnings growth rate is 7.76%. The Zacks Consensus Estimate for 2024 EPS of $5.20 moved up 0.8% in the last 60 days.
American States Water Company (AWR - Free Report) reported fourth-quarter 2023 operating EPS of 55 cents, which beat the Zacks Consensus Estimate of 53 cents by 3.8%.
AWR’s long-term earnings growth rate is 6.3%. The Zacks Consensus Estimate for 2024 EPS of $3.01 moved up 1.7% in the last 60 days.
Essential Utilities Inc. (WTRG - Free Report) delivered fourth-quarter 2023 operating EPS of 50 cents, which surpassed the Zacks Consensus Estimate by a penny.
WTRG’s long-term earnings growth rate is 5.6%. The Zacks Consensus Estimate for 2024 EPS of $3.01 moved up 2.5% in the last 60 days