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Global Water (GWRS) Posts Loss in Q2, Misses on Revenues
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Global Water Resources, Inc. (GWRS - Free Report) second-quarter adjusted loss per share of 1 cent. However, the Zacks Consensus Estimate was earnings of 2 cents.
Total Revenue
Second-quarter total revenue of $7.6 million lagged the Zacks Consensus Estimate of $8 million by 5%. Quarterly revenues were also down 16.5% year over year.
Segmental Highlights
Water Services registered revenues of $3.6 million in the second quarter, down from $5.1 million in the prior-year quarter.
Wastewater and Recycled Water Services’ revenues came in at $3.9 million, up from $3.8 million in the year-ago period.
Unregulated revenues amounted to $0.02 million, down from $0.18 million in second-quarter 2015.
Total operating expenses in the reported quarter decreased marginally to $6.7 million primarily due to lower operations and maintenance expenditure.
Operating income came in at $0.83 million in the second quarter of 2016, down from $2.3 million in the prior-year quarter.
Interest expenses significantly increased to $7.5 million from $2.1 million in the year-ago quarter.
Financial Highlights
Cash and cash equivalents were $25.6 million as of Jun 30, 2016, up from $11.5 million as of Dec 31, 2015.
Long-term debt and capital leases was $114.5 million as of Jun 30, 2016, up from $102.4 million as of Dec 31, 2015.
For the first six months of 2016, cash used in operating activities was $2.5 million compared with cash of $0.76 million provided by operating activities.
Capital expenditure in the first six months of 2016 amounted to $2.6 million, up from $1.1 million in the prior-year period.
Excluding the impact of the divestiture of the Valencia and Willow Valley assets, active service connections increased by 36.8 thousand, up 1.4% from the tally at Dec 31, 2015.
Peer Releases
Aqua America Inc.’s second-quarter earnings of 33 cents per share were on par with the Zacks Consensus Estimate.
California Water Service Group’s (CWT - Free Report) second-quarter 2016 operating earnings per share of 24 cents lagged the Zacks Consensus Estimate of 26 cents by 7.7%.
SJW Corp.’s (SJW - Free Report) second-quarter 2016 operating earnings per share of 66 cents surpassed the Zacks Consensus Estimate of 41 cents by 60.9%.
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Global Water (GWRS) Posts Loss in Q2, Misses on Revenues
Global Water Resources, Inc. (GWRS - Free Report) second-quarter adjusted loss per share of 1 cent. However, the Zacks Consensus Estimate was earnings of 2 cents.
Total Revenue
Second-quarter total revenue of $7.6 million lagged the Zacks Consensus Estimate of $8 million by 5%. Quarterly revenues were also down 16.5% year over year.
Segmental Highlights
Water Services registered revenues of $3.6 million in the second quarter, down from $5.1 million in the prior-year quarter.
Wastewater and Recycled Water Services’ revenues came in at $3.9 million, up from $3.8 million in the year-ago period.
Unregulated revenues amounted to $0.02 million, down from $0.18 million in second-quarter 2015.
GLOBL WATER RES Price, Consensus and EPS Surprise
GLOBL WATER RES Price, Consensus and EPS Surprise | GLOBL WATER RES Quote
Highlights of the Release
Total operating expenses in the reported quarter decreased marginally to $6.7 million primarily due to lower operations and maintenance expenditure.
Operating income came in at $0.83 million in the second quarter of 2016, down from $2.3 million in the prior-year quarter.
Interest expenses significantly increased to $7.5 million from $2.1 million in the year-ago quarter.
Financial Highlights
Cash and cash equivalents were $25.6 million as of Jun 30, 2016, up from $11.5 million as of Dec 31, 2015.
Long-term debt and capital leases was $114.5 million as of Jun 30, 2016, up from $102.4 million as of Dec 31, 2015.
For the first six months of 2016, cash used in operating activities was $2.5 million compared with cash of $0.76 million provided by operating activities.
Capital expenditure in the first six months of 2016 amounted to $2.6 million, up from $1.1 million in the prior-year period.
Excluding the impact of the divestiture of the Valencia and Willow Valley assets, active service connections increased by 36.8 thousand, up 1.4% from the tally at Dec 31, 2015.
Peer Releases
Aqua America Inc.’s second-quarter earnings of 33 cents per share were on par with the Zacks Consensus Estimate.
California Water Service Group’s (CWT - Free Report) second-quarter 2016 operating earnings per share of 24 cents lagged the Zacks Consensus Estimate of 26 cents by 7.7%.
SJW Corp.’s (SJW - Free Report) second-quarter 2016 operating earnings per share of 66 cents surpassed the Zacks Consensus Estimate of 41 cents by 60.9%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>