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Global Water (GWRS) Posts Break-Even Results in Q1 Earnings
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Global Water Resources, Inc. (GWRS - Free Report) reported break-even results for first-quarter 2017 against a loss of 2 cents in the year-ago quarter. The Zacks Consensus Estimate was earnings of a penny.
Total Revenue
First-quarter total revenue of $6.8 million lagged the Zacks Consensus Estimate of $7 million by 2.9%. Total revenue was in line with the first quarter of 2016.
Segmental Highlights
Water Services reported revenues of $2.8 million in the first quarter, reflecting a marginal decline from $2.9 million in the prior-year quarter.
Wastewater and Recycled Water Services’ revenues came in at approximately $4 million, up from $3.8 million in the year-ago period.
Unregulated revenues were down by 10% quarter on quarter to $0.02 million.
Global Water Resources, Inc. Price, Consensus and EPS Surprise
Total operating expenses in the reported quarter increased marginally to $5.9 million from $5.8 million in the previous quarter. The increase was driven primarily by general and administrative expenses though it was partially mitigated by a reduction in operations and maintenance costs.
Operating income came in at $0.88 million in the first quarter of 2017, down from $1 million in the prior-year quarter.
Interest expenses decreased to $1.3 million from $1.8 million in the year-ago quarter.
Financial Highlights
Cash and cash equivalents were $14.8 million as of Mar 31, 2017, decreasing from $20.4 million as of Dec 31, 2016.
Long-term debt and capital leases was $114.3 million as of Mar 31, 2017, almost in line with the prior quarter.
For the first three months of 2017, cash flow from operating activities was $2.1 million compared with cash of $2.4 million provided by operating activities.
Capital expenditure in the first three months of 2017 was $6.5 million, up from $1.4 million in the prior-year period.
Excluding the impact of the divestiture of the Willow Valley assets, active service connections increased to 37.6 thousand, reflecting an increase of 3.4% from the Mar 31, 2016 figure (after adjusting for the Willow Valley disposition).
Peer Releases
American States Water Company (AWR - Free Report) reported first-quarter 2017 earnings of 34 cents per share, beating the Zacks Consensus Estimate of 32 cents by 6.25%.
Aqua America Inc. reported first-quarter 2017 earnings per share of 28 cents, lagging both the Zacks Consensus Estimate and the year-ago quarter earnings of 29 cents by 3.4%.
Connecticut Water Service Inc. reported first-quarter 2017 earnings of 36 cents per share, which surpassed the Zacks Consensus Estimate of 35 cents by 2.9%. Moreover, earnings also improved 28.6% year over year.
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Global Water (GWRS) Posts Break-Even Results in Q1 Earnings
Global Water Resources, Inc. (GWRS - Free Report) reported break-even results for first-quarter 2017 against a loss of 2 cents in the year-ago quarter. The Zacks Consensus Estimate was earnings of a penny.
Total Revenue
First-quarter total revenue of $6.8 million lagged the Zacks Consensus Estimate of $7 million by 2.9%. Total revenue was in line with the first quarter of 2016.
Segmental Highlights
Water Services reported revenues of $2.8 million in the first quarter, reflecting a marginal decline from $2.9 million in the prior-year quarter.
Wastewater and Recycled Water Services’ revenues came in at approximately $4 million, up from $3.8 million in the year-ago period.
Unregulated revenues were down by 10% quarter on quarter to $0.02 million.
Global Water Resources, Inc. Price, Consensus and EPS Surprise
Global Water Resources, Inc. Price, Consensus and EPS Surprise | Global Water Resources, Inc. Quote
Highlights of the Release
Total operating expenses in the reported quarter increased marginally to $5.9 million from $5.8 million in the previous quarter. The increase was driven primarily by general and administrative expenses though it was partially mitigated by a reduction in operations and maintenance costs.
Operating income came in at $0.88 million in the first quarter of 2017, down from $1 million in the prior-year quarter.
Interest expenses decreased to $1.3 million from $1.8 million in the year-ago quarter.
Financial Highlights
Cash and cash equivalents were $14.8 million as of Mar 31, 2017, decreasing from $20.4 million as of Dec 31, 2016.
Long-term debt and capital leases was $114.3 million as of Mar 31, 2017, almost in line with the prior quarter.
For the first three months of 2017, cash flow from operating activities was $2.1 million compared with cash of $2.4 million provided by operating activities.
Capital expenditure in the first three months of 2017 was $6.5 million, up from $1.4 million in the prior-year period.
Excluding the impact of the divestiture of the Willow Valley assets, active service connections increased to 37.6 thousand, reflecting an increase of 3.4% from the Mar 31, 2016 figure (after adjusting for the Willow Valley disposition).
Peer Releases
American States Water Company (AWR - Free Report) reported first-quarter 2017 earnings of 34 cents per share, beating the Zacks Consensus Estimate of 32 cents by 6.25%.
Aqua America Inc. reported first-quarter 2017 earnings per share of 28 cents, lagging both the Zacks Consensus Estimate and the year-ago quarter earnings of 29 cents by 3.4%.
Connecticut Water Service Inc. reported first-quarter 2017 earnings of 36 cents per share, which surpassed the Zacks Consensus Estimate of 35 cents by 2.9%. Moreover, earnings also improved 28.6% year over year.
Zacks Rank
Global Water Resources has a Zacks Rank #4. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
The Best & Worst of Zacks
Today you are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 ""Strong Buys"" free of charge. From 1988 through 2015 this list has averaged a stellar gain of +25% per year. Plus, you may download 220 Zacks Rank #5 ""Strong Sells."" Even though this list holds many stocks that seem to be solid, it has historically performed 6X worse than the market. See these critical buys and sells free >>