Consolidated Water Co. Ltd. (CWCO - Free Report) reported first-quarter 2018 earnings of 19 cents per share, beating the Zacks Consensus Estimate of 18 cents by 5.56%.
Excluding one-time adjustments related to the Rosarito Project, the company reported GAAP earnings of 14 cents. The figure declined 22.2% from the prior-year quarter’s tally.
In the quarter under review, Consolidated Water’s total revenues were $15.3 million, lagging the Zacks Consensus Estimate of $17.0 million by 10%. Revenues declined 2.2% from the year-ago quarter’s $15.7 million. The downside was caused by lower segment revenues except Bulk Water Operations.
Retail Water Operations revenues in the first quarter were down 0.7% year over year to $6.43 million.
Bulk Water Operations revenues were $8.2 million, up 7% from the prior-year quarter’s figure.
Manufacturing revenues were nearly $0.55 million, down 60% year over year.
Services Operations revenues of $0.12 million were down from the year-ago quarter’s figure by 5%.
Highlights of the Release
In the first quarter, total cost of revenues fell 1.3% year over year to $8.7 million, mainly due to lower cost of revenues in Manufacturing Operations.
Consolidated Water’s gross profit in the quarter under review was $6.6 million, down 3.4% from the prior-year quarter’s level.
The company incurred general and administrative expenses of $4.7 million, down 0.6% from the prior-year quarter’s figure.
As of Mar 31, 2018, Consolidated Water’s cash and cash equivalents were $43.7 million, down from $47.2 million as of Dec 31, 2017.
Consolidated Water carries a Zacks Rank #4 (Sell).
Water Utility Releases
American Water Works Co. (AWK - Free Report) , a Zacks Rank #3 (Hold) stock, beat the Zacks Consensus Estimate for first-quarter earnings by 7.3%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Here are some other players from the water utility space that have reported first-quarter earnings so far.
SJW Group (SJW - Free Report) reported in-line earnings while American States Water Company’s (AWR - Free Report) earnings missed the consensus mark.
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