Consolidated Water Co. Ltd. (CWCO - Free Report) reported third-quarter 2019 earnings of 11 cents per share, lagging the Zacks Consensus Estimate of 16 cents. The bottom line also declined 31.3% from the year-ago earnings of 16 cents.
The company’s total revenues in third-quarter 2019 came in at $15.9 million, down 12.1% from the year-ago figure of $18.1 million. Total revenues also missed the Zacks Consensus Estimate of $18 million by 11.7%.
The year-over-year decline can be attributed to lower contribution from all segments, except the retail segment.
Retail revenues in third-quarter 2019 increased nearly 0.5% year over year to $6.27 million.
Bulk revenues came in at $6.5 million in third-quarter 2019, down 16.7% from the prior-year figure.
Manufacturing revenues amounted to nearly $3.1 million, down 5.7% year over year.
Services revenues of $0.01 million were down 98.8% from the year-ago level.
Highlights of the Release
In third-quarter 2019, total cost of revenues increased 15.6% year over year to $9.2 million.
General and administrative expenses decreased 7.1% from the year-ago quarter to $6.7 million.
As of Sep 30, 2019, Consolidated Water’s cash and cash equivalents totaled $41.9 million, up from $31.3 million on Dec 31, 2018.
Currently, Consolidated Water carries a Zacks Rank #3 (Hold).
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 third-quarter earnings. American Water Works (AWK - Free Report) and Aqua America, Inc. beat the Zacks Consensus Estimate by 3.1%, and 11.6%, respectively. However, American States Water Company (AWR - Free Report) lagged earnings estimates by 4.2%.
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