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Consolidated Water (CWCO) Q1 Earnings & Sales Beat Estimates
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Consolidated Water Co. Ltd. (CWCO - Free Report) reported first-quarter 2020 earnings of 19 cents per share, beating the Zacks Consensus Estimate of 15 cents by 26.7%.
Total Revenues
The company’s total first-quarter revenues came in at $20.7 million, up 21.8% from the year-ago figure of $17 million. The reported revenues also surpassed the Zacks Consensus Estimate of $18 million by 15%.
The year-over-year improvement can be attributed to strong contribution from its Retail, Services and Manufacturing segments.
Consolidated Water Co. Ltd. Price, Consensus and EPS Surprise
Retail revenues for the first quarter increased 8.5% year over year to $7.3 million. This was due to a 10% increase in the volume of water sold by Cayman Water due to drought-like conditions on Grand Cayman.
Bulk revenues came in at $6.44 million, down 9.4% from the prior-year figure. The decrease in revenues was due to lower rates.
Manufacturing revenues amounted to $3.91 million, up 26.1% year over year. The year-over-year increase was due to a surge in the number of orders that resulted in expanded project production activity.
Services revenues were $3.1 million in the quarter compared with $0.1 million in the year-ago period. The increase was due to the addition of $3.0 million revenues from PERC as a result of acquisition of 51% of the company in late October 2019.
Highlights of the Release
During the quarter, Consolidated Water acquired the remaining 49% interest in Aerex to gain complete ownership of the company.
In the first quarter, total cost of revenues increased 23% year over year to $12.3 million.
General and administrative expenses increased 15.9% from the year-ago level to $5.1 million.
Although it is concerned about the impact of COVID-19 on the world economy and business, it remains optimistic about long-term prospects.
Financial Highlights
Cash and cash equivalents as of Mar 31, 2020 was $32.3 million, down from $42.9 million on Dec 31, 2019.
Long-term debt as of Mar 31, 2020 was $0.15 million compared with $0.06 million on Dec 31, 2019.
Cash used in operating activities in first-quarter 2020 was $9 million versus cash provided from operating activities was $5.8 million in the year-ago period.
Zacks Rank
Currently, Consolidated Water carries a Zacks Rank #3 (Hold).
Here are some players from the water utility space that have reported first-quarter earnings:
American Water Works (AWK - Free Report) and The York Water Company (YORW - Free Report) , each currently carrying a Zacks Rank #2 (Buy), beat earnings estimates by 3.1% and 34.8%, respectively.
Middlesex Water Company’s (MSEX - Free Report) earnings surpassed the Zacks Consensus Estimate by 15.8%.
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Consolidated Water (CWCO) Q1 Earnings & Sales Beat Estimates
Consolidated Water Co. Ltd. (CWCO - Free Report) reported first-quarter 2020 earnings of 19 cents per share, beating the Zacks Consensus Estimate of 15 cents by 26.7%.
Total Revenues
The company’s total first-quarter revenues came in at $20.7 million, up 21.8% from the year-ago figure of $17 million. The reported revenues also surpassed the Zacks Consensus Estimate of $18 million by 15%.
The year-over-year improvement can be attributed to strong contribution from its Retail, Services and Manufacturing segments.
Consolidated Water Co. Ltd. Price, Consensus and EPS Surprise
Consolidated Water Co. Ltd. price-consensus-eps-surprise-chart | Consolidated Water Co. Ltd. Quote
Segment Details
Retail revenues for the first quarter increased 8.5% year over year to $7.3 million. This was due to a 10% increase in the volume of water sold by Cayman Water due to drought-like conditions on Grand Cayman.
Bulk revenues came in at $6.44 million, down 9.4% from the prior-year figure. The decrease in revenues was due to lower rates.
Manufacturing revenues amounted to $3.91 million, up 26.1% year over year. The year-over-year increase was due to a surge in the number of orders that resulted in expanded project production activity.
Services revenues were $3.1 million in the quarter compared with $0.1 million in the year-ago period. The increase was due to the addition of $3.0 million revenues from PERC as a result of acquisition of 51% of the company in late October 2019.
Highlights of the Release
During the quarter, Consolidated Water acquired the remaining 49% interest in Aerex to gain complete ownership of the company.
In the first quarter, total cost of revenues increased 23% year over year to $12.3 million.
General and administrative expenses increased 15.9% from the year-ago level to $5.1 million.
Although it is concerned about the impact of COVID-19 on the world economy and business, it remains optimistic about long-term prospects.
Financial Highlights
Cash and cash equivalents as of Mar 31, 2020 was $32.3 million, down from $42.9 million on Dec 31, 2019.
Long-term debt as of Mar 31, 2020 was $0.15 million compared with $0.06 million on Dec 31, 2019.
Cash used in operating activities in first-quarter 2020 was $9 million versus cash provided from operating activities was $5.8 million in the year-ago period.
Zacks Rank
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.
Other Releases
Here are some players from the water utility space that have reported first-quarter earnings:
American Water Works (AWK - Free Report) and The York Water Company (YORW - Free Report) , each currently carrying a Zacks Rank #2 (Buy), beat earnings estimates by 3.1% and 34.8%, respectively.
Middlesex Water Company’s (MSEX - Free Report) earnings surpassed the Zacks Consensus Estimate by 15.8%.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the S&P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%.
This outperformance has not just been a recent phenomenon. From 2000 – 2019, while the S&P averaged +6.0% per year, our top strategies averaged up to +54.7% per year.
See their latest picks free >>