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Consolidated Water (CWCO) Q2 Earnings & Sales Lag Estimates
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Consolidated Water Co. Ltd. (CWCO - Free Report) delivered second-quarter 2024 earnings per share of 26 cents, which lagged the Zacks Consensus Estimate of 34 cents by 23.5%. The bottom line also decreased 44.7% from last year’s 47 cents.
Total Revenues
The company’s total revenues for the quarter were $32 million, which missed the Zacks Consensus Estimate of $37 million by 12.5%. The top line declined 27.3% from the year-ago quarter’s figure of $44 million.
Consolidated Water Co. Ltd. Price, Consensus and EPS Surprise
Retail revenues totaled $8.18 million, up 8.1% from $7.57 million in the year-ago quarter. The rise was due to an 8% increase in the volume of water sold.
Bulk revenues amounted to $8.44 million, down 0.5% from $8.48 million in the prior year. The decrease in bulk segment revenues was due to a decline in energy costs for CW-Bahamas. This reduced the energy pass-through component of CW-Bahamas’ rates.
Manufacturing revenues for the quarter totaled $3.9 million, down 3.9% from $4.08 million in the previous year.
Services revenues amounted to $11.9 million, down 50.6% from $24.1 million in the last year. The decrease in services segment revenues was due to a $16.5 million decline in plant construction revenues.
Highlights of the Release
General and administrative expenses increased nearly 10.4% to $6.6 million.
Net income from continuing operations amounted to $11.5 million compared with $11.9 million in the year-ago quarter.
The volume of retail water sold in the company’s utility service area in Grand Cayman increased 10% year over year. The company completed the construction and commissioning of the new 2.6 million gallons per day Red Gate desalination plant for the Water Authority of the Cayman Islands. CWCO began operating the facility under a 10-year operations and maintenance agreement.
Financial Highlights
Cash and cash equivalents totaled $96.7 million as of Jun 30, 2024, compared with $42.6 million as of Dec 31, 2023. Working capital amounted to $131.2 million as of the same date.
Total long-term debt was $0.15 million as of Jun 30, 2024, lower than $0.19 million at 2023-end.
Cash flow from operating activities in the first half of 2024 totaled $26.9 million compared with $4.5 million in the year-ago period.
Essential Utilities Inc. (WTRG - Free Report) delivered second-quarter 2024 operating earnings per share of 28 cents, which lagged the Zacks Consensus Estimate of 30 cents by 6.7%.
WTRG’s long-term (three to five years) earnings growth rate is 5.8%. The Zacks Consensus Estimate for 2024 earnings stands at $1.97 per share, which calls for year-over-year growth of 5.9%.
California Water Service Group (CWT - Free Report) recorded second-quarter 2024 adjusted earnings of 70 cents per share, which surpassed the Zacks Consensus Estimate of 39 cents by 79.5%.
The Zacks Consensus Estimate for 2024 earnings is pegged at $3.25 per share, which implies year-over-year growth of 257.1%. It delivered an average earnings surprise of 125.4% in the last four quarters.
American States Water Company (AWR - Free Report) reported second-quarter 2024 operating earnings per share of 85 cents, which beat the Zacks Consensus Estimate of 84 cents by 1.2%.
The company’s long-term earnings growth rate is 6.3%. The Zacks Consensus Estimate for AWR’s 2024 EPS is pegged at $3.03, which indicates a year-over-year increase of 6.3%.
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Consolidated Water (CWCO) Q2 Earnings & Sales Lag Estimates
Consolidated Water Co. Ltd. (CWCO - Free Report) delivered second-quarter 2024 earnings per share of 26 cents, which lagged the Zacks Consensus Estimate of 34 cents by 23.5%. The bottom line also decreased 44.7% from last year’s 47 cents.
Total Revenues
The company’s total revenues for the quarter were $32 million, which missed the Zacks Consensus Estimate of $37 million by 12.5%. The top line declined 27.3% from the year-ago quarter’s figure of $44 million.
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 totaled $8.18 million, up 8.1% from $7.57 million in the year-ago quarter. The rise was due to an 8% increase in the volume of water sold.
Bulk revenues amounted to $8.44 million, down 0.5% from $8.48 million in the prior year. The decrease in bulk segment revenues was due to a decline in energy costs for CW-Bahamas. This reduced the energy pass-through component of CW-Bahamas’ rates.
Manufacturing revenues for the quarter totaled $3.9 million, down 3.9% from $4.08 million in the previous year.
Services revenues amounted to $11.9 million, down 50.6% from $24.1 million in the last year. The decrease in services segment revenues was due to a $16.5 million decline in plant construction revenues.
Highlights of the Release
General and administrative expenses increased nearly 10.4% to $6.6 million.
Net income from continuing operations amounted to $11.5 million compared with $11.9 million in the year-ago quarter.
The volume of retail water sold in the company’s utility service area in Grand Cayman increased 10% year over year. The company completed the construction and commissioning of the new 2.6 million gallons per day Red Gate desalination plant for the Water Authority of the Cayman Islands. CWCO began operating the facility under a 10-year operations and maintenance agreement.
Financial Highlights
Cash and cash equivalents totaled $96.7 million as of Jun 30, 2024, compared with $42.6 million as of Dec 31, 2023. Working capital amounted to $131.2 million as of the same date.
Total long-term debt was $0.15 million as of Jun 30, 2024, lower than $0.19 million at 2023-end.
Cash flow from operating activities in the first half of 2024 totaled $26.9 million compared with $4.5 million in the year-ago period.
Zacks Rank
Consolidated Water currently carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
Essential Utilities Inc. (WTRG - Free Report) delivered second-quarter 2024 operating earnings per share of 28 cents, which lagged the Zacks Consensus Estimate of 30 cents by 6.7%.
WTRG’s long-term (three to five years) earnings growth rate is 5.8%. The Zacks Consensus Estimate for 2024 earnings stands at $1.97 per share, which calls for year-over-year growth of 5.9%.
California Water Service Group (CWT - Free Report) recorded second-quarter 2024 adjusted earnings of 70 cents per share, which surpassed the Zacks Consensus Estimate of 39 cents by 79.5%.
The Zacks Consensus Estimate for 2024 earnings is pegged at $3.25 per share, which implies year-over-year growth of 257.1%. It delivered an average earnings surprise of 125.4% in the last four quarters.
American States Water Company (AWR - Free Report) reported second-quarter 2024 operating earnings per share of 85 cents, which beat the Zacks Consensus Estimate of 84 cents by 1.2%.
The company’s long-term earnings growth rate is 6.3%. The Zacks Consensus Estimate for AWR’s 2024 EPS is pegged at $3.03, which indicates a year-over-year increase of 6.3%.