Yahoo Finance Consolidated Water (CWCO) Q1 Earnings & Sales Beat Estimates
Consolidated Water Co. Ltd. CWCO delivered first-quarter 2024 earnings per share (EPS) of 43 cents per share, which surpassed the Zacks Consensus Estimate of 39 cents by 10.3%. The bottom line also increased 65.4% from last year’s 26 cents per share.
Total Revenues
The company’s total revenues for the quarter were $39.7 million, which surpassed the Zacks Consensus Estimate of $38.7 million by 2.7%. The top line also improved 20.7% from the year-ago quarter’s figure of $32.9 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 $8.6 million, up 11% from $7.8 million in the year-ago quarter. The rise was primarily due to a 6% increase in the volume of water sold.
Bulk revenues amounted to $8.3 million, down 8.4% from $9 million in the last year. This was primarily due to a decrease of 2% in the volume of water sold by CW-Bahamas and lower energy costs, which decreased the energy pass-through component of the company’s bulk water rates.
Manufacturing revenues for the quarter totaled $5.3 million, up 57% from $3.4 million in the previous year. This increase was due to higher project activity.
Services revenues amounted to $17.4 million, up 37% from $12.7 million in the last year. This improvement was due to plant construction revenues increasing 6% to $9.2 million.
Highlights of the Release
General and administrative expenses decreased nearly 37.7% to $6.6 million.
Net income from continuing operations amounted to $7.1 million compared with $4.2 million in the year-ago quarter.
Financial Highlights
Cash and cash equivalents totaled $46.2 million as of Mar 31, 2024 compared with $42.6 million as of Dec 31, 2023. Working capital amounted to $95 million as of the same date.
Total long-term debt was $0.15 million as of Mar 31, 2024, lower than $0.19 million at 2023-end.
Cash flow from operating activities during the first three months of 2024 totaled $5.9 million compared with $5.3 million in the year-ago period.
Zacks Rank
Consolidated Water currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
SJW Group SJW reported a first-quarter operating EPS of 36 cents, which beat the Zacks Consensus Estimate of 35 cents by 2.9%.
SJW’s long-term (three to five years) earnings growth rate is 7.5%. The Zacks Consensus Estimate for 2024 earnings stands at $2.75 per share, which calls for year-over-year growth of 2.6%.
California Water Service Group CWT recorded a first-quarter 2024 adjusted EPS of $1.21, which surpassed the Zacks Consensus Estimate of 21 cents by 476.2%.
The Zacks Consensus Estimate for 2024 earnings is pegged at $3.15 per share, which implies year-over-year growth of 246.2%. It delivered an average earnings surprise of 85.2% in the last four quarters.
American States Water Company AWR reported a first-quarter 2024 operating EPS of 62 cents, which beat the Zacks Consensus Estimate of 59 cents by 5.1%.
The company’s long-term earnings growth rate is 5.8%. The Zacks Consensus Estimate for AWR’s 2024 EPS is pegged at $1.98, which indicates a year-over-year improvement of 6.5%.
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