Yahoo Finance Consolidated Water (CWCO) Q3 Earnings Miss, Revenues Beat
Consolidated Water Co. Ltd. CWCO reported third-quarter 2022 operating earnings per share of 5 cents, lagging the Zacks Consensus Estimate of 18 cents by 72.2%.
Total Revenues
The company’s total revenues for third-quarter 2022 were $25.1 million, up 53% from the year-ago figure of $16.4 million. The year-over-year improvement was due to a strong contribution from the Bulk, Retail, Services and Manufacturing segments.
Revenues in the reported quarter surpassed the Zacks Consensus Estimate of $24 million by 4.1%.
Consolidated Water Co. Ltd. Price, Consensus and EPS Surprise
Consolidated Water Co. Ltd. price-consensus-eps-surprise-chart | Consolidated Water Co. Ltd. Quote
Segmental Details
Retail revenues for third-quarter 2022 increased 20% year over year to $6.3 million. This reflects an increase of 14% in the volume of water sold and the continued return of tourist activity to the Cayman Islands, boosting demand.
Bulk revenues were $8.7 million in third-quarter 2022, up 26% from the prior-year figure. The rise in revenues was due to an increase in energy costs for CW-Bahamas, which improved the energy pass-through component of CW-Bahamas’ rates.
Manufacturing revenues amounted to $1.38 million in third-quarter 2022, up 27.7% year over year. The year-over-year decline was due to higher project activity.
Services revenues were $8.7 million for third-quarter 2022, up 172% year over year. The improvement was due an increase in both plant design and construction revenues.
Other Details
The return of tourism to the Cayman Islands has increased the demand for water. As tourists continue to return, the demand for water will rise, benefiting Consolidated Water.
Gross profit for the third quarter of 2022 was $6.8 million, up 20% from $5.7 million for the year-ago period.
General and administrative expenses for third-quarter 2022 were up 28.7% from the year-ago level to $5.61 million.
Financial Highlights
Cash and cash equivalents as of Sep 30, 2022, were $51.1 million, up from $40.4 million as of Dec 31, 2021.
Long-term debt as of Sep 30, 2022, was $0.14 million compared with $0.15 million as of Dec 31, 2021.
CWCO distributed a quarterly dividend of 8.5 cents per share and in the first nine months of 2022, the company paid a total dividend of $3.84 million to its shareholders.
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
American Water Works Company AWK posted third-quarter 2022 operating earnings per share of $1.63, which surpassed the Zacks Consensus Estimate of $1.49 by 9.4%.
The Zacks Consensus Estimate for American Water Works’ 2022 and 2023 EPS implies year-over-year growth of 4.9% and 7.1%, respectively. American Water Works reported an average surprise of 7.4% in the last four quarters.
Essential Utilities Inc. WTRG reported third-quarter 2022 operating earnings per share of 26 cents, surpassing the Zacks Consensus Estimate of 23 cents by 13%.
The Zacks Consensus Estimate for Essential Utilities’ 2022 and 2023 EPS implies year-over-year growth of 6.6% and 6.5%, respectively. Essential Utilities reported an average surprise of 7.4% in the last four quarters.
American States Water Company AWR reported third-quarter 2022 operating earnings per share of 70 cents, which lagged the Zacks Consensus Estimate of 69 cents by 1.4%.
The Zacks Consensus Estimate for AWR’s 2022 and 2023 earnings per share suggests year-over-year growth of 1.6% and 7.9%, respectively.
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