Yahoo Finance Consolidated Water (CWCO) Q4 Revenues Beat Estimates, Up Y/Y
Consolidated Water Co. Ltd. CWCO reported full-year 2022 earnings per share (EPS) of 54 cents from continuing operations, which missed the Zacks Consensus Estimate of 55 cents by 1.8%. However, the bottom line increased 135% from the previous year’s 23 cents.
Total Revenues
Consolidated Water reported fourth-quarter 2022 revenues of $28.4 million, up 7.1% year over year. The figure beat the Zacks Consensus Estimate of $26 million by 9.2%.
The company’s total revenues for 2022 were $94.1 million, up 40.7% from the previous year’s $66.9 million. The full-year revenues also surpassed the Zacks Consensus Estimate of $91.8 million by 2.5%.
The year-over-year improvement was driven by strong contributions from the Bulk, 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
Segmental Details
Retail revenues for the fourth quarter of 2022 increased 25% year over year to $6.8 million. For the full year, revenues increased 17% to $26 million, primarily driven by a 12.5% increase in the volume of water sold.
Bulk revenues were $8.5 million in the fourth quarter of 2022, up 23% from the prior-year figure. For the full year, revenues increased 23% to $33 million. The rise in revenues was due to an increase in CW-Bahamas’ energy costs, which improved the energy pass-through component of CW-Bahamas’ rates.
Manufacturing revenues for 2022 amounted to $6.3 million, up 53.7% from the previous year’s figure. This increase was due to increased production activity.
Services revenues were $10.3 million for the quarter, up 206% year over year. For the full year, the segment reported revenues of $28.8 million, up 108% from last year. The improvement was due an increase in plant design, construction revenues, and operating and maintenance revenues.
Other Details
Consolidated Water exercised its option to purchase the remaining 39% minority interest in PERC Water in October 2022. In January 2023, the transaction was completed and Consolidated Water became the 100% owner of PERC Water.
General and administrative expenses for 2022 amounted to $21.1 million, up 14.7% from the previous year’s level of $18.4 million.
Financial Highlights
Cash and cash equivalents as of Dec 31, 2022, were $50.7 million, up from $40.4 million as of Dec 31, 2021.
Long-term debt as of Dec 31, 2022, was $0.22 million compared with $0.15 million as of Dec 31, 2021.
CWCO paid quarterly cash dividends of 8.5 cents per share and a total dividend of $6.3 million for full-year 2022.
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 reported a fourth-quarter 2022 operating EPS of 81 cents, which surpassed the Zacks Consensus Estimate of 76 cents by 6.6%.
The long-term (three- to five-year) earnings growth of American Water Works is pegged at 8.08%. The Zacks Consensus Estimate for AWK’s 2023 EPS is $4.77, indicating a 5.8% increase year over year.
SJW Group SJW reported fourth-quarter 2022 adjusted earnings of $1.09 per share, which beat the Zacks Consensus Estimate of $1.03 by 5.8%.
The Zacks Consensus Estimate for SJW’s 2023 EPS is $2.45, implying a year-over-year increase of 1.24%. It delivered an average earnings surprise of 5.6% in the last four quarters.
Global Water Resources, Inc. GWRS reported fourth-quarter 2022 operating EPS of 4 cents, which surpassed the Zacks Consensus Estimate of 3 cents by 33.3%.
GWRS’s long-term earnings growth is pegged at 15%. The Zacks Consensus Estimate for the company’s 2023 EPS is 25 cents, indicating a year-over-year increase of 4.2%.
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