Consolidated Water Reports Second Quarter 2024 Operating Results
Consolidated Water Co. (NASDAQ: CWCO) reported Q2 2024 results with total revenue declining 27% to $32.5 million. Retail revenue increased 8% to $8.2 million, while services revenue declined 51% to $11.9 million. Net income from continuing operations was $4.2 million or $0.26 per diluted share, compared to $7.5 million or $0.47 per diluted share in Q2 2023. Including discontinued operations, net income was $15.9 million or $0.99 per diluted share, up from $7.3 million or $0.46 per diluted share in Q2 2023.
Key operational highlights include a 10% increase in retail water volume sold in Grand Cayman, completion of the Red Gate desalination plant, and ongoing development of a $147 million project in Hawaii. The company also settled a dispute with Mexico, recognizing a $12.1 million gain from the sale of a discontinued project.
Consolidated Water Co. (NASDAQ: CWCO) ha riportato i risultati del secondo trimestre 2024, con un calo del 27% nei ricavi totali, scesi a 32,5 milioni di dollari. I ricavi al dettaglio sono aumentati dell'8%, raggiungendo 8,2 milioni di dollari, mentre i ricavi da servizi sono diminuiti del 51%, attestandosi a 11,9 milioni di dollari. L'utile netto delle operazioni continuative è stato di 4,2 milioni di dollari, cioè 0,26 dollari per azione diluita, rispetto ai 7,5 milioni di dollari, ovvero 0,47 dollari per azione diluita nel secondo trimestre 2023. Inclusi i progetti dismessi, l'utile netto è stato di 15,9 milioni di dollari, cioè 0,99 dollari per azione diluita, in aumento rispetto ai 7,3 milioni di dollari, cioè 0,46 dollari per azione diluita nel secondo trimestre 2023.
I principali punti operativi includono un aumento del 10% nel volume dell'acqua venduta al dettaglio a Grand Cayman, la conclusione dell'impianto di dissalazione di Red Gate e lo sviluppo in corso di un progetto da 147 milioni di dollari alle Hawaii. L'azienda ha anche risolto una controversia con il Messico, registrando un guadagno di 12,1 milioni di dollari dalla vendita di un progetto dismesso.
Consolidated Water Co. (NASDAQ: CWCO) informó sobre los resultados del segundo trimestre de 2024, con una disminución del 27% en los ingresos totales, que alcanzaron los 32.5 millones de dólares. Los ingresos minoristas aumentaron un 8%, alcanzando los 8.2 millones de dólares, mientras que los ingresos por servicios cayeron un 51%, quedando en 11.9 millones de dólares. El ingreso neto de las operaciones continuas fue de 4.2 millones de dólares o 0.26 dólares por acción diluida, en comparación con 7.5 millones de dólares o 0.47 dólares por acción diluida en el segundo trimestre de 2023. Incluyendo las operaciones descontinuadas, el ingreso neto fue de 15.9 millones de dólares o 0.99 dólares por acción diluida, aumentando desde 7.3 millones de dólares o 0.46 dólares por acción diluida en el segundo trimestre de 2023.
Los aspectos destacados operativos incluyen un aumento del 10% en el volumen de agua minorista vendido en Gran Caimán, la finalización de la planta de desalinización de Red Gate, y el desarrollo continuo de un proyecto de 147 millones de dólares en Hawái. La compañía también resolvió una disputa con México, reconociendo una ganancia de 12.1 millones de dólares por la venta de un proyecto descontinuado.
Consolidated Water Co. (NASDAQ: CWCO)는 2024년 2분기 결과를 보고하며 총 수익이 27% 감소하여 3,250만 달러에 달했습니다. 소매 수익은 8% 증가하여 820만 달러에 이르렀고, 서비스 수익은 51% 감소하여 1,190만 달러에 그쳤습니다. 계속 운용 중인 사업에서의 순이익은 420만 달러로 주당 희석 EPS는 0.26달러로 나타났으며, 이는 2023년 2분기의 750만 달러 또는 0.47달러에 비해 감소한 수치입니다. 중단된 사업을 포함한 순이익은 1,590만 달러 또는 주당 0.99달러로, 2023년 2분기의 730만 달러 또는 0.46달러에서 증가했습니다.
주요 운영 하이라이트로는 그랜드케이맨에서 소매 수도량이 10% 증가한 것, 레드 게이트 담수화 공장의 완공, 하와이에서 진행 중인 1억 4,700만 달러 규모의 프로젝트 개발이 포함됩니다. 회사는 또한 멕xico와의 분쟁을 해결했습니다, 중단된 프로젝트 판매에서 1,210만 달러의 이익을 기록했습니다.
Consolidated Water Co. (NASDAQ: CWCO) a annoncé les résultats du deuxième trimestre 2024, avec une baisse de 27 % de ses revenus totaux, qui s'élèvent à 32,5 millions de dollars. Les revenus de détail ont augmenté de 8 % pour atteindre 8,2 millions de dollars, tandis que les revenus des services ont chuté de 51 % pour atteindre 11,9 millions de dollars. Le bénéfice net des opérations continues s'est élevé à 4,2 millions de dollars, soit 0,26 dollar par action diluée, contre 7,5 millions de dollars, soit 0,47 dollar par action diluée, au deuxième trimestre 2023. En incluant les opérations cessées, le bénéfice net était de 15,9 millions de dollars, soit 0,99 dollar par action diluée, contre 7,3 millions de dollars, soit 0,46 dollar par action diluée, au deuxième trimestre 2023.
Les points opérationnels clés incluent une augmentation de 10 % du volume d'eau de détail vendu à Grand Cayman, l'achèvement de l'usine de désalinisation de Red Gate, et le développement en cours d'un projet de 147 millions de dollars à Hawaï. L'entreprise a également résolu un litige avec le Mexique, reconnaissant un gain de 12,1 millions de dollars provenant de la vente d'un projet cessé.
Consolidated Water Co. (NASDAQ: CWCO) berichtete über die Ergebnisse des zweiten Quartals 2024, mit einem Rückgang der Gesamtumsätze um 27% auf 32,5 Millionen Dollar. Der Einzelhandelsumsatz stieg um 8% auf 8,2 Millionen Dollar, während die Einnahmen aus Dienstleistungen um 51% auf 11,9 Millionen Dollar sanken. Der Nettogewinn aus fortgeführten Geschäften betrug 4,2 Millionen Dollar oder 0,26 Dollar pro verwässerter Aktie, verglichen mit 7,5 Millionen Dollar oder 0,47 Dollar pro verwässerter Aktie im zweiten Quartal 2023. Inklusive der stillgelegten Betriebe betrug der Nettogewinn 15,9 Millionen Dollar oder 0,99 Dollar pro verwässerter Aktie, ein Anstieg von 7,3 Millionen Dollar oder 0,46 Dollar pro verwässerter Aktie im zweiten Quartal 2023.
Wesentliche betriebliche Highlights umfassen einen Anstieg des Einzelhandelswasserverbrauchs um 10% in Grand Cayman, den Abschluss des Entsalzungswerks Red Gate und die laufende Entwicklung eines 147 Millionen Dollar Projekts in Hawaii. Das Unternehmen hat auch einen Streit mit Mexiko beigelegt, wobei ein Gewinn von 12,1 Millionen Dollar aus dem Verkauf eines stillgelegten Projekts anerkannt wurde.
- Retail revenue increased 8% to $8.2 million due to higher sales volumes
- 10% increase in retail water volume sold in Grand Cayman
- Completed construction and commissioning of new 2.6 million gallon per day Red Gate desalination plant
- Ongoing development of $147 million project in Hawaii
- Recognized $1.9 million in operations and maintenance revenue from newly acquired REC
- Settled dispute with Mexico, recognizing $12.1 million gain from sale of discontinued project
- Strong balance sheet with $96.7 million in cash and cash equivalents
- Signed master design-build service agreements with two major national clients
- Total revenue declined 27% to $32.5 million
- Services revenue declined 51% to $11.9 million due to decrease in construction revenue
- Net income from continuing operations decreased to $4.2 million from $7.5 million in Q2 2023
- Bulk revenue remained relatively flat at $8.4 million
Insights
Consolidated Water's Q2 2024 results present a mixed picture. Total revenue declined 27% to
The company's balance sheet remains strong with
Consolidated Water's operational highlights reveal strategic moves in the water infrastructure sector. The completion of the 2.6 million gallon per day Red Gate desalination plant in Grand Cayman, coupled with a 10-year operations and maintenance agreement, demonstrates the company's ability to secure long-term, recurring revenue streams. The ongoing
The acquisition of REC in Colorado opens up new growth channels in water-stressed regions, mirroring the successful PERC acquisition model. This expansion into the U.S. mainland market could diversify the company's revenue sources and reduce dependence on Caribbean operations. The signing of master design-build service agreements with two major national clients indicates a strong pipeline of potential projects, which could drive future growth. However, investors should monitor the transition period between large projects, as it may lead to temporary revenue fluctuations.
GEORGE TOWN, Cayman Islands, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading designer, builder and operator of advanced water supply and treatment plants, reported results for the second quarter ended June 30, 2024. All comparisons are to the same prior year period unless otherwise noted.
Consolidated Water will hold a conference call at 11:00 a.m. Eastern time tomorrow to discuss the results (see dial-in information below).
Second Quarter 2024 Financial Key Points
- Total revenue declined
27% to$32.5 million . - Retail revenue increased
8% to$8.2 million on higher sales volumes. - Bulk revenue was relatively consistent at
$8.4 million . - Manufacturing revenue was relatively consistent at
$3.9 million . - Services revenue declined by
51% (or approximately$12.2 million ) to$11.9 million due to a$16.5 million decline in construction revenue that was partially offset by an approximately$3 million increase in recurring operations and maintenance revenue. - Net income from continuing operations attributable to company stockholders totaled
$4.2 million or$0.26 per diluted share, compared to$7.5 million or$0.47 per diluted share in the second quarter of 2023. - Net income including discontinued operations attributable to company stockholders totaled
$15.9 million or$0.99 per diluted share, compared to$7.3 million or$0.46 per diluted share in the second quarter of 2023. - Cash and cash equivalents totaled
$96.7 million and working capital was$131.2 million as of June 30, 2024.
Second Quarter 2024 Operational Key Points
- Volume of retail water sold in the company’s utility service area in Grand Cayman increased
10% compared with the same period in 2023. - Completed the construction and commissioning of the new 2.6 million gallon per day Red Gate desalination plant for the Water Authority of the Cayman Islands. Began operating the facility under a 10-year operations and maintenance agreement.
- Continued piloting, design and permitting of a
$147 million project to design, construct, operate and maintain a seawater desalination plant for the Board of Water Supply of Honolulu, Hawaii. - Recognized
$1.9 million in operations and maintenance revenue from REC which Consolidated Water acquired in October 2023 to provide a new channel for expansion in water-stressed regions of Colorado. - Settled a dispute with Mexico involving the discontinued desalination project in Playas de Rosarito, Mexico and recognized a gain of
$12.1 million from the sale of the project land and project documentation. - Received Notice to Proceed under a new 15-year agreement with the Water and Sewerage Corporation of the Bahamas to design, build, own, operate and finance two seawater desalination plants on Cat Island in the Bahamas.
Management Commentary
“Our second quarter results were fairly positive, especially considering the inherent variability in our service segment revenue and earnings due to the timing of our large design-build projects in Grand Cayman, Arizona and Hawaii,” stated company CEO, Rick McTaggart. “Our services revenue was down by about half due to the anticipated reduction in construction-related revenue as the Grand Cayman and Arizona projects were completed earlier this year.
“Meanwhile, development activities continue to ramp up on the
“The completion of the Hawaii project plant encompasses the current two-year development phase followed by a two-year construction phase. After construction and commissioning, we will operate the plant under a 20-year operations and maintenance agreement which has two additional 5-year extensions exercisable at the client’s discretion.
“The reduction in construction-related revenue in the second quarter was partially offset by an increase in the revenue generated from operations and maintenance contracts by both PERC and REC. We acquired REC last October to provide a new channel for growth in the water-stressed regions of Colorado, and we’ve been pleased with REC’s integration into our company and the new opportunities we see developing in Colorado. Similar to our acquisition of PERC, we anticipate that our greater financial and management resources will enable REC to pursue larger projects that will accelerate REC’s growth over time.
“Looking ahead to the remainder of the year and beyond, we remain very excited about our prospects. Many positive factors—including the consistent strong water sales growth in Grand Cayman, the long-term recurring revenues from our Caribbean-based bulk water and U.S.-based O&M businesses, stabilized manufacturing revenue and earnings, and the anticipated revenue and earnings from our
“Supported by our exceptionally strong balance sheet, we will continue to invest in new long-term projects such as two desalination plants on Cat Island in the Bahamas, as well as new infrastructure to serve the growing water needs of our utility customer in the Cayman Islands. We see these projects ultimately enhancing revenue growth.
“The market for design-build projects is also showing no sign of slowing. While we are currently in a period between two large projects, we believe our efficient and aesthetically pleasing plant designs, our cost-efficient project delivery models and our significant industry experience will help us secure new projects.
“In fact, we recently signed master design-build service agreements with two major national clients for a number of projects they are contemplating. We anticipate this will positively impact revenue and earnings in future periods. Combined with strong industry tailwinds, we anticipate that all of these factors will drive our long-term growth, enhance profitability, and further strengthen shareholder value.”
Second Quarter 2024 Financial Summary
Revenue totaled
Retail revenue increased primarily due to a
The marginal decrease in bulk segment revenue was due to lower energy costs, which decreased the energy pass-through component of the company’s bulk water rates.
The decrease in services segment revenue was primarily due to plant construction revenue decreasing from
Manufacturing segment revenue was relatively consistent at
Gross profit for the second quarter of 2024 was
Net income from continuing operations attributable to Consolidated Water stockholders for the second quarter of 2024 was
Including discontinued operations, net income attributable to Consolidated Water stockholders for the second quarter of 2024 was
Cash and cash equivalents totaled
First Half 2024 Financial Summary
Revenue for the first half of 2024 was
Retail revenue increased primarily due to an
The retail revenue increased also as a result of significantly less rainfall on Grand Cayman in April and May of 2024 as compared to the same months a year ago.
The decrease in bulk segment revenue was due to a decrease in energy costs for CW-Bahamas, which decreased the energy pass-through component of CW-Bahamas’ rates.
The decrease in services segment revenue was due to a
The increase in manufacturing segment revenue was due to increased production activity.
Gross profit for the first half of 2024 was
Net income from continuing operations attributable to stockholders for the first half of 2024 was
Including discontinued operations, net income attributable to Consolidated Water stockholders for the first half of 2024 was
Second Quarter Segment Results
| Three Months Ended June 30, 2024 | ||||||||||||||||||||
| Retail | Bulk | Services | Manufacturing | Total | ||||||||||||||||
| Revenue | $ | 8,181,884 | $ | 8,447,958 | $ | 11,922,469 | $ | 3,926,847 | $ | 32,479,158 | ||||||||||
| Cost of revenue | 3,670,133 | 6,097,460 | 8,458,537 | 2,632,814 | 20,858,944 | |||||||||||||||
| Gross profit | 4,511,751 | 2,350,498 | 3,463,932 | 1,294,033 | 11,620,214 | |||||||||||||||
| General and administrative expenses | 4,378,816 | 363,268 | 1,196,624 | 667,586 | 6,606,294 | |||||||||||||||
| Gain (loss) on asset dispositions and impairments, net | (6,130 | ) | — | 3,000 | — | (3,130 | ) | |||||||||||||
| Income from operations | $ | 126,805 | $ | 1,987,230 | $ | 2,270,308 | $ | 626,447 | 5,010,790 | |||||||||||
| Other income, net | 418,426 | |||||||||||||||||||
| Income before income taxes | 5,429,216 | |||||||||||||||||||
| Provision for income taxes | 1,063,933 | |||||||||||||||||||
| Net income from continuing operations | 4,365,283 | |||||||||||||||||||
| Income from continuing operations attributable to non-controlling interests | 122,872 | |||||||||||||||||||
| Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | 4,242,411 | |||||||||||||||||||
| Net income from discontinued operations | 11,607,846 | |||||||||||||||||||
| Net income attributable to Consolidated Water Co. Ltd. stockholders | $ | 15,850,257 | ||||||||||||||||||
| Three Months Ended June 30, 2023 | ||||||||||||||||||||
| Retail | Bulk | Services | Manufacturing | Total | ||||||||||||||||
| Revenue | $ | 7,573,329 | $ | 8,482,495 | $ | 24,093,963 | $ | 4,087,476 | $ | 44,237,263 | ||||||||||
| Cost of revenue | 3,433,132 | 5,931,735 | 16,248,141 | 3,160,706 | 28,773,714 | |||||||||||||||
| Gross profit | 4,140,197 | 2,550,760 | 7,845,822 | 926,770 | 15,463,549 | |||||||||||||||
| General and administrative expenses | 4,265,535 | 379,900 | 904,560 | 434,920 | 5,984,915 | |||||||||||||||
| Gain on asset dispositions and impairments, net | — | 1,000 | — | — | 1,000 | |||||||||||||||
| Income from operations | $ | (125,338 | ) | $ | 2,171,860 | $ | 6,941,262 | $ | 491,850 | 9,479,634 | ||||||||||
| Other income, net | 129,131 | |||||||||||||||||||
| Income before income taxes | 9,608,765 | |||||||||||||||||||
| Provision for income taxes | 1,940,067 | |||||||||||||||||||
| Net income from continuing operations | 7,668,698 | |||||||||||||||||||
| Income attributable to non-controlling interests | 137,226 | |||||||||||||||||||
| Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | 7,531,472 | |||||||||||||||||||
| Net loss from discontinued operations | (207,701 | ) | ||||||||||||||||||
| Net income attributable to Consolidated Water Co. Ltd. stockholders | $ | 7,323,771 | ||||||||||||||||||
First Half Segment Results
| Six Months Ended June 30, 2024 | ||||||||||||||||||||
| Retail | Bulk | Services | Manufacturing | Total | ||||||||||||||||
| Revenue | $ | 16,806,822 | $ | 16,790,052 | $ | 29,340,080 | $ | 9,231,594 | $ | 72,168,548 | ||||||||||
| Cost of revenue | 7,221,477 | 11,662,718 | 21,127,476 | 6,658,640 | 46,670,311 | |||||||||||||||
| Gross profit | 9,585,345 | 5,127,334 | 8,212,604 | 2,572,954 | 25,498,237 | |||||||||||||||
| General and administrative expenses | 8,483,148 | 707,409 | 2,794,478 | 1,185,288 | 13,170,323 | |||||||||||||||
| Gain (loss) on asset dispositions and impairments, net | (6,130 | ) | — | 3,000 | — | (3,130 | ) | |||||||||||||
| Income from operations | $ | 1,096,067 | $ | 4,419,925 | $ | 5,421,126 | $ | 1,387,666 | 12,324,784 | |||||||||||
| Other income, net | 836,610 | |||||||||||||||||||
| Income before income taxes | 13,161,394 | |||||||||||||||||||
| Provision for income taxes | 1,685,629 | |||||||||||||||||||
| Net income from continuing operations | 11,475,765 | |||||||||||||||||||
| Income from continuing operations attributable to non-controlling interests | 291,940 | |||||||||||||||||||
| Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | 11,183,825 | |||||||||||||||||||
| Net income from discontinued operations | 11,140,780 | |||||||||||||||||||
| Net income attributable to Consolidated Water Co. Ltd. stockholders | $ | 22,324,605 | ||||||||||||||||||
| Six Months Ended June 30, 2023 | ||||||||||||||||||||
| Retail | Bulk | Services | Manufacturing | Total | ||||||||||||||||
| Revenue | $ | 15,344,424 | $ | 17,486,868 | $ | 36,815,664 | $ | 7,459,297 | $ | 77,106,253 | ||||||||||
| Cost of revenue | 6,983,926 | 12,174,881 | 26,292,219 | 5,632,596 | 51,083,622 | |||||||||||||||
| Gross profit | 8,360,498 | 5,311,987 | 10,523,445 | 1,826,701 | 26,022,631 | |||||||||||||||
| General and administrative expenses | 8,442,642 | 732,875 | 1,993,232 | 852,828 | 12,021,577 | |||||||||||||||
| Gain (loss) on asset dispositions and impairments, net | (7,287 | ) | 12,270 | — | 1,933 | 6,916 | ||||||||||||||
| Income (loss) from operations | $ | (89,431 | ) | $ | 4,591,382 | $ | 8,530,213 | $ | 975,806 | 14,007,970 | ||||||||||
| Other income, net | 286,190 | |||||||||||||||||||
| Income before income taxes | 14,294,160 | |||||||||||||||||||
| Provision for income taxes | 2,389,552 | |||||||||||||||||||
| Net income from continuing operations | 11,904,608 | |||||||||||||||||||
| Income from continuing operations attributable to non-controlling interests | 300,347 | |||||||||||||||||||
| Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | 11,604,261 | |||||||||||||||||||
| Net loss from discontinued operations | (466,864 | ) | ||||||||||||||||||
| Net income attributable to Consolidated Water Co. Ltd. stockholders | $ | 11,137,397 | ||||||||||||||||||
Conference Call
Consolidated Water management will host a conference call tomorrow to discuss these results, which will include a question-and-answer period.
Date: Thursday, August 15, 2024
Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time)
Toll-free dial-in number: 1-844-875-6913
International dial-in number: 1-412-317-6709
Conference ID: 3791392
Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you require any assistance connecting with the call, please contact CMA at 1-949-432-7566.
A replay of the call will be available after 1:00 p.m. Eastern time on the same day through August 22, 2024, as well as available for replay via the Investors section of the Consolidated Water website at www.cwco.com.
Toll-free replay number: 1-877-344-7529
International replay number: 1-412-317-0088
Replay ID: 3791392
About Consolidated Water Co. Ltd.
Consolidated Water Co. Ltd. develops and operates advanced water supply and treatment plants and water distribution systems. The company designs, constructs and operates seawater desalination facilities in the Cayman Islands, The Bahamas and the British Virgin Islands, and designs, constructs and operates water treatment and reuse facilities in the United States. The company recently entered the U.S. desalination market with a contract to design, construct, operate and maintain a seawater desalination plant in Hawaii.
The company also manufactures and services a wide range of products and provides design, engineering, management, operating and other services applicable to commercial and municipal water production, supply and treatment, and industrial water and wastewater treatment. For more information, visit cwco.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "intend", "expect", "should", "will" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to (i) continued acceptance of the company's products and services in the marketplace; (ii) changes in its relationships with the governments of the jurisdictions in which it operates; (iii) the outcome of its negotiations with the Cayman government regarding a new retail license agreement; (iv) the collection of its delinquent accounts receivable in the Bahamas; and (v) various other risks, as detailed in the company's periodic report filings with the Securities and Exchange Commission (“SEC”). For more information about risks and uncertainties associated with the company’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the company’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting the company’s Secretary at the company’s executive offices or at the “Investors – SEC Filings” page of the company’s website at http://ir.cwco.com/docs. Except as otherwise required by law, the company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Company Contact:
David W. Sasnett
Executive Vice President and CFO
Tel (954) 509-8200
Email Contact
Investor & Media Relations Contact:
Ron Both or Grant Stude
CMA Investor & Media Relations
Tel (949) 432-7566
Email Contact
| CONSOLIDATED WATER CO. LTD. CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 96,670,206 | $ | 42,621,898 | ||||
| Accounts receivable, net | 39,664,848 | 38,226,891 | ||||||
| Inventory | 4,561,374 | 6,044,642 | ||||||
| Prepaid expenses and other current assets | 2,945,174 | 4,056,370 | ||||||
| Contract assets | 5,413,780 | 21,553,057 | ||||||
| Current assets of discontinued operations | 1,503,473 | 211,517 | ||||||
| Total current assets | 150,758,855 | 112,714,375 | ||||||
| Property, plant and equipment, net | 54,368,951 | 55,882,521 | ||||||
| Construction in progress | 1,245,998 | 495,471 | ||||||
| Inventory, noncurrent | 4,999,102 | 5,045,771 | ||||||
| Investment in OC-BVI | 1,311,271 | 1,412,158 | ||||||
| Goodwill | 12,861,404 | 12,861,404 | ||||||
| Intangible assets, net | 3,025,000 | 3,353,185 | ||||||
| Operating lease right-of-use assets | 3,532,430 | 2,135,446 | ||||||
| Other assets | 3,058,949 | 3,407,973 | ||||||
| Long-term assets of discontinued operations | — | 21,129,288 | ||||||
| Total assets | $ | 235,161,960 | $ | 218,437,592 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable, accrued expenses and other current liabilities | $ | 8,100,744 | $ | 11,604,369 | ||||
| Accrued compensation | 2,759,353 | 3,160,030 | ||||||
| Dividends payable | 1,559,669 | 1,572,655 | ||||||
| Current maturities of operating leases | 618,705 | 456,865 | ||||||
| Current portion of long-term debt | 170,867 | 192,034 | ||||||
| Contract liabilities | 5,710,398 | 6,237,011 | ||||||
| Deferred revenue | 217,618 | 317,017 | ||||||
| Current liabilities of discontinued operations | 393,237 | 364,665 | ||||||
| Total current liabilities | 19,530,591 | 23,904,646 | ||||||
| Long-term debt, noncurrent | 115,033 | 191,190 | ||||||
| Deferred tax liabilities | 383,075 | 530,780 | ||||||
| Noncurrent operating leases | 2,949,303 | 1,827,302 | ||||||
| Other liabilities | 153,000 | 153,000 | ||||||
| Deferred revenue | 29,459 | — | ||||||
| Total liabilities | 23,160,461 | 26,606,918 | ||||||
| Commitments and contingencies | ||||||||
| Equity | ||||||||
| Consolidated Water Co. Ltd. stockholders' equity | ||||||||
| Redeemable preferred stock, | 29,434 | 26,578 | ||||||
| Class A common stock, | 9,497,743 | 9,462,927 | ||||||
| Class B common stock, | — | — | ||||||
| Additional paid-in capital | 92,723,287 | 92,188,887 | ||||||
| Retained earnings | 104,455,633 | 85,148,820 | ||||||
| Total Consolidated Water Co. Ltd. stockholders' equity | 206,706,097 | 186,827,212 | ||||||
| Non-controlling interests | 5,295,402 | 5,003,462 | ||||||
| Total equity | 212,001,499 | 191,830,674 | ||||||
| Total liabilities and equity | $ | 235,161,960 | $ | 218,437,592 | ||||
| CONSOLIDATED WATER CO. LTD. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 32,479,158 | $ | 44,237,263 | $ | 72,168,548 | $ | 77,106,253 | ||||||||
| Cost of revenue | 20,858,944 | 28,773,714 | 46,670,311 | 51,083,622 | ||||||||||||
| Gross profit | 11,620,214 | 15,463,549 | 25,498,237 | 26,022,631 | ||||||||||||
| General and administrative expenses | 6,606,294 | 5,984,915 | 13,170,323 | 12,021,577 | ||||||||||||
| Gain (loss) on asset dispositions and impairments, net | (3,130 | ) | 1,000 | (3,130 | ) | 6,916 | ||||||||||
| Income from operations | 5,010,790 | 9,479,634 | 12,324,784 | 14,007,970 | ||||||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 380,854 | 86,137 | 714,996 | 199,781 | ||||||||||||
| Interest expense | (33,438 | ) | (36,247 | ) | (66,939 | ) | (74,091 | ) | ||||||||
| Profit-sharing income from OC-BVI | 12,150 | 12,150 | 32,400 | 26,325 | ||||||||||||
| Equity in the earnings of OC-BVI | 36,647 | 35,272 | 93,963 | 70,830 | ||||||||||||
| Other | 22,213 | 31,819 | 62,190 | 63,345 | ||||||||||||
| Other income, net | 418,426 | 129,131 | 836,610 | 286,190 | ||||||||||||
| Income before income taxes | 5,429,216 | 9,608,765 | 13,161,394 | 14,294,160 | ||||||||||||
| Provision for income taxes | 1,063,933 | 1,940,067 | 1,685,629 | 2,389,552 | ||||||||||||
| Net income from continuing operations | 4,365,283 | 7,668,698 | 11,475,765 | 11,904,608 | ||||||||||||
| Income from continuing operations attributable to non-controlling interests | 122,872 | 137,226 | 291,940 | 300,347 | ||||||||||||
| Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders | 4,242,411 | 7,531,472 | 11,183,825 | 11,604,261 | ||||||||||||
| Net income (loss) from discontinued operations | 11,607,846 | (207,701 | ) | 11,140,780 | (466,864 | ) | ||||||||||
| Net income attributable to Consolidated Water Co. Ltd. stockholders | $ | 15,850,257 | $ | 7,323,771 | $ | 22,324,605 | $ | 11,137,397 | ||||||||
| Basic earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders | ||||||||||||||||
| Continuing operations | $ | 0.27 | $ | 0.48 | $ | 0.71 | $ | 0.74 | ||||||||
| Discontinued operations | 0.73 | (0.01 | ) | 0.70 | (0.03 | ) | ||||||||||
| Basic earnings per share | $ | 1.00 | $ | 0.47 | $ | 1.41 | $ | 0.71 | ||||||||
| Diluted earnings (loss) per common share attributable to Consolidated Water Co. Ltd. common stockholders | ||||||||||||||||
| Continuing operations | $ | 0.26 | $ | 0.47 | $ | 0.70 | $ | 0.73 | ||||||||
| Discontinued operations | 0.73 | (0.01 | ) | 0.70 | (0.03 | ) | ||||||||||
| Diluted earnings per share | $ | 0.99 | $ | 0.46 | $ | 1.40 | $ | 0.70 | ||||||||
| Dividends declared per common and redeemable preferred shares | $ | 0.095 | $ | 0.085 | $ | 0.19 | $ | 0.17 | ||||||||
| Weighted average number of common shares used in the determination of: | ||||||||||||||||
| Basic earnings per share | 15,829,120 | 15,736,041 | 15,829,024 | 15,729,852 | ||||||||||||
| Diluted earnings per share | 15,983,671 | 15,907,440 | 15,984,154 | 15,899,923 | ||||||||||||
FAQ
What was Consolidated Water's (CWCO) revenue for Q2 2024?
How did Consolidated Water's (CWCO) retail segment perform in Q2 2024?
What was Consolidated Water's (CWCO) net income for Q2 2024?
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