Consolidated Water - CWCO STOCK NEWS

Consolidated Water Co. (NASDAQ: CWCO), a leading developer and operator of advanced water supply and treatment plants, has scheduled its second quarter 2024 investor conference call for Thursday, August 15, 2024, at 11:00 a.m. Eastern time. The company will discuss its financial results for the quarter ended June 30, 2024, which will be released prior to the call. Management will host the call, followed by a Q&A session.

Investors can join the call using the toll-free number 1-844-875-6913 (US) or 1-412-317-6709 (International) with Conference ID 3791392. A replay will be available until August 22, 2024, via phone and the company's website at www.cwco.com.

Consolidated Water (NASDAQ: CWCO) announced that its property and equipment in Grand Cayman sustained no damage from Hurricane Beryl, which passed about 40 miles south of the island. Despite reports of flooding and wave damage in other areas, particularly on the south side of Grand Cayman, the company's retail water service area was unaffected. CEO Rick McTaggart praised the operations team for maintaining water supply during the storm. The Cayman Islands National Emergency Operations Centre has issued an 'all clear,' and the company has resumed normal operations. The hurricane is not expected to impact other company operations.

Consolidated Water (NASDAQ: CWCO) will attend the 10th Annual ROTH London Conference from June 25-27, 2024, at the Four Seasons Hotel London. The event will feature one-on-one and small group meetings with executive management from around 80 companies across various sectors. Consolidated Water's EVP & COO, Ramjeet Jerrybandan, will discuss the company's growth drivers, including a significant project in Hawaii and robust bidding activity in the Western U.S. The company reported a strong Q1 2024 with a 21% revenue increase to $39.7 million and a net income of $6.9 million, or $0.43 per diluted share. Additionally, a dividend of $0.095 per share was declared for Q3 2024, payable on July 1, 2024.

Consolidated Water has declared a quarterly cash dividend of $0.095 per share for Q3 2024, payable on July 31, 2024. Shareholders on record by July 1, 2024, will be eligible to receive this dividend. This announcement highlights the company's commitment to rewarding its investors.

Consolidated Water has settled a dispute with Mexico regarding the Playas de Rosarito, Baja California desalination project. Under the settlement, Consolidated Water's subsidiary, NSC Agua, will sell the project land and documentation to the Mexican government for approximately $36.35 million. The dispute originated from the termination of a public-private partnership agreement in June 2020. The settlement includes discontinuation of an arbitration process and releases all parties from further obligations related to the dispute and project.

Consolidated Water (NASDAQ: CWCO) announced that the 2024 Annual General Meeting (AGM), initially held on May 28, 2024, was partially adjourned to solicit more votes for Proposal 1 regarding the election of eight director nominees. The meeting will reconvene on June 24, 2024, at 9:00 a.m. Cayman Islands time (10:00 a.m. Eastern Daylight Time) at Aquilex's office in Coral Springs, FL. Shareholders as of March 28, 2024, are urged to vote 'FOR ALL' directors. Proposals 2 and 3, regarding executive compensation and the appointment of Marcum LLP, were approved. Shareholders can vote by Internet, telephone, or mail.

Consolidated Water (NASDAQ: CWCO) reported a 21% increase in Q1 2024 revenue, reaching $39.7 million. Net income from continuing operations was $6.9 million, or $0.43 per diluted share, up from $4.1 million or $0.26 per share in Q1 2023. Retail revenue increased by 11% to $8.6 million, services revenue surged by 37% to $17.4 million, and manufacturing revenue rose by 57% to $5.3 million.

Operational highlights include the substantial completion of an $81 million water treatment plant in Arizona and ongoing work on a $150 million desalination project in Hawaii. Cash and cash equivalents stood at $46.2 million, with working capital of $95.0 million. The company also noted a 10% increase in retail water volume sold in Grand Cayman.

Consolidated Water Co. (CWCO) will host an investor conference call on May 16, 2024, to discuss its first-quarter results. The call will be followed by a Q&A session. The financial results will be released before the call. Investors can join the call using the provided dial-in numbers and access a replay afterward.

Consolidated Water Co. (CWCO) reported impressive financial and operational highlights for the full year ended December 31, 2023. Total revenue surged by 92% to $180.2 million, with net income from continuing operations reaching $30.7 million. The company showcased robust growth in various revenue streams, including retail, bulk, services, and manufacturing. Operational achievements included significant revenue recognition from a water treatment plant construction project, increased retail water sales, and the commencement of new desalination plant projects in Grand Cayman and Hawaii.