Welcome to our dedicated page for Consolidated Water Co news (Ticker: CWCO), a resource for investors and traders seeking the latest updates and insights on Consolidated Water Co stock.
Consolidated Water Co. Ltd., trading under the symbol CWCO, is a premier developer and operator of seawater desalination plants and water distribution systems. The company was founded in 1973 and has since expanded from its Cayman Islands origins to a robust international presence. Consolidated Water operates in the Cayman Islands, Belize, the British Virgin Islands, the Commonwealth of the Bahamas, and Bali, Indonesia, ensuring access to potable water in regions where it is scarce or unavailable.
With over 35 years of expertise, Consolidated Water specializes in Sea Water Reverse Osmosis (SWRO) technology. The company's operations are divided into three main segments:
- Retail Water Operations: Provides water utility services to the Seven Mile Beach and West Bay areas of Grand Cayman Island.
- Bulk Water Operations: Supplies potable water to government utilities in the Cayman Islands and The Bahamas under long-term contracts.
- Engineering & Management Services: Designs, constructs, and sells water infrastructure, offering management and operating services to third parties.
In addition to these core segments, Consolidated Water also has a manufacturing division that produces and services a variety of specialized water-related products for commercial, municipal, and industrial water production and treatment applications.
Consolidated Water recently made headlines with its strategic acquisition of Ramey Environmental Compliance (REC) for $4.2 million in cash, expanding its footprint into Colorado. REC serves over 100 water and wastewater treatment customers, marking a significant growth opportunity for CWCO in water-stressed regions of the U.S.
On the financial front, Consolidated Water reported robust growth for Q3 2023 with revenue nearly doubling to $49.9 million, driven by increased tourist activity in Grand Cayman and significant progress in plant construction projects. The company also saw a substantial increase in net income and declared a dividend increase of 11.8% for the fourth quarter of 2023.
Continuing its expansion, the company has entered the U.S. desalination market with a contract to design, build, operate, and maintain a seawater desalination plant in Hawaii, expected to generate approximately $204 million in revenue over the project's 24-year base term.
For more detailed financial results and future projections, Consolidated Water Co. Ltd. will hold a conference call on November 10, 2023. For information on how to join the call, visit their official website at www.cwco.com.
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.
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