Global Water Resources Increases Dividend and Declares Monthly Dividend

Rhea-AI Summary

Global Water Resources, Inc. (NASDAQ: GWRS) has increased its dividend by 1% and declared an increased monthly cash dividend of $0.02508 per common share, representing a new annualized dividend rate of $0.30096 per share. The company reported a 22% increase in revenue to $14.5 million in the third quarter of 2023, driving an increase of EPS to $0.11.

Positive

• Increased dividend and monthly cash dividend
• 22% increase in revenue to $14.5 million in Q3 2023
• Increase of EPS to $0.11

Negative

• None.

PHOENIX, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), a pure-play water resource management company, has increased its dividend by 1% and has declared under its dividend policy an increased monthly cash dividend in the amount of $0.02508 per common share.

The increased monthly distribution represents a new annualized dividend rate of $0.30096 per share, an increase of $0.003 per share from the previous annual rate of $0.29796 per share.

The dividend will be payable on December 28, 2023, to holders of record at the close of business on December 14, 2023.

“Our growth through investments in organic expansion, acquisitions and new projects has driven exceptional performance and cash flow,” stated Global Water Resources CFO Mike Liebman. “This performance and positive outlook supported our board of directors’ decision to modestly increase our monthly dividend for our stockholders.”

The company also recently reported a 22% increase in revenue to $14.5 million in the third quarter of 2023, with this driving an increase of EPS to $0.11.

About Global Water Resources

Global Water Resources, Inc. is a leading water resource management company that owns and operates 29 systems which provide water, wastewater, and recycled water services. The company’s service areas are located primarily in growth corridors around metropolitan Phoenix. Global Water recycles over 1 billion gallons of water annually with a total of more than 15.9 billion gallons recycled since 2004.

The company has been recognized for its highly effective implementation of Total Water Management (TWM). TWM is an integrated approach to managing the entire water cycle that involves owning and operating water, wastewater and recycled water utilities within the same geographic area in order to maximize the beneficial use of recycled water. It enables smart water management programs such as remote metering infrastructure and other advanced technologies, rate designs, and incentives that result in real conservation. TWM helps protect water supplies in water-scarce areas experiencing population growth.

Global Water has received numerous industry awards, including national recognition as a ‘Utility of the Future Today’ for its superior water reuse practices by a national consortium of water and conservation organizations led by the Water Environment Federation (WEF). The company also received Cityworks’ 2022 Excellence in Departmental Practice Award for demonstrating leadership and creativity in applying public asset management strategies to daily operations and long-term planning.

To learn more, visit www.gwresources.com.

Company Contact:
Michael Liebman
CFO and SVP
Tel (480) 999-5104
Email Contact

Investor Relations Contact:
Ron Both or Grant Stude
CMA
Tel (949) 432-7566
Email contact

Media Contact:
Tim Randall
CMA
Tel (949) 432-7572
Email Contact

FAQ

What is the dividend increase percentage for Global Water Resources, Inc. (NASDAQ: GWRS)?

The dividend has been increased by 1%.

What is the new annualized dividend rate per share for Global Water Resources, Inc. (NASDAQ: GWRS)?

The new annualized dividend rate is $0.30096 per share.

What was the revenue increase reported by Global Water Resources, Inc. (NASDAQ: GWRS) in the third quarter of 2023?

The company reported a 22% increase in revenue to $14.5 million.

What was the increase in EPS reported by Global Water Resources, Inc. (NASDAQ: GWRS) in the third quarter of 2023?

The EPS increased to $0.11.