Welcome to our dedicated page for Global Water news (Ticker: GWRS), a resource for investors and traders seeking the latest updates and insights on Global Water stock.
Global Water Resources, Inc. (GWRS) is a leading water resource management company that owns, operates, and manages water, wastewater, and recycled water utilities in strategically located communities, primarily in metropolitan Phoenix, Arizona. The company employs an integrated approach known as Total Water Management (TWM) to optimize the entire water cycle, aiming to conserve water and maximize its economic and social value. By owning and operating water, wastewater, and recycled water utilities within the same geographic areas, Global Water promotes sustainable communities and effective water use.
Global Water has been recognized for its successful implementation of TWM, receiving numerous industry awards, including the prestigious 'Utility of the Future Today' by the Water Environment Federation (WEF). The company's innovative practices also earned it the Cityworks’ 2022 Excellence in Departmental Practice Award.
In recent years, the company has expanded its portfolio through strategic acquisitions and the development of smart water management programs. One significant acquisition was Farmers Water, completed in February 2023, marking GWRS's largest acquisition since going public on Nasdaq in 2016. The company continuously invests in advanced technologies, such as remote metering infrastructure and new rate designs, which contribute to real water conservation.
Global Water recycles over 1 billion gallons of water annually and has recycled more than 16.7 billion gallons since 2004. The company’s ‘purple pipe’ program, which uses recycled wastewater for public areas, exemplifies its commitment to preserving drinking water resources.
Financially, GWRS has shown steady growth. For Q3 2023, the company reported a 22.2% increase in revenues compared to the same quarter the previous year, driven by organic growth and increased rates. The company's adjusted EBITDA also saw a notable increase, reflecting its strong operational performance.
Global Water Resources is poised for continued growth, supported by Arizona’s positive population and economic trends. The company's strategic focus on expanding service connections, improving operational efficiencies, and pursuing accretive acquisitions ensures it remains a vital player in providing essential water services to the growing communities in and around metropolitan Phoenix and Tucson.
For further information, visit www.gwresources.com or contact:
- Michael Liebman, CFO and SVP, at (480) 999-5104 or mike.liebman@gwresources.com
- Ron Both or Grant Stude at CMA, Tel (949) 432-7566
- Tim Randall at CMA, Tel (949) 432-7572
Join Global Water at the upcoming Nasdaq Closing Bell Ceremony on November 9, 2023, as they celebrate 20 years of water stewardship and sustainability.
Global Water Resources (NASDAQ: GWRS) reported a 8.9% revenue increase to $38.6 million for 2020, driven by organic growth and increased consumption. Cash reserves rose from $7.5 million to $18 million, aided by an equity offering. The company acquired four water utilities in Arizona, expanding its service area, and secured a $10 million credit line for growth. The dividend increased to $0.29208 annually. However, net income fell to $1.1 million ($0.05 per share) from $2.2 million ($0.10 per share) the previous year. Adjusted EBITDA grew by 10.1% to $18 million.
Global Water Resources (NASDAQ: GWRS) has announced a monthly cash dividend of $0.02434 per share, totaling an annualized amount of $0.29208. This dividend will be payable on March 31, 2021 to stockholders on record as of March 17, 2021. The company, focused on water resource management, operates 16 utilities mainly in metropolitan Phoenix and recycles nearly 1 billion gallons of water annually. Global Water employs Total Water Management, optimizing the entire water cycle, which supports sustainability in growing regions.
Global Water Resources (GWRS) announced the acquisition of two water utility companies, Twin Hawks Utility and Rincon Water Company, adding approximately 93 water connections in Arizona. This marks GWRS's fifth and sixth acquisitions since 2018, reflecting its commitment to portfolio expansion. The company plans to file for regulatory approval in March 2021, anticipating completion by the year's second half. With a focus on integrating these utilities, GWRS aims to enhance operational efficiency and compliance while meeting community water needs.
Global Water Resources, Inc. (NASDAQ: GWRS) is set to hold a conference call on March 4, 2021, at 1:00 p.m. ET, to discuss its financial results for the fourth quarter and full year ended December 31, 2020. The call will be preceded by a press release detailing the results. Participants can join via toll-free and international dial-in numbers, with a replay available after 4:00 p.m. ET on the same day. The company operates 16 utilities and advocates a Total Water Management approach, maximizing recycled water use.
Global Water Resources, Inc. (GWRS) has announced a monthly cash dividend of $0.02434 per common share, equating to an annualized amount of $0.29208. This dividend will be payable on February 26, 2021 to shareholders on record as of February 12, 2021. The company operates 16 utilities primarily in the Phoenix area, recycling nearly 1 billion gallons of water annually. Their Total Water Management approach aims to optimize water usage and conserve resources, particularly in water-scarce regions.
Global Water Resources (NASDAQ: GWRS) has signed a master utility agreement with Nikola Corporation (NASDAQ: NKLA) to provide water and wastewater services for Nikola's new manufacturing facility in Coolidge, Arizona. The facility aims to produce hydrogen-powered and battery-electric Class 8 semi-trucks, with construction phases planned over the next 12-18 months. Global Water will submit a regulatory filing for a Certificate of Convenience and Necessity to become the exclusive service provider for the site, expanding its regional utility footprint.
Global Water Resources (NASDAQ: GWRS) has declared a monthly cash dividend of $0.02434 per common share, equating to an annualized amount of $0.29208 per share. This dividend will be payable on January 29, 2021 to shareholders of record at the close of business on January 15, 2021. The company operates 16 utilities primarily in the Phoenix metropolitan area and recycles nearly 1 billion gallons of water annually, utilizing a Total Water Management approach to enhance sustainability and water conservation.
Global Water Resources (NASDAQ: GWRS) has obtained a Certificate of Convenience and Necessity from the Arizona Corporation Commission to deliver water, wastewater, and recycled water services across a new 3.4 square mile area in central Arizona. This region, part of the Inland Port Arizona project developed by Saint Holdings, spans approximately 2,200 acres. The area is anticipated to generate significant commercial and residential growth, following agreements with the City of Coolidge to provide essential water services. The project aligns with the expected population doubling in Pinal County by 2030.
Global Water Resources (NASDAQ: GWRS) has been invited to present at the Bank of America 2020 Water Conference on December 10, 2020. CEO Ron Fleming, SVP and CFO Mike Liebman, and Chief Strategy Officer Christopher Krygier will participate in meetings with analysts and investors. The presentation will cover third quarter results, reporting an 8.2% revenue increase to $10.8 million, driven by organic growth and higher rates. The company will also discuss its active M&A strategy, including the acquisition of four water companies in Arizona.
Global Water Resources (NASDAQ: GWRS) has acquired Tortolita Water Company and Lyn-Lee Water Company, adding 58 active water connections near Tucson, Arizona, to its portfolio. This acquisition, the third and fourth in Pima County this year, aims to enhance water management capabilities for the communities served. The Lyn-Lee Water Company faces operational challenges requiring infrastructure investments, which Global Water plans to address. This strategic move is part of the company's ongoing consolidation efforts in the region, where it currently operates 47,827 water connections.
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