Welcome to our dedicated page for Global Water Resources news (Ticker: GWRS), a resource for investors and traders seeking the latest updates and insights on Global Water Resources 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) 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.
Global Water Resources, Inc. (NASDAQ: GWRS) has acquired Francesca Water Company, a Tucson-based utility, adding 115 active connections and expanding its total to 47,769. This acquisition complements Global Water's recent purchase of Mirabell Water Company and enhances its service area in Pima County. The company's president, Ron Fleming, highlighted the strategic importance of integrating Francesca into their operational framework, utilizing Total Water Management to drive efficiency and resource conservation.
Global Water Resources, Inc. (NASDAQ: GWRS) reported a revenue increase of 8.2% to $10.8 million for Q3 2020, driven by growth in active service connections and higher rates. Net income rose 8.0% to $1.1 million, with adjusted EBITDA up 16.1% to $5.5 million. The company declared a monthly dividend of $0.0241 per share, increasing to $0.02434 in December. Operational highlights include a 20.4% rise in recycled water volume and a planned rate application for a $4.6 million increase. The acquisition of Mirabell Water Co. adds over 60 connections, supporting future growth.
Global Water Resources (NASDAQ: GWRS) has acquired Mirabell Water Co., adding over 60 active connections in Tucson, Arizona. This strategic move supports the company's consolidation efforts in a fragmented local utility market. The Arizona Corporation Commission facilitated the swift closure of the transaction, promoting utility consolidation under its recent reforms. CEO Ron Fleming emphasized the benefits of improved management and modernization for Mirabell’s customers. This acquisition marks GWRS’s first since 2018, reflecting a renewed focus on growth opportunities.
Global Water Resources, Inc. (NASDAQ: GWRS) announced a monthly cash dividend of $0.0241 per common share, equating to an annualized total of $0.2892 per share. This dividend will be paid on November 30, 2020 to shareholders of record as of November 16, 2020. The company focuses on water resource management, operating 12 utilities primarily in the growth corridors around metropolitan Phoenix and recycling nearly 1 billion gallons of water annually.
Global Water Resources (NASDAQ: GWRS) will hold a conference call on November 6, 2020, at 1:00 p.m. Eastern time to discuss its third-quarter results for the period ending September 30, 2020. The call will be led by the management team, followed by a Q&A session. Interested parties can join via toll-free and international dial-in numbers provided. A replay of the call will be available through November 20, 2020. Global Water Resources operates 12 utilities, focusing on sustainable water management through its Total Water Management approach, recycling nearly 1 billion gallons of water annually.
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