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, Inc. (NASDAQ: GWRS) announced that CEO Ron Fleming has been elected chairman of the Maricopa Economic Development Alliance (MEDA). Previously serving as treasurer, Fleming brings over 20 years of management experience in the water and wastewater industry. MEDA is crucial for Maricopa's economic development, bringing together various sectors to foster growth. Fleming expressed pride in his new role, emphasizing MEDA's importance in addressing community challenges and supporting economic initiatives.
Global Water Resources Inc. (NASDAQ: GWRS) announced the election of new Directors and the ratification of Deloitte & Touche LLP as its independent accounting firm during its 2022 Annual Meeting of Stockholders. A total of 19,142,522 shares were voted, with significant support for the Directors, including Ron L. Fleming receiving 94.51% of votes. The compensation of named executive officers was also approved, with 98.99% of votes in favor. Global Water continues to lead in water management with 25 systems serving metropolitan Phoenix, recycling nearly 1 billion gallons annually.
Global Water Resources (GWRS) reported Q1 2022 results showing an 8.3% revenue increase to $10.0 million, driven by organic growth and acquisitions, including Las Quintas Serenas. Net income rose to $0.9 million, or $0.04 per share, up from a loss last year. Adjusted EBITDA surged by 45.1% to $5.2 million. Active service connections grew by 9.7% year-over-year, totaling 55,012. The company declared dividends of $0.02458 per share and has $11.1 million in cash resources. They expect continued growth from both service connections and strategic acquisitions.
Global Water Resources (NASDAQ: GWRS) has declared a monthly cash dividend of $0.02458 per share, amounting to an annualized total of $0.29496. This dividend will be payable on May 31, 2022, to shareholders on record by May 17, 2022. The company operates 25 systems in water management and is recognized for its Total Water Management approach that integrates water, wastewater, and recycled water services, thus promoting resource conservation.
Global Water Resources (NASDAQ: GWRS) has established a public-private partnership with the Town of Sahuarita, Arizona, aimed at enhancing regional water infrastructure and supporting local growth. The agreement includes a planned acquisition of Farmers Water Co., serving approximately 3,300 customers in the area. This partnership is expected to facilitate substantial community development, particularly in the strategically important Sahuarita East Conceptual Area Plan (SECAP), which could support up to 50,000 new homes. Global Water's smart meter implementation will promote water conservation and operational efficiency.
Global Water Resources, Inc. (NASDAQ: GWRS) will conduct a conference call on May 5, 2022, at 1:00 p.m. Eastern time to discuss its financial results for the first quarter ending March 31, 2022. A press release containing these results will be issued prior to the call. Investors can participate via toll-free or international dial-in numbers and access a webcast on the company's website. A replay of the call will be available after 4:00 p.m. Eastern time on the same day until May 19, 2022.
Global Water Resources (NASDAQ: GWRS) announced a definitive agreement to acquire Farmers Water Co., enhancing its service area in Pima County, Arizona. The acquisition adds approximately 3,300 active water service connections and expands its operational footprint. This move aligns with Global Water’s strategy to address growing community needs in the Arizona Sun Corridor, projected to double in population by 2040. The transaction is expected to close in Q1 2023, subject to customary conditions. Global Water aims to implement smart metering technology to improve operational efficiency and customer service.
Global Water Resources, Inc. (GWRS) announced a monthly cash dividend of $0.02458 per common share, totaling $0.29496 annually. This dividend is set to be payable on April 29, 2022, to shareholders on record by April 14, 2022. The company operates 25 water systems primarily around metropolitan Phoenix, recycling over 1 billion gallons of water annually. Its Total Water Management approach maximizes recycled water use and fosters conservation in water-scarce areas.
Global Water Resources, Inc. (NASDAQ: GWRS) has been invited to ring the Nasdaq Opening Bell on March 22, 2022, in honor of World Water Day. This event will be broadcasted on major financial networks and highlight the company's award-winning Total Water Management approach. CEO Ron Fleming will participate from Maricopa, Arizona, emphasizing the significance of groundwater management. Global Water serves primarily residential and commercial areas around metropolitan Phoenix, delivering 3.2 billion gallons of potable water in 2021, and focusing on sustainability and water conservation.
Global Water Resources (GWRS) reported a Q4 2021 revenue increase of $0.6 million (5.7%) to $10.3 million, driven by organic growth and rate hikes. Net income improved to $0.3 million ($0.02/share) from a loss of $0.3 million. Adjusted EBITDA rose 30.9% to $4.7 million. Active service connections grew 10.2% to 53,882. The company invested $6.5 million in infrastructure, totaling $18.3 million for the year. A new monthly dividend of $0.29496/share was declared. Growth is expected in 2022, contingent on utility rate approvals from the Arizona Corporation Commission.
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