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Reporter Name | Whittaker Raymond |
Relationship | Director |
Type | Sell |
Amount | $73,371 |
SEC Filing | Form 4 |
Raymond Whittaker, a Director at Consolidated Water Co. Ltd., sold 2,949 shares of Common Stock on September 11, 2024, for a total sale amount of $73,371. The weighted-average selling price per share was $24.88. Following this transaction, Whittaker directly owns 4,094 shares of the company.
SEC Filing: Consolidated Water Co. Ltd. [ CWCO ] - Form 4 - Sep. 13, 2024
A month has gone by since the last earnings report for Consolidated Water (CWCO). Shares have lost about 5.3% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Consolidated Water due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Consolidated Water’s Q2 Earnings & Sales Lag Estimates
Consolidated Water Co. Ltd. delivered second-quarter 2024 earnings per share of 26 cents, which lagged the Zacks Consensus Estimate of 34 cents by 23.5%. The bottom line also decreased 44.7% from last year’s 47 cents.
Total Revenues
The company’s total revenues for the quarter were $32 million, which missed the Zacks Consensus Estimate of $37 million by 12.5%. The top line declined 27.3% from the year-ago quarter’s figure of $44 million.
Segment Details
Retail revenues totaled $8.18 million, up 8.1% from $7.57 million in the year-ago quarter. The rise was due to an 8% increase in the volume of water sold.
Bulk revenues amounted to $8.44 million, down 0.5% from $8.48 million in the prior year. The decrease in bulk segment revenues was due to a decline in energy costs for CW-Bahamas. This reduced the energy pass-through component of CW-Bahamas’ rates.
Manufacturing revenues for the quarter totaled $3.9 million, down 3.9% from $4.08 million in the previous year.
Services revenues amounted to $11.9 million, down 50.6% from $24.1 million in the last year. The decrease in services segment revenues was due to a $16.5 million decline in plant construction revenues.
Highlights of the Release
General and administrative expenses increased nearly 10.4% to $6.6 million.
Net income from continuing operations amounted to $11.5 million compared with $11.9 million in the year-ago quarter.
The volume of retail water sold in the company’s utility service area in Grand Cayman increased 10% year over year. The company completed the construction and commissioning of the new 2.6 million gallons per day Red Gate desalination plant for the Water Authority of the Cayman Islands. It began operating the facility under a 10-year operations and maintenance agreement.
Financial Highlights
Cash and cash equivalents totaled $96.7 million as of Jun 30, 2024, compared with $42.6 million as of Dec 31, 2023. Working capital amounted to $131.2 million as of the same date.
Total long-term debt was $0.15 million as of Jun 30, 2024, lower than $0.19 million at 2023-end.
Cash flow from operating activities in the first half of 2024 totaled $26.9 million compared with $4.5 million in the year-ago period.
How Have Estimates Been Moving Since Then?
It turns out, estimates revision have trended upward during the past month.
VGM Scores
At this time, Consolidated Water has an average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Consolidated Water has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Consolidated Water belongs to the Zacks Utility - Water Supply industry. Another stock from the same industry, American Water Works (AWK), has gained 3.6% over the past month. More than a month has passed since the company reported results for the quarter ended June 2024.
American Water Works reported revenues of $1.15 billion in the last reported quarter, representing a year-over-year change of +4.7%. EPS of $1.42 for the same period compares with $1.44 a year ago.
American Water Works is expected to post earnings of $1.83 per share for the current quarter, representing a year-over-year change of +10.2%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.9%.
American Water Works has a Zacks Rank #2 (Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.
Zacks Investment Research
GEORGE TOWN, Cayman Islands, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading designer, builder and operator of advanced water supply and treatment plants, has been invited to attend the Janney Water Utilities Conference being held virtually on September 19, 2024.
Consolidated Water’s CEO, Rick McTaggart, and its CFO, David Sasnett, are scheduled to meet with institutional analysts and investors in one-on-one virtual meetings on Thursday, September 19. Management will review the company’s recent financial and operational results and will discuss the company’s current projects and potential growth opportunities. The company recently announced that it has increased its quarterly cash dividend 15.8% sequentially to $0.11 per share for the fourth quarter of 2024.To schedule a one-on-one meeting with Consolidated Water, please contact your Janney representative. For any questions about the company, contact Ron Both of CMA at (949) 432-7557 or submit your request here.About Janney Montgomery ScottJanney Montgomery Scott LLC is a leading financial services firm dedicated to putting client needs first. Janney provides advice to individual, corporate and institutional clients. The firm is an independently operated subsidiary of The Penn Mutual Life Insurance Company and is a member of the Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC). For more information, visit www.janney.com.
About Consolidated Water Co. Ltd.
Consolidated Water Co. Ltd. develops and operates advanced water supply and treatment plants and water distribution systems. The company designs, constructs and operates seawater desalination facilities in the Cayman Islands, The Bahamas and the British Virgin Islands, and designs, constructs and operates water treatment and reuse facilities in the United States. The company recently entered the U.S. desalination market with a contract to design, construct, operate and maintain a seawater desalination plant in Hawaii.The company also manufactures and services a wide range of products and provides design, engineering, management, operating and other services applicable to commercial and municipal water production, supply and treatment, and industrial water and wastewater treatment. For more information, visit cwco.com.Company Contact:David W. SasnettExecutive Vice President and CFOTel (954) 509-8200Email ContactInvestor & Media Relations Contact:Ron Both or Grant StudeCMA Investor & Media RelationsTel (949) 432-7566Email Contact
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/724a3892-5bbe-4d1f-862c-89db36a6dbc4
Consolidated Water Co. Ltd., a prominent designer, builder, and operator of advanced water supply and treatment plants, has released its financial results for the second quarter ending June 30, 2024. The company, headquartered in George Town, Grand Cayman, Cayman Islands, provided a detailed overview of its performance, highlighting key financial metrics, operational achievements, and strategic initiatives.
Financial Highlights
For the second quarter of 2024, Consolidated Water reported a total revenue of $32.5 million, marking a 27% decline from the $44.2 million reported in the same period of 2023. The company's net income from continuing operations attributable to stockholders was $4.2 million, or $0.26 per diluted share, compared to $7.5 million, or $0.47 per diluted share, in the second quarter of 2023. Including discontinued operations, net income attributable to stockholders was $15.9 million, or $0.99 per diluted share, up from $7.3 million, or $0.46 per diluted share, in the same period of 2023.
Business and Operational Highlights
Retail revenue increased by 8% to $8.2 million, driven by higher sales volumes. The volume of retail water sold in the company's utility service area in Grand Cayman increased by 10% compared to the same period in 2023. Bulk and manufacturing revenues remained relatively consistent at $8.4 million and $3.9 million, respectively. However, services revenue saw a significant decline of 51% to $11.9 million, primarily due to a $16.5 million decrease in construction revenue, partially offset by a $3 million increase in recurring operations and maintenance revenue.
Strategic Initiatives and Corporate Developments
During the quarter, Consolidated Water completed the construction and commissioning of the new 2.6 million gallon per day Red Gate desalination plant for the Water Authority of the Cayman Islands and began operating the facility under a 10-year operations and maintenance agreement. The company also continued the piloting, design, and permitting of a $147 million project to design, construct, operate, and maintain a seawater desalination plant for the Board of Water Supply of Honolulu, Hawaii.
Additionally, the company settled a dispute with Mexico involving the discontinued desalination project in Playas de Rosarito, recognizing a gain of $12.1 million from the sale of the project land and documentation. Consolidated Water also received a Notice to Proceed under a new 15-year agreement with the Water and Sewerage Corporation of the Bahamas to design, build, own, operate, and finance two seawater desalination plants on Cat Island in the Bahamas.
Management's Perspective
CEO Rick McTaggart commented on the results, noting the inherent variability in service segment revenue and earnings due to the timing of large design-build projects. He highlighted the completion of projects in Grand Cayman and Arizona earlier in the year, which contributed to the reduction in construction-related revenue. McTaggart expressed optimism about the ongoing development activities for the $147 million Hawaii project and the integration of REC, which was acquired in October 2023, into the company's operations.
Looking ahead, McTaggart emphasized the company's strong balance sheet and the positive factors supporting future growth, including consistent water sales growth in Grand Cayman, long-term recurring revenues from Caribbean-based bulk water and U.S.-based operations and maintenance businesses, and the anticipated revenue from the Hawaii project.
Future Outlook
Consolidated Water remains optimistic about its prospects for the remainder of the year and beyond. The company plans to continue investing in new long-term projects, such as the two desalination plants on Cat Island in the Bahamas, and new infrastructure to meet the growing water needs of its utility customers in the Cayman Islands. The market for design-build projects remains strong, and the company anticipates securing new projects through its efficient plant designs and cost-effective project delivery models.
SEC Filing: Consolidated Water Co. Ltd. [ CWCO ] - 8-K - Aug. 15, 2024
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