Consolidated Water Co. Ltd. CWCO delivered third-quarter 2024 earnings per share (EPS) of 31 cents per share, which surpassed the Zacks Consensus Estimate of 26 cents by 19.2%. However, the bottom line decreased 43.6% from last year’s 55 cents.

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Total Revenues of CWCO

The company’s total revenues for the quarter were $33.4 million, which surpassed the Zacks Consensus Estimate of $32 million by 4.4%. However, the top line declined 32.9% from the year-ago quarter’s figure of $49.8 million.

CWCO’s Segmental Details

Retail revenues totaled $7.6 million, up 5.6% from $7.2 million in the year-ago quarter. The rise was primarily due to the continued business and population growth on the Grand Cayman Island.

Bulk revenues amounted to $8.8 million, up 3.5% from $8.5 million last year. The company witnessed an increase in gross margin from its new operations and maintenance contract for the new Red Gate II plant that CWCO completed earlier this year for the Water Authority-Cayman.

Manufacturing revenues for the quarter totaled $4.4 million, down 6.4% from $4.7 million in the previous year.

Services revenues amounted to $12.7 million, down 56.8% from $29.4 million last year. This decline was due to an anticipated reduction in construction revenues related to the conclusion of our Liberty Utilities and Red Gate II projects.

Highlights of  CWCO’s Earnings Release

General and administrative expenses increased nearly 16.9% to $6.9 million.

Net income from continuing operations amounted to $5.1 million compared with $9 million in the year-ago quarter.

CWCO’s Financial Highlights

Cash and cash equivalents totaled $104.9 million as of Sept. 30, 2024, compared with $42.6 million as of Dec. 31, 2023. Working capital amounted to $133.9 million as of the same date.

Total long-term debt was $0.091 million as of Sept. 30, 2024, lower than $0.19 million at 2023-end.

Cash flow from operating activities during the first nine months of 2024 totaled $37.3 million compared with $8.4 million
in the year-ago period.

CWCO’s Zacks Rank

Consolidated Water currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Releases

SJW Group SJW reported a third-quarter operating EPS of $1.18, in line with the Zacks Consensus Estimate.

SJW’s long-term (three to five years) earnings growth rate is 6.07%. The Zacks Consensus Estimate for 2024 earnings is pegged at $2.75 per share, which calls for year-over-year growth of 2.6%.

California Water Service Group CWT recorded third-quarter 2024 adjusted earnings of $1.03 per share, which lagged the Zacks Consensus Estimate of $1.09 by 5.5%.

The Zacks Consensus Estimate for 2024 earnings is pegged at $3.31 per share, which implies year-over-year growth of 263.7%. It delivered an average earnings surprise of 121.2% in the trailing four quarters.

American States Water Company AWR reported third-quarter 2024 operating earnings per share (EPS) of 95 cents, which lagged the Zacks Consensus Estimate of 99 cents by 4%.

The company’s long-term earnings growth rate is 6.3%. The Zacks Consensus Estimate for AWR’s 2024 EPS is pegged at $3.02, which indicates a year-over-year improvement of 5.9%.

 

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