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Consolidated Water (CWCO) Q2 Earnings Beat, Revenues Miss

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Consolidated Water Co. Ltd. CWCO reported second-quarter 2021 earnings of 8 cents per share, beating the Zacks Consensus Estimate by a penny. In the year-ago quarter, the company reported earnings of 13 cents per share.

Revenues

Total revenues for second-quarter 2021 came in at $16.7 million, which missed the Zacks Consensus Estimate of $18 million by 7.2%.

Further, total revenues were down 12.6% year over year. The year-over-over year decline in revenues was due to the pandemic’s impact on its retail segment and reduced orders from a major customer in the manufacturing segment.

Consolidated Water Co. Ltd. Price, Consensus and EPS Surprise

Consolidated Water Co. Ltd. Price, Consensus and EPS Surprise
Consolidated Water Co. Ltd. Price, Consensus and EPS Surprise

Consolidated Water Co. Ltd. price-consensus-eps-surprise-chart | Consolidated Water Co. Ltd. Quote

Segment Details

Retail revenues for second-quarter 2021 decreased 4.9% year over year to $5.7 million. This reflects a 12% decrease in the volume of water sold by Cayman Water due to the closing of Grand Cayman Island to tourists in March 2020 in response to the COVID-19 pandemic.

Bulk revenues came in at $6.7 million for second-quarter 2021, up 14.1% from the prior-year figure. The increase in revenues was due to a 7% increase in the volume of water sold by CW-Bahamas.

Manufacturing revenues amounted to $0.55 million for the second quarter, down 85.4% year over year. The year-over year decline was due to a decrease in orders from Aerex’s former largest customer.

Services revenues were $3.76 million for the second quarter, up 8.3% year over year. The year-over-year improvement was due to contribution from new operating and maintenance contracts.

Other Details

General and administrative expenses for the quarter increased 3.5% from the year-ago level to $4.72 million.

Interest income for the reported quarter was $0.17 million, up 59% from the year-ago quarter.

Financial Highlights

Cash and cash equivalents as of Jun 30, 2021 were $41.2 million, down from $43.8 million on Dec 31, 2020.

Long-term debt as of Jun 30, 2021 was $0.15 million compared with $0.13 million on Dec 31, 2020.

Zacks Rank

Currently, Consolidated Water carries a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Releases

Here are some other players from the water utility space that have reported second-quarter earnings:

American Water Works AWK, Essential Utilities WTRG and California Water Service Group’s CWT second-quarter earnings per share surpassed the Zacks Consensus Estimate by 5.6%, 10.3% and 102.7%, respectively.


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American Water Works Company, Inc. (AWK) : Free Stock Analysis Report

California Water Service Group (CWT) : Free Stock Analysis Report

Consolidated Water Co. Ltd. (CWCO) : Free Stock Analysis Report

Essential Utilities Inc. (WTRG) : Free Stock Analysis Report

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