Global Water Resources' (GWRS) Q4 Earnings Surpass Estimates
Global Water Resources GWRS reported fourth-quarter earnings of 4 cents per share, which beat the Zacks Consensus Estimate of 3 cents by 33.3%. The bottom line improved 100% from the year-ago quarter’s 2 cents.
For full-year 2022, GWRS reported earnings of 24 cents per share, up 50% from 16 cents in 2021.
Revenues
Fourth-quarter revenues totaled $11 million, on par with the Zacks Consensus Estimate. The top line increased by 10% from the year-ago quarter’s reported figure of $10 million.
Full-year 2022 revenues totaled $44.7 million, up 6.7% from $41.9 million in the previous year.
Global Water Resources, Inc. Price, Consensus and EPS Surprise
Global Water Resources, Inc. price-consensus-eps-surprise-chart | Global Water Resources, Inc. Quote
Highlights of the Release
In 2022, operating expenses totaled $36.9 million, up 5.7% from $34.9 million reported in the previous year. This was due to a 5.8% increase in operation and maintenance expenses.
GWRS’ total operating income for 2022 totaled $7.9 million, up 12.9% from $7 million in the previous year.
In 2022, interest on debt of $4.1 million, down 21.2% from $5.2 million in the previous year.
As of Dec 31, 2022, active service connections increased by 2,388 (4.4%) to 56,270 compared with 53,882 on Dec 31, 2021. The increase in active service connections was primarily due to growth in the company’s service areas.
In February 2023, the company completed the acquisition of Farmers Water Co., which added a total of 3,300 active water service connections.
Financial Highlights
Cash and cash equivalents as of Dec 31, 2022 were $6.6 million compared with $12.4 million as of Dec 31, 2021.
Long-term debt amounted to $104.9 million as of Dec 31, 2022 compared with $108.7 million as of Dec 31, 2021.
The net cash provided by operating activities for 2022 was $23.4 million compared with $20.4 million in the previous year.
Zacks Rank
Global Water Resources currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
American Water Works Company AWK reported fourth-quarter 2022 operating EPS of 81 cents, which surpassed the Zacks Consensus Estimate of 76 cents by 6.6%.
Long-term (three- to five-year) earnings growth of American Water Works is pegged at 8.08%. The Zacks Consensus Estimate for AWK’s 2023 EPS is $4.77, indicating a 5.8% increase year over year.
SJW Group SJW reported fourth-quarter 2022 adjusted earnings of $1.09 per share, beating the Zacks Consensus Estimate of $1.03 by 5.8%.
The Zacks Consensus Estimate for 2023 EPS is $2.46, implying year-over-year increase of 1.7%. It delivered an average earnings surprise of 5.6% in the last four quarters.
The York Water Company YORW reported fourth-quarter earnings of 35 cents per share, which beat the Zacks Consensus Estimate of 32 cents by 9.4%.
The Zacks Consensus Estimate for 2023 EPS is $1.53, implying a year-over-year increase of 9.3%. It delivered an average earnings surprise of 5.13% in the last four quarters.
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