Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a
leading designer, builder and operator of advanced water supply and
treatment plants, reported results for the third quarter ended
September 30, 2024. All comparisons are to the same prior year
period unless otherwise noted.
Consolidated Water will hold a conference call at 11:00 a.m.
Eastern time tomorrow to discuss the results (see dial-in
information below).
Third Quarter 2024 Financial Key Points
- Total revenue declined 33% to $33.4
million, due to two large construction projects that were underway
in 2023 but were completed earlier this year. Meanwhile, the
company’s ongoing $147 million design-build-operate desalination
plant project in Hawaii continues to progress through development
towards the construction phase.
- Retail revenue increased 5% to $7.6
million on higher sales volumes.
- Bulk revenue increased 3% to $8.8
million.
- Manufacturing revenue decreased by
$362,000 to $4.4 million.
- Services revenue declined by 57% (or
approximately $16.7 million) to $12.7 million due to a $20.6
million decline in construction revenue that was partially offset
by a $2.5 million increase in recurring operations and maintenance
(O&M) revenue and a $1.3 million increase in design and
consulting revenue.
- Net income from continuing
operations attributable to company stockholders totaled $5.0
million or $0.31 per diluted share, compared to $8.8 million or
$0.55 per diluted share in the third quarter of 2023.
- Net income including discontinued
operations attributable to company stockholders totaled $4.5
million or $0.28 per diluted share, compared to $8.6 million or
$0.54 per diluted share in the third quarter of 2023.
- Cash and cash equivalents totaled
$104.9 million and working capital was $133.9 million as of
September 30, 2024.
Third Quarter 2024 Operational Key Points
- Volume of retail water sold in the
company’s utility service area in Grand Cayman increased 4.2%
compared with the same period in 2023. The volume of water sold
increased due to a 4.8% increase in the number of customer
connections in the company’s license area from September 30, 2023
to September 30, 2024.
- Continued 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.
- Recognized $2.1 million in
operations and maintenance revenue from REC which Consolidated
Water acquired in October 2023 to provide a new channel for
expansion in water-stressed regions of Colorado.
Management Commentary
“In the third quarter, our revenue and profitability were
consistent with our expectations, given the completion of two large
design-build projects earlier this year,” stated company CEO, Rick
McTaggart. “We were pleased to see the continuing trend of
increasing retail water sales in our exclusive utility service area
on Grand Cayman due to the continued business and population growth
on the island.
“While our Bulk segment had relatively consistent revenue
compared to last year, we saw an increase in gross margin from our
new operations and maintenance (O&M) contract for the new Red
Gate II plant that we completed earlier this year for the Water
Authority-Cayman.
“Services revenue declined by about half due to our anticipated
reduction in construction revenue related to the conclusion of our
Liberty Utilities and Red Gate II projects. These projects had a
major impact on 2023 revenue but were completed prior to the start
of the current quarter.
“The decline in construction revenue was partially offset by a
$2.5 million increase in recurring O&M revenue. The increase
included $2.1 million from our REC subsidiary in Colorado which we
acquired in October of last year. REC provides us a new channel for
expansion of our design-build and O&M businesses into
water-stressed regions of Colorado. The balance of the increase in
recurring revenue from O&M contracts was generated by our PERC
Water subsidiary.
“Despite the small decline in manufacturing revenue this
quarter, manufacturing gross profit grew 84% to $1.6 million—thanks
to our relentless pursuit of higher-margin products and maximizing
production efficiency. Based on the opportunities we see ahead of
us, we believe that this improving trend in our manufacturing
segment will continue and its operating results will remain stable
and profitable.
“We continue to advance our development activities on the $147
million project to design, construct, operate and maintain a
seawater desalination plant for the Board of Water Supply of
Honolulu in Hawaii. Since we announced the project in June of last
year, we have been advancing through the piloting, design and
permitting stage. We plan to begin the construction phase late next
year, which represents the largest portion of the revenue we expect
to generate from the project.
“Looking ahead, we remain excited about the future and for many
reasons. At the macro level, growing water scarcity continues to
build interest in advanced treatment and desalination solutions for
impaired resources. As water supply challenges increase, there is a
rising demand for the specialized capabilities we provide.
“Specific positive factors include the strong water sales growth
in Grand Cayman and long-term recurring revenue from our
Caribbean-based bulk water business and U.S.-based O&M
business. Our manufacturing business continues its positive trend,
and we expect our desalination plant project in Hawaii to
significantly enhance revenue and earnings over the coming
years.
“Enabled by an exceptionally strong balance sheet, we will
continue to invest in new long-term projects. This includes the new
desalination plants for Cat Island, as well as new infrastructure
for serving the growing water needs of our utility customers in the
Cayman Islands which will ultimately drive future bulk and retail
revenue growth.
“Our strong balance sheet also enables us to move quickly on any
potential acquisitions. While we are currently in a period between
large construction projects, we believe that our award-winning
plant designs, our cost-efficient project delivery models, and our
unmatched industry experience will help us secure new projects we
are pursuing.
“The course we charted for our company several years ago, which
involved diversifying our product offerings and market areas beyond
seawater desalination in the Caribbean, has continued to prove
successful and lays the path for strong growth ahead.
“As we complete 2024 and prepare for the new year, we anticipate
that all of these positive factors will continue to support our
long-term growth, enhance future profitability, and further
strengthen shareholder value.”
Third Quarter 2024 Financial Summary
Revenue totaled $33.4 million, declining 33% from $49.9 million
in the third quarter of 2023. The decrease was due to decreases of
$16.7 million in the services segment and $362,000 in the
manufacturing segment. The decreases were partially offset by
increases of $369,000 in the retail segment and $279,000 in the
bulk segment.
Retail revenue increased due to a 4.2% increase in the volume of
water sold. The volume of water sold increased due to a 4.8%
increase in the number of customer accounts in the company’s
license area from September 30, 2023 to September 30, 2024.
The increase in bulk segment revenue was due to the commencement
on May 1, 2024 of the operating and maintenance contract for the
new Red Gate desalination plant for the Water Authority of the
Cayman Island. The increase was also due to an amendment of the
company’s North Sound contract, which became effective May 1,
2024.
The decrease in services segment revenue was due to plant
construction revenue decreasing from $24.2 million in 2023 to $3.6
million in 2024 as the result of two construction projects being
completed earlier this year. Revenue generated under operations and
maintenance contracts totaled $7.5 million in the third quarter of
2024, an increase of 49% from the third quarter of 2023. Newly
acquired REC contributed $2.1 million to the increase, with the
remainder related to incremental PERC contracts.
Manufacturing segment revenue decreased by $362,000 to $4.4
million as compared to $4.7 million in the third quarter of
2023.
Gross profit for the third quarter of 2024 was $11.6 million
(34.8% of total revenue), as compared to $16.6 million (33.3% of
total revenue) in the third quarter of 2023.
Net income from continuing operations attributable to
Consolidated Water stockholders for the third quarter of 2024 was
$5.0 million or $0.31 per diluted share, compared to net income of
$8.8 million or $0.55 per diluted share in the third quarter of
2023.
Including discontinued operations, net income attributable to
Consolidated Water stockholders for the third quarter of 2024 was
$4.5 million or $0.28 per diluted share, compared to net income of
$8.6 million or $0.54 per diluted share in the third quarter of
2023.
Cash and cash equivalents totaled $104.9 million as of September
30, 2024, with working capital of $133.9 million, debt of $0.2
million, and stockholders’ equity of $209.8 million.
First Nine Months 2024 Financial Summary
Revenue for the first nine months of 2024 was $105.6 million,
down 17% compared to $127.0 million in the same year-ago period.
The decrease was attributable to decreases of $0.4 million in the
bulk segment and $24.2 million in the services segment. The
decreases were partially offset by increases of $1.8 million in the
retail segment and $1.4 million in the manufacturing segment.
Retail revenue increased primarily due to a 6.9% increase in the
volume of water sold. The volume of water sold increased due to a
4.8% increase in the number of customer accounts in the company’s
license area from September 30, 2023 to September 30, 2024.
The decrease in bulk segment revenue was due to a decrease in
energy costs for CW-Bahamas, which decreased the energy
pass-through component of CW-Bahamas’ rates.
The decrease in services segment revenue was due to a $36.4
million decrease in plant construction revenue. Revenue generated
under operations and maintenance contracts totaled $21.7 million in
the first nine months of 2024, up 70% as compared to $12.8 million
in the same year-ago period. Newly acquired REC contributed $5.9
million of the increase, with the remainder related to incremental
PERC contracts.
The increase in manufacturing segment revenue was due to
increased production activity.
Gross profit for the first nine months of 2024 was $37.1 million
(35.2% of total revenue), down 13% from $42.6 million (33.6% of
total revenue) in the same year-ago period.
Net income from continuing operations attributable to
stockholders for the first nine months of 2024 was $16.1 million or
$1.01 per diluted share, compared to net income of $20.4 million or
$1.28 per diluted share for the first nine months of 2023.
Including discontinued operations, net income attributable to
Consolidated Water stockholders for the first nine months of 2024
was $26.8 million or $1.68 per fully diluted share, up from net
income of $19.7 million or $1.24 per fully diluted share in the
same period of 2023. The increase was primarily due to a $12.1
million gain on sale of land and project documentation in Mexico
during the second quarter of 2024.
Third Quarter Segment
Results
| |
Three Months Ended
September 30, 2024 |
| |
Retail |
|
Bulk |
|
Services |
|
Manufacturing |
|
Total |
|
Revenue |
$ |
7,585,992 |
|
|
$ |
8,767,168 |
|
|
$ |
12,677,837 |
|
|
$ |
4,359,560 |
|
|
$ |
33,390,557 |
|
| Cost of
revenue |
|
3,606,944 |
|
|
|
5,969,292 |
|
|
|
9,409,325 |
|
|
|
2,770,338 |
|
|
|
21,755,899 |
|
| Gross
profit |
|
3,979,048 |
|
|
|
2,797,876 |
|
|
|
3,268,512 |
|
|
|
1,589,222 |
|
|
|
11,634,658 |
|
| General
and administrative expenses |
|
4,359,476 |
|
|
|
381,230 |
|
|
|
1,469,845 |
|
|
|
745,418 |
|
|
|
6,955,969 |
|
| Gain on asset dispositions and
impairments, net |
|
201,582 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
201,582 |
|
| Income (loss) from
operations |
$ |
(178,846 |
) |
|
$ |
2,416,646 |
|
|
$ |
1,798,667 |
|
|
$ |
843,804 |
|
|
|
4,880,271 |
|
| Other
income, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
724,040 |
|
| Income
before income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,604,311 |
|
|
Provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
490,209 |
|
| Net income from continuing
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,114,102 |
|
| Income from continuing
operations attributable to non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
156,784 |
|
| Net
income from continuing operations attributable to Consolidated
Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,957,318 |
|
| Net loss
from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(502,854 |
) |
| Net income attributable to
Consolidated Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,454,464 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended
September 30, 2023 |
| |
Retail |
|
Bulk |
|
Services |
|
Manufacturing |
|
Total |
|
Revenue |
$ |
7,216,574 |
|
|
$ |
8,488,615 |
|
|
$ |
29,427,664 |
|
|
$ |
4,721,222 |
|
|
$ |
49,854,075 |
|
| Cost of
revenue |
|
3,371,891 |
|
|
|
5,835,837 |
|
|
|
20,174,645 |
|
|
|
3,857,274 |
|
|
|
33,239,647 |
|
| Gross
profit |
|
3,844,683 |
|
|
|
2,652,778 |
|
|
|
9,253,019 |
|
|
|
863,948 |
|
|
|
16,614,428 |
|
| General
and administrative expenses |
|
4,225,825 |
|
|
|
347,668 |
|
|
|
861,835 |
|
|
|
437,162 |
|
|
|
5,872,490 |
|
| Income
(loss) from operations |
$ |
(381,142 |
) |
|
$ |
2,305,110 |
|
|
$ |
8,391,184 |
|
|
$ |
426,786 |
|
|
|
10,741,938 |
|
| Other
income, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
236,066 |
|
| Income
before income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,978,004 |
|
|
Provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,976,453 |
|
| Net
income from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,001,551 |
|
| Income
attributable to non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
163,428 |
|
| Net
income from continuing operations attributable to Consolidated
Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,838,123 |
|
| Net loss
from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(232,994 |
) |
| Net
income attributable to Consolidated Water Co. Ltd.
stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,605,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Nine Months Segment Results
| |
Nine Months Ended
September 30, 2024 |
| |
Retail |
|
Bulk |
|
Services |
|
Manufacturing |
|
Total |
|
Revenue |
$ |
24,392,814 |
|
|
$ |
25,557,220 |
|
|
$ |
42,017,917 |
|
|
$ |
13,591,154 |
|
|
$ |
105,559,105 |
|
| Cost of revenue |
|
10,828,421 |
|
|
|
17,632,010 |
|
|
|
30,536,801 |
|
|
|
9,428,978 |
|
|
|
68,426,210 |
|
| Gross profit |
|
13,564,393 |
|
|
|
7,925,210 |
|
|
|
11,481,116 |
|
|
|
4,162,176 |
|
|
|
37,132,895 |
|
| General and administrative
expenses |
|
12,842,624 |
|
|
|
1,088,639 |
|
|
|
4,264,323 |
|
|
|
1,930,706 |
|
|
|
20,126,292 |
|
| Gain on asset dispositions and
impairments, net |
|
195,452 |
|
|
|
— |
|
|
|
3,000 |
|
|
|
— |
|
|
|
198,452 |
|
| Income from operations |
$ |
917,221 |
|
|
$ |
6,836,571 |
|
|
$ |
7,219,793 |
|
|
$ |
2,231,470 |
|
|
|
17,205,055 |
|
| Other income, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,560,650 |
|
| Income before income
taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,765,705 |
|
| Provision for income
taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,175,838 |
|
| Net income from continuing
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,589,867 |
|
| Income from continuing
operations attributable to non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
448,724 |
|
| Net
income from continuing operations attributable to Consolidated
Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,141,143 |
|
| Net
income from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,637,926 |
|
| Net income attributable to
Consolidated Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
26,779,069 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Nine Months Ended
September 30, 2023 |
| |
Retail |
|
Bulk |
|
Services |
|
Manufacturing |
|
Total |
|
Revenue |
$ |
22,560,998 |
|
|
$ |
25,975,483 |
|
|
$ |
66,243,328 |
|
|
$ |
12,180,519 |
|
|
$ |
126,960,328 |
|
| Cost of
revenue |
|
10,355,817 |
|
|
|
18,010,718 |
|
|
|
46,466,864 |
|
|
|
9,489,870 |
|
|
|
84,323,269 |
|
| Gross
profit |
|
12,205,181 |
|
|
|
7,964,765 |
|
|
|
19,776,464 |
|
|
|
2,690,649 |
|
|
|
42,637,059 |
|
| General
and administrative expenses |
|
12,668,467 |
|
|
|
1,080,543 |
|
|
|
2,855,067 |
|
|
|
1,289,990 |
|
|
|
17,894,067 |
|
| Gain
(loss) on asset dispositions and impairments, net |
|
(7,287 |
) |
|
|
12,270 |
|
|
|
— |
|
|
|
1,933 |
|
|
|
6,916 |
|
| Income
(loss) from operations |
$ |
(470,573 |
) |
|
$ |
6,896,492 |
|
|
$ |
16,921,397 |
|
|
$ |
1,402,592 |
|
|
|
24,749,908 |
|
| Other
income, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
522,256 |
|
| Income
before income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,272,164 |
|
|
Provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,366,005 |
|
| Net
income from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,906,159 |
|
| Income
from continuing operations attributable to non-controlling
interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
463,775 |
|
| Net
income from continuing operations attributable to Consolidated
Water Co. Ltd. stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,442,384 |
|
| Net loss
from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(699,858 |
) |
| Net
income attributable to Consolidated Water Co. Ltd.
stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
19,742,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conference Call
Consolidated Water management will host a conference call
tomorrow to discuss these results, which will include a
question-and-answer period.
Date: Friday, November 15, 2024Time: 11:00 a.m. Eastern time
(8:00 a.m. Pacific time)Toll-free dial-in number:
1-844-875-6913International dial-in number:
1-412-317-6709Conference ID: 5709326
Please call the conference telephone number five minutes prior
to the start time. An operator will register your name and
organization. If you require any assistance connecting with the
call, please contact CMA at 1-949-432-7566.
A replay of the call will be available after 1:00 p.m. Eastern
time on the same day through November 22, 2024, as well as
available for replay via the Investors section of the Consolidated
Water website at www.cwco.com.
Toll-free replay number: 1-877-344-7529International replay
number: 1-412-317-0088Replay ID: 5709326
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.
Cautionary Note Regarding Forward-Looking
Statements
This press release includes statements that may constitute
"forward-looking" statements, usually containing the words
"believe", "estimate", "project", "intend", "expect", "should",
"will" or similar expressions. These statements are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements inherently involve
risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements. Factors that would
cause or contribute to such differences include, but are not
limited to (i) continued acceptance of the company's products and
services in the marketplace; (ii) changes in its relationships with
the governments of the jurisdictions in which it operates; (iii)
the outcome of its negotiations with the Cayman government
regarding a new retail license agreement; (iv) the collection of
its delinquent accounts receivable in the Bahamas; and (v) various
other risks, as detailed in the company's periodic report filings
with the Securities and Exchange Commission (“SEC”). For more
information about risks and uncertainties associated with the
company’s business, please refer to the “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” and
“Risk Factors” sections of the company’s SEC filings, including,
but not limited to, its annual report on Form 10-K and quarterly
reports on Form 10-Q, copies of which may be obtained by contacting
the company’s Secretary at the company’s executive offices or at
the “Investors – SEC Filings” page of the company’s website at
http://ir.cwco.com/docs. Except as otherwise required by law, the
company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.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
|
CONSOLIDATED WATER CO. LTD.CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
|
|
| |
September 30, |
|
December 31, |
| |
2024 |
|
2023 |
| |
(Unaudited) |
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
| Current
assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
104,869,627 |
|
|
$ |
42,621,898 |
|
|
Accounts receivable, net |
|
37,199,621 |
|
|
|
38,226,891 |
|
|
Inventory |
|
3,928,851 |
|
|
|
6,044,642 |
|
|
Prepaid expenses and other current assets |
|
5,675,517 |
|
|
|
4,056,370 |
|
|
Contract assets |
|
1,958,361 |
|
|
|
21,553,057 |
|
|
Current assets of discontinued operations |
|
314,847 |
|
|
|
211,517 |
|
| Total current
assets |
|
153,946,824 |
|
|
|
112,714,375 |
|
| Property, plant and equipment,
net |
|
53,203,218 |
|
|
|
55,882,521 |
|
| Construction in progress |
|
2,799,135 |
|
|
|
495,471 |
|
| Inventory, noncurrent |
|
5,180,540 |
|
|
|
5,045,771 |
|
| Investment in OC-BVI |
|
1,384,891 |
|
|
|
1,412,158 |
|
| Goodwill |
|
12,861,404 |
|
|
|
12,861,404 |
|
| Intangible assets, net |
|
2,860,907 |
|
|
|
3,353,185 |
|
| Operating lease right-of-use
assets |
|
3,328,936 |
|
|
|
2,135,446 |
|
| Other assets |
|
2,801,873 |
|
|
|
3,407,973 |
|
| Long-term assets of
discontinued operations |
|
— |
|
|
|
21,129,288 |
|
| Total
assets |
$ |
238,367,728 |
|
|
$ |
218,437,592 |
|
| |
|
|
|
|
|
|
|
| LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
| Current
liabilities |
|
|
|
|
|
|
|
|
Accounts payable, accrued expenses and other current
liabilities |
$ |
7,108,726 |
|
|
$ |
11,604,369 |
|
|
Accrued compensation |
|
3,747,516 |
|
|
|
3,160,030 |
|
|
Dividends payable |
|
1,803,926 |
|
|
|
1,572,655 |
|
|
Current maturities of operating leases |
|
633,971 |
|
|
|
456,865 |
|
|
Current portion of long-term debt |
|
151,276 |
|
|
|
192,034 |
|
|
Contract liabilities |
|
6,018,720 |
|
|
|
6,237,011 |
|
|
Deferred revenue |
|
170,551 |
|
|
|
317,017 |
|
|
Current liabilities of discontinued operations |
|
451,839 |
|
|
|
364,665 |
|
| Total current
liabilities |
|
20,086,525 |
|
|
|
23,904,646 |
|
| Long-term debt,
noncurrent |
|
91,561 |
|
|
|
191,190 |
|
| Deferred tax liabilities |
|
227,253 |
|
|
|
530,780 |
|
| Noncurrent operating
leases |
|
2,784,742 |
|
|
|
1,827,302 |
|
| Other liabilities |
|
153,000 |
|
|
|
153,000 |
|
| Deferred revenue |
|
38,424 |
|
|
|
— |
|
| Total
liabilities |
|
23,381,505 |
|
|
|
26,606,918 |
|
| Commitments and
contingencies |
|
|
|
|
|
|
|
| Equity |
|
|
|
|
|
|
|
| Consolidated Water Co. Ltd.
stockholders' equity |
|
|
|
|
|
|
|
|
Redeemable preferred stock, $0.60 par value. Authorized 200,000
shares; issued and outstanding 44,650 and 44,297 shares,
respectively |
|
26,790 |
|
|
|
26,578 |
|
|
Class A common stock, $0.60 par value. Authorized 24,655,000
shares; issued and outstanding 15,834,459 and 15,771,545 shares,
respectively |
|
9,500,675 |
|
|
|
9,462,927 |
|
|
Class B common stock, $0.60 par value. Authorized 145,000 shares;
none issued |
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
93,074,517 |
|
|
|
92,188,887 |
|
|
Retained earnings |
|
107,164,155 |
|
|
|
85,148,820 |
|
| Total Consolidated Water Co.
Ltd. stockholders' equity |
|
209,766,137 |
|
|
|
186,827,212 |
|
| Non-controlling interests |
|
5,220,086 |
|
|
|
5,003,462 |
|
| Total
equity |
|
214,986,223 |
|
|
|
191,830,674 |
|
| Total liabilities and
equity |
$ |
238,367,728 |
|
|
$ |
218,437,592 |
|
| |
|
|
|
|
|
|
|
|
CONSOLIDATED WATER CO. LTD.CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED) |
| |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Revenue |
$ |
33,390,557 |
|
|
$ |
49,854,075 |
|
|
$ |
105,559,105 |
|
|
$ |
126,960,328 |
|
| Cost of
revenue |
|
21,755,899 |
|
|
|
33,239,647 |
|
|
|
68,426,210 |
|
|
|
84,323,269 |
|
| Gross
profit |
|
11,634,658 |
|
|
|
16,614,428 |
|
|
|
37,132,895 |
|
|
|
42,637,059 |
|
| General and administrative
expenses |
|
6,955,969 |
|
|
|
5,872,490 |
|
|
|
20,126,292 |
|
|
|
17,894,067 |
|
| Gain on asset dispositions and
impairments, net |
|
201,582 |
|
|
|
— |
|
|
|
198,452 |
|
|
|
6,916 |
|
| Income from
operations |
|
4,880,271 |
|
|
|
10,741,938 |
|
|
|
17,205,055 |
|
|
|
24,749,908 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
626,801 |
|
|
|
196,567 |
|
|
|
1,341,797 |
|
|
|
396,348 |
|
|
Interest expense |
|
(32,801 |
) |
|
|
(34,020 |
) |
|
|
(99,740 |
) |
|
|
(108,111 |
) |
|
Profit-sharing income from OC-BVI |
|
20,250 |
|
|
|
12,150 |
|
|
|
52,650 |
|
|
|
38,475 |
|
|
Equity in the earnings of OC-BVI |
|
53,370 |
|
|
|
37,182 |
|
|
|
147,333 |
|
|
|
108,012 |
|
|
Other |
|
56,420 |
|
|
|
24,187 |
|
|
|
118,610 |
|
|
|
87,532 |
|
| Other income,
net |
|
724,040 |
|
|
|
236,066 |
|
|
|
1,560,650 |
|
|
|
522,256 |
|
| Income before income
taxes |
|
5,604,311 |
|
|
|
10,978,004 |
|
|
|
18,765,705 |
|
|
|
25,272,164 |
|
| Provision for income
taxes |
|
490,209 |
|
|
|
1,976,453 |
|
|
|
2,175,838 |
|
|
|
4,366,005 |
|
| Net income from
continuing operations |
|
5,114,102 |
|
|
|
9,001,551 |
|
|
|
16,589,867 |
|
|
|
20,906,159 |
|
| Income from continuing
operations attributable to non-controlling interests |
|
156,784 |
|
|
|
163,428 |
|
|
|
448,724 |
|
|
|
463,775 |
|
| Net income from
continuing operations attributable to Consolidated Water Co. Ltd.
stockholders |
|
4,957,318 |
|
|
|
8,838,123 |
|
|
|
16,141,143 |
|
|
|
20,442,384 |
|
| Net income (loss) from
discontinued operations |
|
(502,854 |
) |
|
|
(232,994 |
) |
|
|
10,637,926 |
|
|
|
(699,858 |
) |
| Net income
attributable to Consolidated Water Co. Ltd.
stockholders |
$ |
4,454,464 |
|
|
$ |
8,605,129 |
|
|
$ |
26,779,069 |
|
|
$ |
19,742,526 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings (loss)
per common share attributable to Consolidated Water Co. Ltd. common
stockholders |
|
|
|
|
|
|
|
|
|
|
|
| Continuing
operations |
$ |
0.31 |
|
|
$ |
0.56 |
|
|
$ |
1.02 |
|
|
$ |
1.30 |
|
| Discontinued
operations |
|
(0.03 |
) |
|
|
(0.01 |
) |
|
|
0.67 |
|
|
|
(0.05 |
) |
| Basic earnings per
share |
$ |
0.28 |
|
|
$ |
0.55 |
|
|
$ |
1.69 |
|
|
$ |
1.25 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Diluted earnings
(loss) per common share attributable to Consolidated Water Co. Ltd.
common stockholders |
|
|
|
|
|
|
|
|
|
|
|
| Continuing
operations |
$ |
0.31 |
|
|
$ |
0.55 |
|
|
$ |
1.01 |
|
|
$ |
1.28 |
|
| Discontinued
operations |
|
(0.03 |
) |
|
|
(0.01 |
) |
|
|
0.67 |
|
|
|
(0.04 |
) |
| Diluted earnings per
share |
$ |
0.28 |
|
|
$ |
0.54 |
|
|
$ |
1.68 |
|
|
$ |
1.24 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common and redeemable preferred
shares |
$ |
0.11 |
|
|
$ |
0.095 |
|
|
$ |
0.30 |
|
|
$ |
0.265 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Weighted average
number of common shares used in the determination of: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
15,833,715 |
|
|
|
15,742,854 |
|
|
|
15,830,599 |
|
|
|
15,734,234 |
|
|
Diluted earnings per share |
|
15,989,601 |
|
|
|
15,928,604 |
|
|
|
15,986,019 |
|
|
|
15,909,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Water (NASDAQ:CWCO)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Consolidated Water (NASDAQ:CWCO)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024
